A&S FINANCIAL SERVICES INCORPORATED 
Changes for 2020
     There is a new tax form for seniors called 1040-SR.  It is for those who are 65 or older.  There is no income limit on the use of this form.  It looks like the 1040A to a large extent.


     You can make bigger contributions to retirement accounts.  IRA contribution limits went up tp $6000 for 2019.  Maximum contribution amounts to 401(k)s  went up to $19,000.00.


     There is an end to alimony deductions.   Those who paid alimony were at one time able to deduct those payments from income.  For those who divorced in 2019, alimony payments are not a deduction.  For those who are receiving alimony (again 2019), payments will not be taxable.   -If you divorced prior to 2018 and haven't modified the agreement, the old rules should still apply.


      The standard deduction rose $200.00 for Single filers and $400.00 for Married Filing Joint filers.  The tax brackets got a little bigger, it is roughly 2%.  


     Everybody, by now, has noticed the new w-4 form.   This had to happen, as we no longer have exemptions on the tax return.  Now, the form asks for dollars and multiple jobs.    This form isn't simpler in design, but it does account for multiple jobs.  


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