No, we're talking about the identical problem. 1) The old rules required us to use parents' tax rates for kids. 2) the 2017 revision required us to apply punitive trust rates to kids, so that they would up paying at rates otherwise applicable to people earning in excess of $500,000 a year. 3) Last year Congress fixed this by giving us the option to go back to the old rules for 2018 and 2019. 4) The result, because of TurboTax's mistake, actually INCREASES taxes on families where the adults are middle income, say $50K. 5) As a result, we're virtually forced to pay the punitive trust rates, UNLESS:
Unless we go back and devote hours or days or weeks to mastering the IRS Form 8615. I am going to devote May to this, taxing advantage of the China Virus postponement of Tax Day to July 15. If, as I believe, it results in a savings, I am going to Amazon and post a one-star review on my verified purchase of TurboTax Deluxe.
This is a monstrous error IMHO.
