Really? MORE taxes?
My wife works full time, I am 1/2 time and our tax preparer showed us we would have paid $1,500 less last year under the new plan.
Seesh, I hope your calculations are wrong.
Sometime it pays to be wrong! Hehe.
No, they’re right (or at least they were until we officially closed on the sale of our house last week - I don’t expect much change since there wasn’t any capital gains relief in the tax bill). It was primarily the loss of deducting medical premiums and expenses, especially for my under 65 medical plan, that resulted in a higher tax bill.
We’re right at the $10K limit for property taxes + state income taxes combined. That plus some mortgage interest and the medical expenses (plus some misc.), and we were near $23K in deductions in my calculations.
Under the current code, we take the $24K standard deduction plus one 65+ exemption. Under the old code, we would have had $23K in deductions plus two exemptions ($8K+) plus the 65+ exemption. So, approximately $7K more taxable income this year. Even with the lower rates, it’s still a higher tax bill.