New Tax Plan -FYI
While crunching numbers to determine tax liability on a traditional IRA Rollover to Roth [this year and under New Tax Plan], I found a deduction that no-one seems to be talking about. This is not a political statement.
Under new plan, the Standard Deduction for a retired couple nearly doubles; $12,700 goes to $24,000 -or an additional $11,300. However, the personal exemption is eliminated; $8,100 for retired couple. End of story – Thanks 🙂
Permalink Submitted by tomd37 on Wed, 2017-12-20 17:59
I had been aware of the personal exemption removal for some time now, but have not yet found anything about the retention or removal of dependent exemptions. Has anyone seen definitive info on dependent exemptions? Tom D.Edit: After looking online more it appears personal and dependent exemptions are axed. Too many articles online fail to use the terms correctly though. Personal applies to taxpayer and spouse (if any) only and dependent refers to all others. Even CNN money article got it wrong.
Permalink Submitted by Peter Lankes on Thu, 2017-12-21 00:27
Read the actual Bill, and not web synopsis of questionable accuracy… http://docs.house.gov/billsthisweek/20171218/CRPT-115HRPT-466.pdf