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Thread: Waiting for W2

  1. #11
    Senior Member iris lilies's Avatar
    Join Date
    Mar 2013
    I think the big standard deduction is way cool and is a big step toward simplifying 1040 filing.

    I do wonder what the real estate industry has to say about it, they are always running scared about any change that messes with mortgage deduction. That mortgage deduction is one of the carrots of home ownership.

  2. #12
    Senior Member
    Join Date
    Dec 2010
    beyond the pale
    Quote Originally Posted by organictex View Post
    i did a rough estimate last night and the formula for taxable amount of SS seems to be more advantageous than
    last years. the standard deduction increase is going to probably help a LOT of folks! .
    Another Soc. Security factoid: I retired mid-year 2017. After I filed my 2017 income taxes, I got a call from Soc. Security saying, Hey, Lainey, looks like you earned too much last year and you'll have to repay some of that Social Security. I pointed out that I'd retired mid-year. Then the Soc. Security clerk says, Oh, well, there's a "grace year." So what do you know, I don't have to repay anything. Which only makes sense because otherwise everyone would have to retire on January 1st.

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