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question everything

(47,479 posts)
Sat Jan 19, 2019, 03:21 PM Jan 2019

I am going to start with my income tax return on TurboTax

No, don't have all the forms and, anyway, the IRS is working at limited capacity, I think.

But starting a few years ago I decided to at least start the return so it is I, not a fake ID working on it. At least, I hope so.

So I can enter names, address, SS numbers, marital status, dependent and, as I've noticed last year "not deceased..."

8 replies = new reply since forum marked as read
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A HERETIC I AM

(24,368 posts)
2. I did the same thing.
Sat Jan 19, 2019, 04:16 PM
Jan 2019

I haven't gotten my W-2 yet (of course) but I entered as much income and tax info as I could off my end of the year pay stub.

At least I have an idea of the refund I can look forward to.

They took away the per diem deduction for Transportation Workers, but the increase in the personal deduction looks like it offsets the difference, at least for the most part, anyway.

I've used Turbo Tax for years now, and I like the fact that you can always go back and easily edit information any time before filing.

(edit)...OH...and I'm not dead yet, either! I don't want to go on the cart! I'm feeling better. I want to go for a walk.

progree

(10,907 posts)
4. "the increase in the personal deduction" -- what is that?
Sat Jan 19, 2019, 04:20 PM
Jan 2019

Is that related to working expenses? Or something else? They got rid of the personal and dependent exemptions, which were $4050 per person in 2017.

A HERETIC I AM

(24,368 posts)
6. My apologies. My nomenclature is incorrect.
Sat Jan 19, 2019, 04:50 PM
Jan 2019

And I knew I might have had it wrong when I posted!

What I should have said is the Standard Deduction, which almost doubled for individuals.;

Standard Deduction Amounts. The standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses.



https://www.forbes.com/sites/kellyphillipserb/2018/03/07/new-irs-announces-2018-tax-rates-standard-deductions-exemption-amounts-and-more/#569d47ad3133


progree

(10,907 posts)
7. Ok, so a single person had an increase in their standard deduction from $6,350 in 2017 to
Sat Jan 19, 2019, 05:17 PM
Jan 2019

$12,000 in 2018, an improvement of $5,650. But lost the personal exemption or $4,050. For a net gain of $5650-4050 = $1,600 as far as a reduction in income. (Assuming the taxpayer took/takes the standard deduction in both years).

For Married Filing Jointly, double all the numbers above.

If with children: the dependent exemptions are gone ($4,050 each) but the child tax credit has doubled to up to $2,000 per child. Which might or might not be an improvement depending on the person's marginal tax rate (the tax credit reduces one's taxes dollar for dollar, while the dependent exemption reduces one's taxable income, for a benefit of $4,050 * marginalTaxRate).

progree

(10,907 posts)
3. I don't get it -- do you file way early (to beat a scammer) and then file an amended return later?
Sat Jan 19, 2019, 04:18 PM
Jan 2019
But starting a few years ago I decided to at least start the return so it is I, not a fake ID working on it. At least, I hope so.


When two people (the real taxpayer and the scammer using your ID) file taxes, it's the second person to file that is likely to get a delayed refund (or hopefully none at all if it is the scammer).

I'll be doing my taxes on Turbo Tax this year for the first time. I've had a tax preparer do my taxes for 35 years, but the last 2 years, especially last year, has been a comedy of errors on his part (I check returns thoroughly and don't sign them until they are correct).

question everything

(47,479 posts)
5. No, but if - a big if - an imposter will try to use TurboTax, at least on that site s/he will be
Sat Jan 19, 2019, 04:39 PM
Jan 2019

rejected.

I like TurboTax. Has been using it since.. 2000 when I first discovered it.

I do like numbers so before that I used to do it on my own.

(Many years ago, when I first stared, I told a broker and I was an intelligent person who could follow instructions. Aha, he added, you assumed that these instructions were aimed at intelligent people...)

Several years ago, we sold a house in a different state that was a rental, so went to CPA. And, yes, at the end, I was right and he was wrong and as he looked at all the papers spread around and that he had to change - it was on the first page - he just nodded at all the trees that had to die..

IronLionZion

(45,441 posts)
8. What happens if you mark "deceased"?
Mon Jan 21, 2019, 10:04 AM
Jan 2019

I imagine there are few folks who lived their lives in such a way that their accounts are empty and their last check bounces when they kick the bucket.

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