![]() ![]() The mortgage interest deduction would be cut in half, affecting home buyers in expensive housing markets. ![]() Under the latest proposal, many deductions would be eliminated, including the state and local income tax deduction and the student loan interest deduction. Tax brackets could shrink from the seven we have now to four: 12%, 25%, 35%, and 39.6%. The new proposal essentially combines those into one larger standard deduction: $12,200 for an individual, and $24,400 for joint filers. In 2017, the standard deduction for a single taxpayer is $6,350, plus one personal exemption of $4,050. For those who do, their paychecks will almost certainly increase if Trump's tax plan passes, thanks to proposed tweaks to the current standard deduction and tax brackets. Most Americans - about 70% - claim the standard deduction when filing their taxes. I input 60K of QDIV for MFJ and it came up w/ 0 tax as expected.Account icon An icon in the shape of a person's head and shoulders. I think I did once put the qualified dividends on the long term cap gains line to get a better estimate.Ĭould be.I'm googling Taxcaster on a mac.maybe the left and right hands don't know what the other is doing. The iOS app has a line labeled “total dividend income”. The line is called QDIV.can't say for sure if I ever double-checked the calculation but the name was suggestive. So, if you enter a number in the dividend line, it treats them all as qualified? I just assumed it treated them all as ordinary and never used it with large enough dividends to investigate further. interest/pensions/etc, the estimate will be low. ![]() Putting the "non-qualified" dividends as ordinary income elsewhere e.g. However it does not ask for total dividends, so unless you improvise by Anything different from 2018 to 2019?Īctually TC does have input for QDIV. So if you have qualified dividends, the TaxCaster estimate of liability could be high. And I do not think there is a place for qualified dividends. ![]()
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