brown_trousers
Well-Known Member
This might sound like a crazy question. But will the union allow me to prepay next years union dues so i can get the itemized deduction for it this year?
Prepay 2018 union dues to get deduction?
- Thread starter brown_trousers
- Start date
silenze
Lunch is the best part of the day
You can pay my union dues
UpstateNYUPSer(Ret)
Well-Known Member
Yes but you would not be able to claim them until next year so unless you want to give your local an interest free loan you shouldn’t do it.
542thruNthru
Well-Known Member
Back when @FrigidFTSup was PT. He used to pay his union dues 5 years in advance. He worked 4 shifts during peak. 
Will they give you a refund if we go on strike.??
542thruNthru
Well-Known Member
Uh... hello... Hoffa is president. That question makes no sense.
ing Canada!!
FrigidFTSup
Resident Suit
When the union starting filing on the PVDs I launched a countersuit to get my dues backBack when @FrigidFTSup was PT. He used to pay his union dues 5 years in advance. He worked 4 shifts during peak.
UpstateNYUPSer(Ret)
Well-Known Member
I respectfully disagree.
The only thing that you can prepay (fund) in a prior year and be able to write off in that year is your IRA.
I don't think that you would be able to write off prepaid 2018 union dues in 2017; even if you were, the deduction would be minimal. Our dues here are about $1K/year and we get back roughly 25% of that when we file.
brown_trousers
Well-Known Member
I figured it would be the same concept as paying your 2018 property taxes this year, and making januarys mortgage payment early, as a lot of accountants are recommending this
While I agree that the deduction is minimal, the Local would take the dues in this year and it would reflect that. You could get a printout of your dues ledger from the Local as a receipt of payment. Let me clear, I don't know why anyone would want to because the benefit is minimal at best. There would be no deductions for the following year either unless that is in the new tax bill that passed Congress, but you could do it.
brown_trousers
Well-Known Member
These are "unreimbursed employee expenses". From what ive read, this itemized deduction was eliminated in the new law, so 2017 will be the last year to claim it
Jackburton
Gone Fish'n
We’ve been taking the standard deduction for years, not sure how you guys can itemize so much stuff to get above it.
UpstateNYUPSer(Ret)
Well-Known Member
Union dues, uniform maintenance and other unreimbursed job expenses-----I write off about $2K per year.
Charitable donations-----roughly $2.5K/year.
Property taxes and mortgage interest-----roughly $3K or so.
I have no problem beating the standard deduction; however, with that doubling in 2018 (2019 tax return), I will be much better off taking the SD rather than itemizing.
Charities are going to be the big losers as a result of this tax bill.
GameCockFan
Well-Known Member
The standard deduction almost doubles from $6350 to $12K.
You lose your personmal exemption of $4050.
So a single person, like myself, it's pretty much a wash.
2017 6350+4050 = $10,400
2018 12K+0 = $12,000
+1,600
Charities will lose out.
Republicans love to say were doubling the standard deduction, but never mention losing the personal exemption. It's going to hurt single parent families and households with multiple children.
35years
Gravy route
The idea that multiple children households loose out is generally not true in the final bill. The expanded child tax credit in the final bill solved that...
To check how your taxes will be affected check out this calculator by the New York Times (hardly a Republican mouthpiece)...
Tax Bill Calculator: Will Your Taxes Go Up or Down?
I will save approx $2,400, more if I had more dependents.
For example if you are single (filing Head of household), have 2 kids, make $75,000-$100,000, and take the standard deduction you will see an estimated ... $3, 030 tax cut. With 3 kids more like a $3,500 tax cut.
Ny times reports 75% of taxpayers will see a cut.
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Jackburton
Gone Fish'n
Using the above calculator, I should save $3020. We have been taking the standard deduction for about 5 years now, one kid in college (over 17), one that’s 15, married filing jointly.
Jackburton
Gone Fish'n
Btw, for those that think paying your property taxes early is going to work, make sure you checked with your local municipality that they’ll except non assessed payments.
GameCockFan
Well-Known Member
I've used the calculator. Says I will save $2200. I usually itemize but it looks like I will be using the standard deduction going forward.
