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Where To Buy Turbotax 2017


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Where To Buy Turbotax 2017


Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years, or are indexed to inflation. To help you determine how these tax laws affect your long-term planning, this article explains the changes scheduled to come into effect through 2017.


For 2010 through 2017, the Hope credit is replaced by a new credit. Now called the American Opportunity Tax Credit, it provides a credit of up to $2,500 per student per year for four years of college. It now also covers the cost of books, and begins to phase out at $80,000 of Adjusted Gross Income for single filers and $160,000 for joint filers. If the credit is more than your income tax liability, 40 percent of it is refundable. Also, the full credit is allowed against the Alternative Minimum Tax.


For 2010, there is no federal estate tax. However the executors of estates where the taxpayer died in 2010 can elect to apply the 2011 exemption of $5,000,000, with a maximum estate tax of 35%. Different rules for the step up in cost basis apply in these two years, meaning some estates may find the 2011 rules more beneficial. The estate tax was reinstated in the 2010 Tax Relief Act.


Debt cancelled from the short sale, foreclosure, or mortgage modification for Qualified Principal Residences can be excluded from income under the Mortgage Forgiveness Debt Relief Act. This was extended to the end of 2016. This can also apply to debt that is discharged in 2017 provided that there was a written agreement entered into in 2016.


Penalties are assessed for each month that any individual does not have the minimum essential health insurance coverage. In 2017 the penalty remains at $695 per adult, or 2.5% of income with a family maximum of $2,085.


Debt cancelled from the short sale, foreclosure, or mortgage modification for Qualified Principal Residences is no longer excludable from income under the Mortgage Forgiveness Debt Relief Act. This was extended to the end of 2016. This could also apply to debt that was discharged in 2017 provided that there was a written agreement entered into in 2016.


For assets placed in service in the 2017 tax year, you can take a maximum Section 179 deduction of $510,000. The amount you can expense is reduced if you purchase more than $2,030,000 in eligible property during the year.


Bonus Depreciation: Bonus depreciation has been changed for qualified assets acquired and placed in service after September 27, 2017. The old rules of 50% bonus depreciation still apply for qualified assets acquired before September 28, 2017. These assets had to be purchased new, not used. The new rules allow for 100% bonus "expensing" of assets that are new or used. The percentage of bonus depreciation phases down in 2023 to 80%, 2024 to 60%, 2025 to 40%, and 2026 to 20%. After 2026 there is no further bonus depreciation. This bonus "expensing" should not be confused with expensing under Code Section 179 which has entirely separate rules, see above.


The links below take you to official state tax authority Web sites, where you can find state income tax forms and instructions for individual returns. Note: Not all states have updated their Web sites for tax year 2022.


The threshold for unreimbursed medical expenses increased from 7.5 percent to 10 percent of Adjusted Gross Income (AGI) for most taxpayers in 2014. There was a temporary exemption from Jan. 1, 2013 to Dec. 31, 2016 for individuals age 65 and older and their spouses. For 2017 and 2018, all taxpayers are subject to a decreased threshold of 7.5 percent.


Updated Dec. 20, 2017: Both the House and the Senate have voted to approve the tax bill. Next the bill returns to the House floor, where a final passage is expected by midday today. Check back with the TurboTax blog for details of the final bill as we continue to keep you up to date with the latest news.


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