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Thread: Find your new tax brackets under the final tax plan

  1. #13

    Default Re: Find your new tax brackets under the final tax plan

    Quote Originally Posted by RazorCat View Post
    It appears deductions and credits for student loans are only affected after certain income levels are reached.
    GOP Tax Bill: What Will Change for Students | Money
    And mortgage interest will only be deductible on the first $500,000.00 of home loans made after November 2, 2017.
    https://www.washingtonpost.com/news/...=.e8f8d62a31b3
    Spousal support tax exemptions are only eliminated on payments started after December 31, 2017. Current spousal benefits being paid are not affected.
    How all that pans out in the final remains to be seen, but that's what I've read to date.
    Thanks, yeah I remember that now (only on divorces that occur after Dec 2017).
    But, since I would be itemizing anyway, regardless of the doubling of the standard deduction, this is still a tax increase form me by a few thousand dollars, since I can no longer deduct state income taxes, correct?
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  3. #14

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    Default Re: Find your new tax brackets under the final tax plan

    You can still deduct up to 10K in state+local+ property taxes, the way I read it.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  5. #15

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    Default Re: Find your new tax brackets under the final tax plan

    As I understand, a combination of property, sales, and state income tax up to $10,000.00 is still deductible. Don’t know beyond that.

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  7. #16

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    Default Re: Find your new tax brackets under the final tax plan

    I am looking forward to this bill. Not just due to the slight change in tax bracket, but mainly due to the nearly doubling of the standard deduction. I rent and never can itemize enough to reach the standard deduction. So everything I donate is just a free giveaway. Doubling the standard deduction will have a big effect since my margins from month to month are razor-thin. I may finally climb out of this decade-long hole I created when I bought a home in CA with an ARM.

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  9. #17

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    Default Re: Find your new tax brackets under the final tax plan

    Quote Originally Posted by evilanne View Post
    I believe you mean deductions rather than exemptions. The personal exemption(s) of $4K per person is currently subtracted after standard or itemized deduction. For rental property that is passive income, I believe there will not be any impact--Property Tax should still be an expense that can be deducted from rents received. I think it would be the same, even if you "actively participate" in the rental property(s). In either case, any profit calculated on Schedule E is taxed as ordinary income.
    Absolutely right! Deduction not exemption.
    I believe you are also right about the passive rental income, but this pass-through profits still have me confused.
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  11. #18

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    Default Re: Find your new tax brackets under the final tax plan

    Quote Originally Posted by MrBowl View Post
    I am looking forward to this bill. Not just due to the slight change in tax bracket, but mainly due to the nearly doubling of the standard deduction. I rent and never can itemize enough to reach the standard deduction. So everything I donate is just a free giveaway. Doubling the standard deduction will have a big effect since my margins from month to month are razor-thin. I may finally climb out of this decade-long hole I created when I bought a home in CA with an ARM.
    Watch out for that ‘doubling of standard deduction’ part....it does double, but the personal exemption goes away, as previously noted. Net result, standard deduction is only slightly higher than before (or even less, depending on what you had as personal exemptions before. All gone now.)
    There are 10 types of people in the world. Those who know binary, and those that don't!!
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  13. #19

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    Default Re: Find your new tax brackets under the final tax plan

    To be honest I have been following the tax plan kind of on the fringe since I have no control over what happens. But, doesn't some of these deductions disappear by 2020?
    May the force be with us.

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  15. #20

    Default Re: Find your new tax brackets under the final tax plan

    Quote Originally Posted by nasa1974 View Post
    To be honest I have been following the tax plan kind of on the fringe since I have no control over what happens. But, doesn't some of these deductions disappear by 2020?
    “Most Americans will pay less in taxes until 2026. The final plan lowers the tax rates for each income level and nearly doubles the standard deduction (while also scrapping the personal exemption). The result is that the vast majority of Americans will see their tax bills drop next year. Trump is fond of saying the "typical" family will save $2,000, but the reality is the amount will vary greatly depending up the size, location and circumstances of each family. The bill will also increase the number of Americans who owe nothing in taxes from 44 percent today to 47.5 percent after the plan tax effect on January 1, 2018. But all of the individual tax cuts are scheduled to go away after 2025. Republicans opted to make tax cuts for families temporary and reductions for businesses permanent.”

    https://www.google.com/amp/s/www.was...what-is-in-it/

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  17. #21

    Default Re: Find your new tax brackets under the final tax plan

    if you like your tax plan, you can keep your tax plan.

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  19. #22

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    Default Re: Find your new tax brackets under the final tax plan

    This is one of those times where I look at how it affects me directly. Hell, I got a 2% raise this year, and it appears a 3% cut in my taxes. That's a noticeable raise in pay.
    I'll take what I can get after spending my last 3 working years without a raise or a recognizable tax cut.
    Guess I'll find out in February.

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  21. #23

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    Default Re: Find your new tax brackets under the final tax plan

    Quote Originally Posted by uscfanhawaii View Post
    Watch out for that ‘doubling of standard deduction’ part....it does double, but the personal exemption goes away, as previously noted. Net result, standard deduction is only slightly higher than before (or even less, depending on what you had as personal exemptions before. All gone now.)

    I'm not sure on the amounts of these aspects so I guess we'll see. With a wife and one child I could also be helped by an increase in the child tax credit?

    bottom line...I'll get on my 2017 taxes fairly early after the near year, but I don't think I'll notice a whole lot of difference from this bill until 13 months from now when I do my 2018 taxes. In the meantime I might have to adjust my withholding amount early in 2018 to keep it somewhere near the 2017 levels. I really can't financially handle a surprise April 15 bill instead of a refund.

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  23. #24

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    Default Re: Find your new tax brackets under the final tax plan

    Quote Originally Posted by nasa1974 View Post
    To be honest I have been following the tax plan kind of on the fringe since I have no control over what happens. But, doesn't some of these deductions disappear by 2020?
    A couple of things I heard today on MSNBC is individual rates expire in 2026.
    And the maximum allowed for mortgage interest deductions were raised to $750,000.00 (from 500k initially).
    Both of these were compromises inserted in the final bill.
    Just what they stated.

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