# Could The New Tax Law Bring An Unwelcome Surprise in 2019?



## OneEyedDiva (Sep 17, 2018)

Tax accountants say that starting with the 2018 returns for some, yes it will. Read on.  Will the new tax law adversely affect you or will it benefit you?
http://www.startribune.com/accountants-warn-tax-reform-could-add-up-to-april-shock/492262271/


----------



## Don M. (Sep 17, 2018)

It seems that every time the government does the "people" a favor, there is a "catch".  I'm not too worried about a reduction in "deductions", as we have none that approach anywhere near the "standard" deduction.  There are also reports about the possibility of an increase in Social Security...might be as much as 2%...Whoop De Doo.  However, any increase in SS payments will probably be negated by increases in health care costs and HC insurance.  A couple of days ago, I got a notice that our dental insurance will be going up by about $4 a month, and I'm sure the Vision plan and Medicare Supplement will also be going up.  The government might as well just send any SS increases directly to the insurance companies.


----------



## C'est Moi (Sep 17, 2018)

We also take the standard deduction, so I don't expect any surprises.


----------



## OneEyedDiva (Sep 17, 2018)

Don M. said:


> It seems that every time the government does the "people" a favor, there is a "catch".  I'm not too worried about a reduction in "deductions", as we have none that approach anywhere near the "standard" deduction.  There are also reports about the possibility of an increase in Social Security...might be as much as 2%...Whoop De Doo.  However, any increase in SS payments will probably be negated by increases in health care costs and HC insurance.  A couple of days ago, I got a notice that our dental insurance will be going up by about $4 a month, and I'm sure the Vision plan and Medicare Supplement will also be going up.  The government might as well just send any SS increases directly to the insurance companies.



I agree Don.  My last increase was $24, the exact amount of the increase in my Medicare premiums.  It's like a joke really.  I did read somewhere that the next increase in S.S. may be the biggest in awhile but that there was not expectation for Medicare to rise.  We'll see.


----------



## KingsX (Sep 18, 2018)

.

It should be a win for most seniors.

.


----------



## Aunt Bea (Sep 18, 2018)

I have always itemized my deductions but this year I will take the standard deduction.

I went over it with my tax guy and he seems to think it will be a wash for me, we'll see.

I am very concerned that the new tax scheme has significantly reduced the flow of money into the U.S. Treasury and caused a sharp increase in the national debt.

When are we going to learn that if we eat the steak we have to pay for it?


----------



## KingsX (Sep 18, 2018)

.

Personally,  I trust the people to handle their own money...
rather than a government nanny state handle it for them.

.


----------



## mathjak107 (Sep 18, 2018)

OneEyedDiva said:


> I agree Don.  My last increase was $24, the exact amount of the increase in my Medicare premiums.  It's like a joke really.  I did read somewhere that the next increase in S.S. may be the biggest in awhile but that there was not expectation for Medicare to rise.  We'll see.


it was only the exact amount because the hold harmless law capped your increase , it was supposed to be more .

i love medicare for this reason .when i was working my health insurance premiums went up unlimited whether i got a raise or not. this is one of the best features medicare gives us .


----------



## OneEyedDiva (Sep 20, 2018)

mathjak107 said:


> it was only the exact amount because the hold harmless law capped your increase , it was supposed to be more .
> 
> i love medicare for this reason .when i was working my health insurance premiums went up unlimited whether i got a raise or not. this is one of the best features medicare gives us .



And my situation is the opposite of yours MJ.  I never had to pay a dime for my health insurance, even after retirement, until I got on Medicare.  I had Healthways which eventually morphed into Aetna HMO.  I was seamlessly slid into Aetna Open Access Medicare HMO when I became eligible.


----------



## KingsX (Sep 20, 2018)

OneEyedDiva said:


> *And my situation is the opposite of yours MJ.  I never had to pay a dime for my health insurance, even after retirement, until I got on Medicare.*  I had Healthways which eventually morphed into Aetna HMO.  I was seamlessly slid into Aetna Open Access Medicare HMO when I became eligible.




Me too.   Before I became Medicare eligible,  my former employer paid 100% of my health Insurance.
Now,  it pays 100% of my Medicare supplement insurance [but I have to pay the Medicare B premium.]

 I am still thankful my Medicare supplement is paid.

.


----------



## jujube (Sep 20, 2018)

I'm so tired of "surprises".....


----------



## OneEyedDiva (Nov 13, 2018)

KingsX said:


> Me too.   Before I became Medicare eligible,  my former employer paid 100% of my health Insurance.
> Now,  it pays 100% of my Medicare supplement insurance [but I have to pay the Medicare B premium.]
> 
> I am still thankful my Medicare supplement is paid.
> ...



Oh KingsX I forgot to mention that I do get reimbursed for part of that Medicare B premium.  The state reimburses retirees in my income bracket $46 a month.


----------



## KingsX (Nov 13, 2018)

OneEyedDiva said:


> Oh KingsX I forgot to mention that I do get reimbursed for part of that Medicare B premium.  The state reimburses retirees in my income bracket $46 a month.




Thanks for the info.

Is it based only on income or is net worth also considered ?

.


----------



## KingsX (Nov 13, 2018)

.

I'm still waiting to see the official IRS tax year *2019 inflation adjusted* standard deduction and income brackets.

There are projections out there,  but the IRS has not made the official announcement yet.

Here is Forbes article with projections.

https://www.forbes.com/sites/kellyp...brackets-standard-deduction-amounts-and-more/


----------

