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Re: GOP Tax Plan

Posted by Joe V on Sun Dec 17 10:06:40 2017, in response to GOP Tax Plan, posted by TransitChuckG on Sat Dec 16 06:07:55 2017.

1st or 2nd payroll in January will probably lower federal witholdings. But the federal withholding algorithm knows only your salary and how many exemptions you state. It knows nothing else in your life, like medical expenses, mortgage load, property taxes, state income taxes, interest and dividend income.

The middle class in downstate NY, NJ, some PA Philly suburbs, western CT, eastern MA, Chicago area, CA will be lucky to break even on this.
So to avoid a nasty surprise when doing your 2018 incomes taxes in March or April 2019 is to fill out a new Federal W4 and take out a dollar amount more by however much they lower your 2018 witholdings.

Worst comes to worst, you'll have a pleasant surprise in a big refund in April 2019.

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