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If I am reviewing my 2016 Income Tax Returns, which are

itemized. (Married, 2 children)Add Line...
If I am reviewing my 2016 Income Tax Returns, which are itemized. (Married, 2 children)Add Line 40 (Itemized Deduction) + Line 42 (Exemptions ($4050 x 4 = $16,200)) which I would subtracted from Line 38 (AGI) then that equaled my taxable income.However, Line 42 (Exemptions ($4050 x 4 = $16,200) is going away with the Trump 2018 Tax-Bill.
so either I will use the 24K Standard Deduction or Line 40 (Itemized Deduction) to calculate my taxable income?Is this correct?
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Answered in 10 minutes by:
12/20/2017
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,408
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hi Ethan,

Yes, your calculation of the currently allowable exemptions is correct.

The exemption are reported to be eliminated under the new tax plan. The standard deduction will be $12,000 for single filers and $24,000 form Married filing jointly. If no changes are made and IF the plan is actually passed.

Additionally, it has been reported itemizing will no longer be an option. Therefore, you will be using the standard deduction of either $12K or $24K.

Here is a complete table of the proposed standard deduction changes.

Single: $12,000

Head of household: $18,000

Married filing joint: $ 24,000

Add’l Elderly & Blind

Joint & Surviving Spouse: $1,300

Others: $1,600

Please let me know if you have any further questions!

Thanks again Ethan.

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Customer reply replied 2 months ago
Just to say, therefore, anything above the 24K standard deduction (Totally Itemized which is greater)
But simply lose the Line 42 (Exemptions ($4050 x 4 = $16,200) - Crap. (That alone from 2016 total is (24K + 16K = 40K)Tax-bill expecting to make-up the different with lower rates (10, 12, 22, 24, 32, 35 and 37%) which is only 3% or so?
Should have just gone to flat 17% rate!

I really can't wait to see the final bill and try to figure out how the average family is going to benefit....

"They" say you will see it in your paycheck by February.

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Customer reply replied 2 months ago
Ok - I am a Trump supporter, very early.But - There is not way that my paycheck reduction in taxes will make up for the extra 16K in exemptions off the top-line?
Even 15% tax rate means I need $2400 reduction.BTW: Where are you located?Ethan

I'm hesitant about saying anything about the tax bill because who knows what is going to come out of congress or senate. The are still on the senate floor now yelling at each other.

I'm from New York. I read all the Trump books before he ran for president. haha

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Customer reply replied 2 months ago
Have a Great Night,BTW: Greater Phila. Area - I'm a Dual-Register (RIA) Investment Advisor Representative.E

You don't find to many Trump supporters in Philly!

Thanks Ethan, Have a great night.

Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,408
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 2 months ago
Bucks County - Plus he WON PA!
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