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 Form 5329 2017

2017-2025 Form

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Instructions and help about Form 5329

There's a final republican tax bill. House and Senate party leaders have negotiated differences between their two bills. Now this bill is still being written as we speak. This is changing hourly, daily, so stay tuned. Some of the information I'm telling you may change but here's what we know at this point. There's a couple things that may go away starting next year. One is the ability to deduct your state and local taxes except up to about $10,000. That's what's in the current bill that the Senate and House will be voting on. In other words, if you have property taxes of $6,000 and state taxes of $10,000, that's $16,000. You can only deduct $10,000 of that. So you might want to prepay your state taxes for 2017 before December 31st. You also might want to prepay your April tax payment by December 31st to make sure that you're getting a full deduction because you may not get that deduction next year. Here's another t

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