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This calculator doesn't seem to take into account AMT. So for people in that band (roughly 200-600k) they might be doing better than the calculator says, since their initial taxes would have been higher.
This calculator doesn't seem to take into account AMT. So for people in that band (roughly 200-600k) they might be doing better than the calculator says, since their initial taxes would have been higher.
We make under 200K, but have 2 homes in NJ. I have no problem with the bill but to limit SALT at 10K it really screwed NJ. I live in a shore community where 3/4 of the homes are 2nd homes(vacation) owned by middle class working stiffs. So home values will now go down in a decent economy. I voted for McArthur who is touting how he is helping the area but I don't see it. If we sold our properties and moved to Mississippi, Florida or South Carolina yes we would save a few thousand but we wouldn't be able to find any dentists.
This calculator doesn't seem to take into account AMT. So for people in that band (roughly 200-600k) they might be doing better than the calculator says, since their initial taxes would have been higher.
We make under 200K, but have 2 homes in NJ. I have no problem with the bill but to limit SALT at 10K it really screwed NJ. I live in a shore community where 3/4 of the homes are 2nd homes(vacation) owned by middle class working stiffs. So home values will now go down in a decent economy. I voted for McArthur who is touting how he is helping the area but I don't see it. If we sold our properties and moved to Mississippi, Florida or South Carolina yes we would save a few thousand but we wouldn't be able to find any dentists.
At least the dentist you do find, won’t be very busy. Can probably get you in the same day.
The tax brackets are (in your example, respectively) $20,981.75 and $42,884.50 ($21,442.25 each). Pretty simple to see that married people are being...
Wait. Your spouse counts as a dependent. That's $6,300 in a credit right there, which means your taxable earnings are actually for the $193,700, which results in the married tax rate as $41,120.50 ($20,560.25 each).
Marriage for the win, singles are penalized.
I am surprised folks here aren't aware of marriage penalty.
Also one cannot claim spouse as dependent when both earning equally more or less.
Here is the calcn from H&R online for 2017 which I did just now:
Married filing jointly:
Adjusted Gross Income (AGI): $200,000
Greater of Itemized or Std. Deduction: $12,700
Personal Exemptions: $8,100
Taxable income: $179,200
Taxes: $37,061
Single filing:
Adjusted Gross Income (AGI): $100,000
Greater of Itemized or Std. Deduction: $6,350
Personal Exemptions: $4,050
Taxable Income $89,600
Taxes: $18,139
In fact, the tax reform being passed makes it worse. Imagine a couple paying 20k in property tax. If they are married they can claim only 10k. If in live-in relationship then each can claim 10k when filing as single
I am surprised folks here aren't aware of marriage penalty.
Also one cannot claim spouse as dependent when both earning equally more or less.
Here is the calcn from H&R online for 2017 which I did just now:
Married filing jointly:
Adjusted Gross Income (AGI): $200,000
Greater of Itemized or Std. Deduction: $12,700
Personal Exemptions: $8,100
Taxable income: $179,200
Taxes: $37,061
Single filing:
Adjusted Gross Income (AGI): $100,000
Greater of Itemized or Std. Deduction: $6,350
Personal Exemptions: $4,050
Taxable Income $89,600
Taxes: $18,139
In fact, the tax reform being passed makes it worse. Imagine a couple paying 20k in property tax. If they are married they can claim only 10k. If in live-in relationship then each can claim 10k when filing as single
Those figures you posted are pretty much identical, just split in half for single vs married. What penalty are you referring to?
Those figures you posted are pretty much identical, just split in half for single vs married. What penalty are you referring to?
yeah i am confused too, looks like file married he pays a few hundred bucks more, is that the penalty shet is referring to?
Quote:
Originally Posted by AnesthesiaMD
With the AMT, I dont get to deduct my property taxes as it is. My state income tax either. My mortgage interest is grandfathered in at $1M. So all I am getting is cuts from the bracket adjustments, no increases.
Dont forget the increased amt exemption savings you will get also.
For the first time i will get hit with amt due to long term capital gains this year and it hurts like a ****, i will be out 9k extra even though i am already paying all my taxes. Really need to plan better next year as they didnt get rid of amt only made it slightly better
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