What is the correct % for schedule A line 3? The form shows 10% but calculates at 7.5%. There is some confusion since the exception for those born after January, 1952 had expired on December 31, 2016, but.... will this be reinstated retroactively with the new 2018 tax law? Will the TurboTax discrepancy between the display and the actual calculation be corrected?
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Well....the forms are not in their final form yet...and won't be until late January....so 10% "Was" the figure that was supposed to be used for 2017 for everyone in (7.5% was the 2016 rate for 65-year-olds). Yes.....it hadn't been fully updated in the software yet.
BUT...the new tax law (IF ...IF enacted and IF passed/signed promptly next week) will revert to use 7.5% for everyone (last I saw it...even back-applied to 2017). So the software's use of 7.5%....no matter that the label indicating 10%......is working just fine..at least temporarily..
Check back in mid-late January
Well....the forms are not in their final form yet...and won't be until late January....so 10% "Was" the figure that was supposed to be used for 2017 for everyone in (7.5% was the 2016 rate for 65-year-olds). Yes.....it hadn't been fully updated in the software yet.
BUT...the new tax law (IF ...IF enacted and IF passed/signed promptly next week) will revert to use 7.5% for everyone (last I saw it...even back-applied to 2017). So the software's use of 7.5%....no matter that the label indicating 10%......is working just fine..at least temporarily..
Check back in mid-late January
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