Replies

To: Jim Robinson

It depends entirely on your situation. For example, I am a single retiree with an AGI of $65K. My federal tax will probably double or triple.

14 posted on 12/02/2017 3:01:52 PM PST by proxy_user

I didn’t run one for single, but doubt that very much.

21 posted on 12/02/2017 3:09:06 PM PST by Jim Robinson (Resistance to tyrants is obedience to God!)

It depends entirely on your situation. For example, I am a single retiree with an AGI of $65K. My federal tax will probably double or triple.

AGI=65000
new standard deduction = 12000 (I don't know if they increase it for over 65 or blind)
taxable income = 53000
22% tax bracket, so you pay 4453.5 + (53000-38700)x22%= $7599.50

My current itemized deduction + exemption is greater than the new standard deduction, so I lose out there. The only thing bringing down my taxes is the reduction in rates. I figure my savings would be about $1600 from what my 2017 taxes will be. (I had just spent an hour making an estimate of my fed and state taxes to see if I will get a refund or owe, so I had all my current numbers in a spreadsheet).

36 posted on 12/02/2017 3:36:52 PM PST by KarlInOhio (The Whig Party died when it fled the great fight of its century. Ditto for the Republicans now.)

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794