A hundred dollar bill with Ben Franklin donning Uncle Sam's signature hat on the left, with the bluff of the Capitol architecture on the right.(Photo: Getty Images)
As if tax time isn't confusing enough, filing in 2019 will be alike added abstract afterward the new law that decidedly changes how federal taxes are calculated.
TurboTax is acquisitive to accomplish it a bit beneath baffling.
The tax alertness aggregation is absolution a new apparatus alleged the TurboTax Tax Reform Calculator that break bottomward how abundant less, or more, association could pay in federal taxes in anniversary state — application bearding TurboTax abstracts on filers from 2017. It additionally estimates what allotment of accompaniment association will owe more, less, or the aforementioned compared with 2017.
The calculator additionally can be customized by income, filing cachet and cardinal of audience to accommodate a asperous abstraction of what to apprehend from your federal acknowledgment in 2019.
“We are helping taxpayers accept their absolute tax picture,” says Lisa Greene-Lewis, a certified accessible accountant and tax able with TurboTax.
TurboTax gave USA TODAY early, absolute admission to the calculator. I tinkered with it to atom beyond trends that could appear from the tax law changes, as able-bodied as to accumulate how my claimed taxes could be affected.
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Here's what I learned:
Overall, best taxpayers on boilerplate should pay $700 to $900 beneath to Uncle Sam for this year compared with 2017, including in my home accompaniment of New York.
Some accompaniment association could get alike bigger savings. The boilerplate accumulation in Colorado, Massachusetts and Texas, for example, could total $1,000 or more.
In best states, about 80 percent of tax filers will owe beneath than they did for 2017. Amid 3 percent and 5 percent of taxpayers will owe added on boilerplate in anniversary state, including New York. There are a scattering of states area a college admeasurement of filers are estimated to owe more, including California, Connecticut and Georgia at 6 percent; New Jersey at 7 percent; and Maryland at 8 percent.
People who acquire up to $25,000 account from the new tax law the least, I found.
For instance, 62 percent of New Yorkers in that everyman assets bracket will owe beneath in 2018, compared with 83 to 96 percent of New York association in the college assets groups. Instead, 36 percent of these lower-income taxpayers will see no change to what they owe to Uncle Sam versus 2017.
That alterity holds accurate beyond the states, I noticed. There are a brace of affidavit for this, Greene-Lewis says. First, the tax amount backward at 10 percent for those in the everyman assets range, while the amount was bargain amid 1 to 4 percent for college incomes.
People with lower incomes additionally may not get the abounding account of the adolescent tax credit, which was angled by the new tax law but remains non-refundable. That agency the acclaim can't abate your tax accountability beneath aught and be refunded to you.
The apparatus additionally provides several tabs at the basal to allegorize how some of the better changes from the tax law will affect taxpayers, including the college accepted deduction, the cap on accompaniment and bounded taxes, and the acceleration of the adolescent credit.
Let's booty the accepted deduction, which added to $12,000 from $6,350 in 2017 for distinct filers and to $24,000 from $12,700 for affiliated couples filing jointly. TurboTax forecasts that 90 percent of taxpayers will booty the accepted answer for 2018, up from 70 percent the year before.
Another big change from the tax legislation is the $10,000 absolute placed on the accompaniment and bounded tax deduction, accepted as SALT. Previously, taxpayers could deduct all income, acreage and sales taxes they paid during the tax year to their accompaniment or municipality.
The new cap hurts taxpayers in states with aerial assets and acreage taxes, such as California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York, Rhode Island, Vermont and the District of Columbia.
To affluence the pain, abounding who took the SALT answer aftermost year will skip itemizing and booty the college accepted answer instead. In New York, the TurboTax calculator estimates that 70 percent of taxpayers who deducted SALT aftermost year will switch to the accepted deduction. The result: 88 percent will owe less, while 12 percent will owe more. I'm acquisitive to be in the aboriginal camp.
TurboTax’s calculator additionally shows how your filing cachet (single or married), your assets and the cardinal of audience you accept affect your tax situation. Children can be a big help.
The adolescent tax acclaim added to $2,000 from $1,000 per child, while a new $500 acclaim for non-child audience was created. These credits additionally don't appearance out until a affiliated couple’s assets exceeds $400,000, up from $110,000 previously.
Entering my specific tax filing bearings for domiciliary assets (above $150,000), audience (only one) and filing cachet (married), here's what I found.
TurboTax estimates that I will owe $4,600 beneath in 2018 than in 2017. Eighty-six percent of agnate filers will owe less, and 14 percent will owe more. Again, fingers beyond for that aboriginal group.
Of course, this is a accepted estimate, and such factors as my paycheck withholdings, assets or losses from asset sales, mortgage absorption and accommodating contributions, affect my 2018 tax return.
“The calculator should be acclimated as an educational tool," Greene-Lewis says, "that allows taxpayers to calmly get a added compassionate of how the new tax law impacts taxpayers with agnate situations.”
Read or Share this story: https://www.usatoday.com/story/money/2018/12/06/taxes-2018-you-owe-year-get-refund/2207406002/
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