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Will the 2025 Tax Summary be Updated to show the deduction for "No Tax on Tips", "No Tax on OT", and the new senior deduction? Right now it does not and tax summary does not flow (doesn't add down).
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There is no line for Senior Deduction, so I would say definitely NO to that one.
Since Schedule 1-A is new maybe there would me a new line for Additional Deductions, since the match does not really work out on the worksheet as it is now. A separate line for Tips or Overtime - NO.
Answers are easy. Questions are hard!
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I agree, I have to manually show my clients on the summary where it is included. It needs to be right below the Standard Deduction (or Itemized Deduction) to show that they are indeed getting the deduction to arrive at taxable income.
It would be nice for at least an "other" deduction item on the summary to show our clients where they are getting the deductions. This is not going to be the only year this is going to be applicable...
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"This is not going to be the only year this is going to be applicable..."
True, but it is the first year. I'm happy if the software actually does the calculation correctly. Maybe they'll add to the summary next year,
And you have clients who look at the summary?
The more I know the more I don’t know.
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Yeah, I know it won't be perfect for the 1st year, hence why our W2s do not split out the Overtime.
But yes, to answer your question. It is a big key to my clients quickly understanding how things changed year by year. Especially the in office appointments. We go over this summary quickly instead of going through an entire return so that I can explain how things change from last year. It is also my quick way of seeing what may be missing. Retirees really like to look this over to see how their income changes.
The tax return is longer with these new items and so showing it on the summary speeds the process.
Thanks for your input!
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Just because users ask for a fix does not mean Intuit will do it.
In their defense, which I don't often do, I think the programmers are working on actual forms and calculations and efiling, etc instead.
The more I know the more I don’t know.
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Hi @danobaseball Thanks for posting in the Community regarding whether the 2025 Tax Summary will be updated to show the deductions for “No Tax on Tips,” “No Tax on OT,” and the new senior deductions. This has been shared with Development for review.
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