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How can I estimate 2017 FIT to enable me to decide whether to pay FL property tax in 12/2017 or 01/2018, since it appears standard vs itemized deduction is borderline?

 
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rjs
Level 15
Level 15

How can I estimate 2017 FIT to enable me to decide whether to pay FL property tax in 12/2017 or 01/2018, since it appears standard vs itemized deduction is borderline?

The administration's proposal for tax reform would eliminate the deduction for state and local taxes, including property tax. If that passes, you might not be able to deduct property tax in 2018. I have no idea what the chances are of that being passed. All bets are off.

You don't have to do a complete estimate of your taxes. Just add up your itemized deduction and compare to the standard deduction. Under current law, the standard deduction for 2017 is $6,350 for single or MFS, $9,350 for HOH, $12,700 for MFJ. The standard deduction for 2018 hasn't been determined yet. It would probably increase a bit. The increase from 2016 to 2017 was $100 for MFJ and $50 for all other filing statuses. Of course this could all change, too, if new laws are passed.

You can use TaxCaster, at the link below, to do a complete federal tax estimate. It's still set up for 2016, but it will be pretty close for 2017, unless Congress makes major changes in the next couple of months. What will happen for 2018 is anybody's guess.

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/
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