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I have just gotten a promotion, and will be in a new tax…

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HI, I have just...

HI, I have just gotten a promotion, and will be in a new tax bracket. (new income= 69,700.). However I will also be getting married & I am the sole earner. Based on my understanding & research, because I am filing a joint return and we have one income, I will only be taxed at a rate of 15%. Also, I will receive a 6,000. refund or credit for my husband. Can you please tell me if this is correct?

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Submitted: 1 month ago.Category: Tax
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3/13/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread(s).

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Your new income would have put you in the 15% tax bracket for 2017. However, under the Tax Cuts and Jobs Act (the new tax reform), your income puts you in the 12% tax bracket for 2018. What I am not clear on is where you got the information that you will receive a $6,000 credit/refund for your husband?

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Customer reply replied 1 month ago
From the IRS website, I think?
Customer reply replied 1 month ago
What is meant by a "standard deduction" of 24,000?
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Is the standard deduction what you are referring to? If so, this is not an additional credit or refund.

Still writing...

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Customer reply replied 1 month ago
I believe that being married and filing joint taxes, that is what I would get- what does that mean?
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

No, your understanding is not correct. SEE BELOW:

The standard deduction for individuals is a deduction developed under the tax code as an “average” deduction for individuals who either cannot or do not want to itemize deductions. It is a flat amount that you can use to reduce your taxable income.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

As mentioned in the previous response, the standard deduction amount reduces your taxable income. It does not produce a refund or credit to you for that amount. Your taxable income will be reduced by the standard deduction amount.

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Customer reply replied 1 month ago
Ok, so I just did some calculations- my taxable income would go from 66,700 (I took off 3,000 for what I pay for medical benefits) to 42,000. that would be taxed at 12%, making my income tax paid about $5040? Compared to if I remain single- 66,700- 12,000= 54,700 as taxable income, with a tax due of 12,030. (taxed at a rate of 22%)- is that correct?
Customer reply replied 1 month ago
Are you still there?
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Your calculations are not correct. Regarding medical expenses, you can only deduct the expenses that exceed 7.5% of your income and only if you itemize. You cannot claim the standard deduction and itemize, it is either one or the other. STILL WRITING...

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

If you are trying to find out what your estimated tax liability is going to be, my suggestion is for you to use one of the online tax calculators. You can find one at the following link.

https://www.hrblock.com/tax-calculator/#/en/te/aboutYou

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Customer reply replied 1 month ago
I would like to know, in short, how filing as married, jointly, as the sole earner with an income of 69,700. will impact what I pay in taxes- I want to get precise and accurate info- you would suggest that i use the link you included?
Customer reply replied 1 month ago
The link calculator enables me to calculate for 2017- will it still provide me with correct numbers, as we are getting married Friday, and it is more about how I will be impacted in the future that I am concerned
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

I will be back to you shortly....

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

My apologies, earlier I wrote that your income puts you in the 12% tax bracket, typo, that should have been 22%. Right now, because we don't know what changes are going to take place for TY 2018, it is not possible for you to get an accurate estimate of your tax liability for TY 2018.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

When I mentioned the tax calculator, i was thinking about TY 2017.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Tax brackets for 2018:

https://taxfoundation.org/2018-tax-brackets/

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Customer reply replied 1 month ago
Really? So you have no idea as to what you will be paying in taxes in 2018?
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

You will be in the 22% tax bracket. What else is it that you want to know?

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Customer reply replied 1 month ago
Should have just paid more to see an actual CPA...
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Again, you can either itemize or use the standard deduction, not both. If you own a home, etc. you might want to itemize. When deciding whether or not to itemize, you take into consideration, which way provides you with the better benefit.

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Customer reply replied 1 month ago
which is what I am going to do right now
Customer reply replied 1 month ago
I thought that filing as joint married with one income, my tax rate goes down to 15?
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Filing jointly is based on the total amount of income. It does not matter if that income is from one or both of the spouses.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

If your income falls within a certain range, whatever that range is under the income tax brackets, that is the bracket that you will fall under. Again, it doesn't matter if the income consists of one or two incomes.

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Customer reply replied 1 month ago
Ok, so then the only benefit will be that instead of a 12,000 standard deduction, I will get a 24,000 standard deduction?
Customer reply replied 1 month ago
I am looking at the figures TIAA provides right now, and it says that at my income of 69,700, if filing jointly, my 2018 federal income tax rate is "1,905 plus 12% of the excess over 19,050"
So that doesn't sound like 22%...
Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

Another difference is that when you file married filing jointly, the tax bracket is different than if you were filing married filing separately. Married filing separately would put you in a higher tax bracket, the same as single filers.

------------------------------

Regarding the standard deduction, yes, married filing jointly will allow you to claim $24,000 standard deduction instead of $12,000.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 1 month ago

The general tax bracket for your income range is 22%.

https://taxfoundation.org/2018-tax-brackets/

---------------------------------

However, the way that it works is that part of the income is taxed at 12% and part of it at 22%. The 22% is the highest rate that your income will be taxed at.

Reading the information on the IRS webpage on how to determine your tax bracket should shed some light on the mater for you.

https://www.irs.com/articles/how-determine-your-income-tax-bracket

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