Why no exemption for dependents this year? Any new deductions or suggestions to reduce the money owed in federal taxes?

 

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You might be eligible to contribute to a 2019 IRA by April 15, 2019.

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If AGI is around 200,000, will IRA contribution be deductible?
LinaJ2018
Intuit Alumni

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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>
LinaJ2018
Intuit Alumni

Get your taxes done using TurboTax

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]