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Old 03-14-2018, 02:39 PM   #41
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My state just announced they expect a large increase in collections next year as unintended side effect from federal changes. Not sure if it's just due to requiring consistency in using std vs itemized or change to SALT deduction. I was expecting this. The state claims they will find a way to offset the increase.
Here's a discussion of state conformance with the new Federal tax law. https://taxfoundation.org/state-indi...eral-tax-code/

The main reason that most "conforming" states will see an increase in revenue is that the feds reduced marginal rates, and partially offset that with tightened deductions. If states conform with the new AGI/deductions, etc. and don't reduce their marginal rates, their tax collections will of course increase. They are conforming with the tax base-broadeners without conforming with the lowered tax brackets.
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Old 03-14-2018, 04:20 PM   #42
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I ran the "what if" TT calculator and it says we're saving around $1,600. However, I don't see anywhere on the worksheet the $300 credit for an over 17 dependent. Not sure why the worksheet doesn't include it. It might not be quite ready yet.
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Old 03-17-2018, 05:55 PM   #43
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Originally Posted by PatrickA5 View Post
I ran the "what if" TT calculator and it says we're saving around $1,600. However, I don't see anywhere on the worksheet the $300 credit for an over 17 dependent. Not sure why the worksheet doesn't include it. It might not be quite ready yet.
I thought the credit was $500.
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Old 03-17-2018, 06:37 PM   #44
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Originally Posted by PatrickA5 View Post
I ran the "what if" TT calculator and it says we're saving around $1,600. However, I don't see anywhere on the worksheet the $300 credit for an over 17 dependent. Not sure why the worksheet doesn't include it. It might not be quite ready yet.
there is a blank that asks you to enter all the credits expected, it does not break them down. (on page 2) so you have to enter the totals, because nowhere on the form does it have the dependents ages etc to determine if it is a child under 17 or otherwise.
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Old 03-18-2018, 11:57 AM   #45
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Originally Posted by PatrickA5 View Post
I ran the "what if" TT calculator and it says we're saving around $1,600. However, I don't see anywhere on the worksheet the $300 credit for an over 17 dependent. Not sure why the worksheet doesn't include it. It might not be quite ready yet.
One might think the TT program would be good enough to increment all the ages by one, but apparently not: you have to make the correct entries for rows E and F in the "Credits Smart Worksheet."

The spreadsheet at https://forum.mrmoneymustache.com/fo...sheet-updates/ - if one doesn't mind spreadsheets - seems more straightforward, but that will be in the eye of the beholder.
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