See # 10; this new law is punitive to many middle class families. I’ve benefited a little from the doubled standard deduction, but been crushed by the elimination of personal exemptions. While the reduced withholdings put in place hurt, that can be addressed by changing withholdings; what can’t be addressed is the fact that I owe a few thousand more in overall federal income taxes themselves.
Thanks for the heads up.
I have six dependents, I’d better check it out.
Yep. Trump somehow got a free pass on this “reform” which has hurt many in the middle.
And about half are getting larger refunds. Doubling the child tax credit more than compensated for removing the personal exemptions for most families.
I am seeing much lower withholding this year compared to last. Most of the folks getting smaller refunds are doing so because their withholding was so much less, which also means they had more income every month for the last 12 months.
All of this experience is in Arizona. Your state may vary.