Tax Reform New! TurboTax Tax Reform Calculator Educates on How Tax Reform Impacts You Read the Article Open Share Drawer Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to print (Opens in new window) Written by TurboTaxLisa Published Dec 6, 2018 - [Updated Apr 21, 2022] 1 min read Planning on starting your taxes soon? Is tax reform top of mind? If so, we have some exciting news to share! TurboTax has created the Tax Reform Calculator for Educational Purposes. A new interactive tax reform calculator that helps you understand how tax reform will impact you based on actual federal average outcomes of taxpayers in your similar situation. You can simply choose the state you live in, select your marital status, number of dependents and income range, and the calculator will tell you the average federal tax outcome of taxpayers with similar tax situations based on your inputs. From there, you can dig deeper into the data to get additional education on the impact of tax reform on tax deductions (standard vs. itemized), SALT (state and local property, income, and sales taxes), the Child Tax Credit, and AMT (alternative minimum tax). Check out our Tax Reform Calculator that answers some of the most frequently asked tax reform questions and get an estimate of your federal tax outcome! And when it comes time to file your taxes, TurboTax will ask you simple questions about yourself and gives you the tax deductions and credits you are eligible for based on your entries. If you still have any questions, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent to get your tax questions answered. A TurboTax Live CPA or Enrolled Agent can even review, sign, and file your tax return. Previous Post 3 Tax Deductions Are Going Away Due to Tax Reform,… Next Post 3 Key Tax Reform Changes and Facts for Self-Employed [Infographic] Written by Lisa Greene-Lewis Lisa has over 20 years of experience in tax preparation. Her success is attributed to being able to interpret tax laws and help clients better understand them. She has held positions as a public auditor, controller, and operations manager. Lisa has appeared on the Steve Harvey Show, the Ellen Show, and major news broadcast to break down tax laws and help taxpayers understand what tax laws mean to them. For Lisa, getting timely and accurate information out to taxpayers to help them keep more of their money is paramount. More from Lisa Greene-Lewis Follow Lisa Greene-Lewis on Twitter. 10 responses to “New! TurboTax Tax Reform Calculator Educates on How Tax Reform Impacts You” Why didn’t TurboTax offer an estimate of taxes based on past year taxes and deductions? I’ve been using TurboTax for years and would have expected to have gotten some kind of notification that my taxes would be substantially different based on past deductions that are no longer allowed or severely limited with the new tax laws. Kinda disappointing that basic online calculators all indicated a no change or slightly lower tax for my family but in reality so many deductions are now not available and costing me a lot without much notice. NOT Pleasant. This may push me to paying an accountant if TurboTax can’t be more proactive about projecting tax liabilities based on past information. Understandable if i were to changed a lot. And what’s with asking a bunch of questions about childcare, student loans and mortgages when they are past the limits of already deducted and income limits? Why waste my time when I can’t deduct anyway?! Looks like I may have over estimated how well TurboTax was doing for my family. G2 My husband and I are both retired. Both receive social security. I also receive a small pension thru state of TX retirement. Both of us are 70 plus . When can we stop filing to IRS? This the first year that I will not be filing a joint return can I fill as as a widower I filed as a widower the first year after my wife died, but this year I could not because I had no dependents. The earned income tax credit has delayed my recieving my tax return via d deposit…said a message I get when I check my status. It this normal and should I be concerned since I filed it wit turbo tax..single 1040EZ? Only 1 W2 to report..making under 15 grand in 2018…zero dependents? Which product ( Free, Basic) can use to deduct foreign (Canadian) tax on dividends? What is the amount of exemption for those over 65 years of age in the new tax law? $1,600 for single over 65 or $2,600 for married both over 65. That’s in addition to the $12,000 single or $24,000 married standard deduction. What is the deduction for an over 65 person How about a blog on the shut down? Browse Related Articles Crypto Understanding Crypto and Capital Gains Work 7 Things You Need to Know About the New Business Report… Work Using Form 8829 to Write-Off Business Use of Your Home Tax Tips Roth 403(b) vs. Roth IRA: Which Should You Invest In? Life Interest Rates, Inflation, and Your Taxes Investments Essential Tax Tips for Maximizing Investment Gains Uncategorized TurboTax is Partnering with Saweetie to Elevate Hoop Dr… Business Small Business Owners: Optimize Your Taxes with a Mid-Y… Small Business The Benefits of Employing Your Children and the Tax Bre… Income and Investments Are Olympics Winnings Taxed?
Why didn’t TurboTax offer an estimate of taxes based on past year taxes and deductions? I’ve been using TurboTax for years and would have expected to have gotten some kind of notification that my taxes would be substantially different based on past deductions that are no longer allowed or severely limited with the new tax laws. Kinda disappointing that basic online calculators all indicated a no change or slightly lower tax for my family but in reality so many deductions are now not available and costing me a lot without much notice. NOT Pleasant. This may push me to paying an accountant if TurboTax can’t be more proactive about projecting tax liabilities based on past information. Understandable if i were to changed a lot. And what’s with asking a bunch of questions about childcare, student loans and mortgages when they are past the limits of already deducted and income limits? Why waste my time when I can’t deduct anyway?! Looks like I may have over estimated how well TurboTax was doing for my family. G2
My husband and I are both retired. Both receive social security. I also receive a small pension thru state of TX retirement. Both of us are 70 plus . When can we stop filing to IRS?
I filed as a widower the first year after my wife died, but this year I could not because I had no dependents.
The earned income tax credit has delayed my recieving my tax return via d deposit…said a message I get when I check my status. It this normal and should I be concerned since I filed it wit turbo tax..single 1040EZ? Only 1 W2 to report..making under 15 grand in 2018…zero dependents?
$1,600 for single over 65 or $2,600 for married both over 65. That’s in addition to the $12,000 single or $24,000 married standard deduction.