topic What happened to personal exemptions? in Get your taxes done using TurboTax

What happened to personal exemptions?

rolphdianne — Sat, 01 Jun 2019 07:43:15 GMT

Starting in 2018 the personal tax exemption has been elim...

Leonard — Sat, 01 Jun 2019 07:43:16 GMT

Starting in 2018 the personal tax exemption has been eliminated.

You will no longer receive a credit for personal exemptions.

This is one of the many changes to the tax law.

Lot of people looking for this answer, so please expand o...

anandpa — Sat, 01 Jun 2019 07:43:17 GMT

Lot of people looking for this answer, so please expand on your answer. When people see big difference in their tax amounts, at the least they expect an answer which explains the change in some detail and reassure people of the rationale behind the law change. When your product is being used by so many people why not delve into a little bit more of explanation?

If your deductions are close to the standard deduction th...

djohnkcarf — Sat, 01 Jun 2019 07:43:19 GMT

If your deductions are close to the standard deduction then losing the personal exemptions makes a huge difference. The increase in the standard deduction in no way makes up for losing an $8000+ tax deduction for marrieds filing jointly.

$12,000 is greater then $8,000. Your issue is that a lot...

fanfare — Sat, 01 Jun 2019 07:43:21 GMT

$12,000 is greater then $8,000. Your issue is that a lot of itemized deductions are eliminated.

But the Standard Deduction has doubled. FAQ on 2018 ch...

VolvoGirl — Sat, 01 Jun 2019 07:43:24 GMT

But the Standard Deduction has doubled.

FAQ on 2018 changes https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return

For 2018 the standard deduction amounts are:
Single 12,000 + 1,600 for 65 and over or blind
HOH 18,000 + 1,600 for 65 and over or blind
Joint 24,000+ 1,300 for each 65 and over or blind
Married filing Separate 12,000 + 1,300 for 65 and over or blind