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Why no exemption for dependents this year? Any new deductions or suggestions to reduce the money owed in federal taxes?
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June 1, 2019
10:03 AM
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You might be eligible to contribute to a 2019 IRA by April 15, 2019.
June 1, 2019
10:03 AM
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If AGI is around 200,000, will IRA contribution be deductible?
June 1, 2019
10:03 AM
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It depends . See <a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p590a">https://www.irs.gov/publications/p590a</a>
June 1, 2019
10:03 AM
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I do not know why they suspend the exemptions. However, to counterbalance, they have doubled the standard deductions for all the filing statuses and increased the child tax credit by $1000 if you have a qualifying child. There are other new deductions and credits might help you, including contributing to a new IRA by April 15, 2019, if you don't have one. To read them, click here https://ttlc.intuit.com/replies/6971774
[Edited 4/6/2019 11:24AM]
June 1, 2019
10:03 AM