1. Which tax software did you use? 2. The 2018 Tax Cut and Jobs Act (TCJA)...
1. Which tax software did you use?
2. The 2018 Tax Cut and Jobs Act (TCJA) made changes to Schedule A. Name one or more.
3. TCJA also increased the Standard Deductions to $12,000 (Single Filer) $24,000 (Married Filing Joint)
What is the rationale behind this change? How does this impact Taxpayers filing Schedule A in the past?
Homework Answers
- The software I use for filing the returns is TurboTax, which is very user friendly and also the interface is very easy to handle and processes are also very fast.
- The changes made are, the overall deduction limit on total itemized deductions is eliminated, so that there is no overall limit but the individual limits will continue to be imposed.
- The rationale behind any changes in tax rates or amounts is because of the changing economic and political environment. The standard deduction is not an exception for such a change. There won't be any impact on taxpayers filing schedule a but the amount should be noted while filing.
Add Answer to:
1. Which tax software did you use?
2. The 2018 Tax Cut and Jobs Act (TCJA)...
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