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mpetrarca1
New Member

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

 
4 Replies
SweetieJean
Level 15

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

You might be eligible to contribute to a 2019 IRA by April 15, 2019.
mpetrarca1
New Member

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

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

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

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

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

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]

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