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With these new tax laws going into place I have a few

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questions. Our personal taxes have...
With these new tax laws going into place I have a few questions. Our personal taxes have been in the 15% bracket but I have heard now we will lose 20,250 in exemptions due to the per person rate. There are five of us. What kinda of general increase is that out of our pocket
Submitted: 3 months ago.Category: Tax
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1/6/2018
Tax Professional: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,781
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You are correct. The exemptions have been eliminated.

The tax brackets have changed.

The standard deduction for married couples almost doubles to $24,000.

The Child Tax Credit is worth up to $2,000 per qualifying child. The age cut-off remains at 17 (the child must be under 17 at the end of the year for taxpayers to claim the credit).

If you let me know your total income, I give provide an idea of what you can expect in 2018.

Thank you.

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Customer reply replied 3 months ago
It will be very similar to last yeara
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

What you uploaded is not totally legible at my end.

Anticipated total income for 2018 and ages of children?

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Customer reply replied 3 months ago
9,14,17
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

Thank you. Give me a few moments.

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago

Based on the information you provided, your federal tax liability in 2018 will be $8470 less $4000 Child Tax Credit and $500 Family Tax Credit, or $3970.

Of course, whatever you have withheld from your paycheck will reduce/eliminate the liability.

Your income will be taxed at 11.5%

Make sense?

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Customer reply replied 3 months ago
What about the 4250 per person deduction that we lose
Customer reply replied 3 months ago
all that confuses me lol
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

The exemptions have been eliminated.

The standard deduction and Child Tax Credit have been increased.

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Customer reply replied 3 months ago
what would we owe
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

It does not appear that you would owe anything.

How much was your total federal withholding amount in 2017?

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Customer reply replied 3 months ago
Does this help
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

Yes.

Give me a moment.

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Tax Professional: Barbara, Enrolled Agent replied 3 months ago

If you have the same amount withheld in 2018, you will get a refund of $2468.

Your refund for last year included $1500 from your 2015 refund that was applied to 2016 taxes paid.

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Customer reply replied 3 months ago
with the 20,000 Deduction loss we will still be ok? I’m co fused cause she said the only thing that would save us is the 20% reduction for s corps
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

I calculated your estimated refund amount using total income. The 20% pass through deduction will increase your refund amount.

I do not know who "she" is, but it appears she may be incorrect.

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Customer reply replied 3 months ago
Another question we got a letter form the health insurance saying they received something from the irs that either names or ss numbers don’t match to prove that we had health insurance 2016. We did have it. The irs didn’t send us anything though. What happens if the health insurance company has the correct info and the it’s is correct then what? It comes out of my check I do have it! For all my family. The company wants copies of our actual cards and wants me to mail them. I’m not doing that. Would the irs want copies of that too? Or just verify the info.
Tax Professional: Barbara, Enrolled Agent replied 3 months ago

Just Answer rules require that questions on difference topics be posted separately.

In any event, as to your most recent question,

I would ask the insurance company for a copy of what they received from the IRS before I provided them with any information.

At this point, please take a moment to rate my answers thus far since that is the only way I receive credit for answering you.

Thank you.

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Barbara
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