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Old 03-11-2019, 01:44 PM
 
5,397 posts, read 6,873,186 times
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Quote:
Originally Posted by FiveLoaves View Post
If I correctly read the Turbo Tax website -- this is a straight 20% deduction on just about all 10099-Misc Income. That would be a big help to my situation....God Bless America !!

Would that deduction reduce our Income level for ACA benefits ??
I think the deduction happens after the value for MAGI so I don't believe it does reduce income for ACA.
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Old 03-11-2019, 04:24 PM
 
3,860 posts, read 2,713,777 times
Reputation: 7099
Quote:
Originally Posted by FiveLoaves View Post
If I correctly read the Turbo Tax website -- this is a straight 20% deduction on just about all 10099-Misc Income. That would be a big help to my situation....God Bless America !!
I just read the IRS website, I'll sing God Bless America with you. I think this will be extremely helpful for us as well.
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Old 03-15-2019, 10:32 AM
 
Location: Eastern NC
19,430 posts, read 17,674,661 times
Reputation: 17196
I used the H&R Block website and already got my federal and state refunds. I was a bit scared to do mine due to other coworkers having to pay for the first time ever and due to all the overtime I worked last year, But thankfully I got refunds on both. The H&R Block website was super easy to use. This is the 3rd year I have used them.
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Old 03-16-2019, 06:03 PM
 
10,452 posts, read 15,438,866 times
Reputation: 11708
Well, I just did mine. We are slaughtered. It's $7K more than last year. No job related expense unless you work in a certain employment category. Normal tax deductions - property taxes (we pay for 2), depreciation, etc - didn't appear to produce any result on final number.

It basically looks like it wants you to take $24K standard deduction and just beat it with the rest.

Sucks...
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Old 03-16-2019, 06:58 PM
 
1,131 posts, read 512,534 times
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What depreciation did you previously take that is no longer allowed?
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Old 03-16-2019, 07:07 PM
 
365 posts, read 88,030 times
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My children and I did our taxes today, together, sort of a twisted annual family tradition.
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Old 03-17-2019, 08:13 AM
 
10,452 posts, read 15,438,866 times
Reputation: 11708
Quote:
Originally Posted by SuiteLiving View Post
What depreciation did you previously take that is no longer allowed?



I didn't say "not allowed", did I? I said - produced no difference. It simply takes numbers in and nothing changes. I always itemized, it basically told me that my itemized is same as standard deduction of 24K so be happy with that. Real estate tax ($21K), mortgage interest ($19.9K), rental related expenses - everything that lowered tax last year did little to none this time. Our gross income was only $4K more than last year, the rest is same it was for years before. I drive a lot for work in my personal vehicle, what was always good deduction - no can do, not qualifying employment category.

I guess, we are not really "the middle class" that benefits from this reform.
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Old 03-17-2019, 08:28 AM
 
1,131 posts, read 512,534 times
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Quote:
Originally Posted by ukrkoz View Post
I didn't say "not allowed", did I? I said - produced no difference. It simply takes numbers in and nothing changes. I always itemized, it basically told me that my itemized is same as standard deduction of 24K so be happy with that. Real estate tax ($21K), mortgage interest ($19.9K), rental related expenses - everything that lowered tax last year did little to none this time. Our gross income was only $4K more than last year, the rest is same it was for years before. I drive a lot for work in my personal vehicle, what was always good deduction - no can do, not qualifying employment category.

I guess, we are not really "the middle class" that benefits from this reform.
are the real estate taxes and mortgage interest related to a rental property? If so, are you putting these deductions on Schedule A as itemized deductions or Schedule E as rental real estate expenses?
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Old 03-17-2019, 02:16 PM
 
Location: Charleston, SC
1,352 posts, read 754,529 times
Reputation: 2428
Quote:
Originally Posted by FiveLoaves View Post
If I correctly read the Turbo Tax website -- this is a straight 20% deduction on just about all 1099-Misc Income. That would be a big help to my situation....God Bless America !!
Well, I'm doing my Taxes this week........I'm not exactly sure where TurboTax applies this 20% reduction of Income. I think it might be included in the Schedule C -- Business Expense page.....but TurboTax wasn't really clear about this.

Any 1099-MISC Recipients get a chance to actually see this Magic Pass-Thru Deduction happen ?

Last edited by FiveLoaves; 03-17-2019 at 02:36 PM..
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Old 03-17-2019, 03:22 PM
 
Location: on the wind
6,808 posts, read 2,779,636 times
Reputation: 23222
Quote:
Originally Posted by GhostOfAndrewJackson View Post
My children and I did our taxes today, together, sort of a twisted annual family tradition.
but . Do you at least indulge in some decent home delivery once you finish?

My dad's annual calendar revolved around preparing for his income tax filings. Ordering forms and publications (always hard copy), researching, speculating, setting up little spreadsheets to track every potential deduction, estimating, re-calculating, pestering investment companies and banks for to-the-minute account balances, days at his desk buried in paper (he never trusted anything electronic other than a calculator and refused to use the web). When he wasn't working on it he was explaining it to anyone he could capture. He'd spend a couple of weeks filling out the actual forms, but always managed to spend the night of 4/14 sleepless at his desk in spite of it. When I cleared out his house I found his office packed with income tax-related publications, account records, receipts, returns and schedules going as far back as the 1970s. The final weight of all that shredded paper? Almost 1200 lbs.

I always do my own taxes, but my financial life is pretty basic (maybe growing up with the example above had something to do with that). Didn't see much benefit from the new tax law personally but at least it wasn't worse. Filling out the new forms went OK but there were a couple of moments when my dog felt the need to hide in a back closet...

Last edited by Parnassia; 03-17-2019 at 03:42 PM..
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