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TAX REFORM – WHAT YOU NEED TO KNOW

Tax reform is here … do you know how it will affect you? Approximately 42% of surveyed taxpayers don’t know how the new tax law will affect their 2018 return.

Here are some of the most important changes:

1. Changes to tax brackets The seven tax brackets found in the former law remain, but a number of tax rates are lower. The income thresholds at which the rates apply also change. That means you can decrease your tax burden with deductions that place you in a lower tax bracket.

2. Changes for families Under the new tax law, the personal and dependent exemptions of $4,050 were eliminated, so families with several kids will see a big reduction in the number of write-offs available. However, the Child Tax Credit doubled from $1,000 to $2,000. If you’re saving for your kids’ education via a 529 plan, this creates an opportunity to increase your contribution – tax-free – without trying to find those funds in your current budget.

3. Changes for homeowners The new law limits the amount of state and local property, income and sales taxes that can be deducted to $10,000. In the past, these taxes have generally been fully deductible. Due to this cap and the fact that the standard deduction has almost doubled, many homeowners will take the standard deduction instead of itemizing for the first time in years.

4. Changes to other deductions The new law eliminated several other popular tax breaks starting in tax year 2018. This includes miscellaneous items like job search expenses, unreimbursed work expenses, investment expense and tax preparation fees as well as moving expenses.

Don’t worry – TurboTax has you covered

Fortunately, you don’t have to worry about knowing the new tax laws. TurboTax is always up to date with the latest forms and 100% accurate calculations. With TurboTax, you can file your taxes with complete confidence – and get your biggest possible refund, guaranteed. When you are ready to file, go to www.columbusmetro.org to access TurboTax and your savings!

Visit http://turbotax.intuit.com/lp/yoy/guarantees.jsp for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2018. Discount applies to TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries.

DOWN PAYMENT ASSISTANCE UP TO $5,000

Qualified homebuyers could receive up to $5,000 to assist with down payment and closing costs through the Federal Home Loan Bank’s Welcome Home program.

To apply for the grant, homebuyers must meet certain guidelines:

• Homebuyers must have a purchase contract on an eligible property dated on or after March 1, 2019.

• Total income for all occupants who will reside in the home cannot exceed 80% of the Mortgage Revenue Bond Limit for the county where the property is located. In Delaware, Fairfield, Franklin, Licking, Madison & Pickaway counties, that limit was $59,600 for households of one to two people and $68,540 for households of three or more in 2018*.

• Homebuyers must contribute at least $500 of their own funds towards the down payment and/or closing costs.

• First-time homebuyers (defined as anyone who hasn’t owned a home in the past three years) must complete a homebuyer counseling course prior to loan closing. Applicants do not have to be first-time homebuyers.

In addition, applicants must be purchasing an eligible property:

• The property will be the buyer’s primary residence.

• The property is a single family, townhome, condominium, duplex, multi-unit (up to four units) or a qualified manufactured home.

• The household may be required to repay all or a portion of the grant if the home is sold or refinanced within five years.

For more information on the program, contact our mortgage specialist, Jenniffer McNamee, at 614.239.0210 ext. 3026 or jmcnamee@columbusmetro.org. If you’re ready to buy, you can apply online at www.columbusmetro.org/About/Forms (look for the links under the Loans heading).

*Income limits and other requirements are subject to change without notice.


2019 Amusement Park Ticket Sales
Park Name Type of ticket Member Price Gate Admission Discount

Columbus Zoo Adult
Ages 10-59
$13.00 Franklin County resident $14.00
All others $19.00
$1.00
$6.00
  Junior/Senior
Ages 3-9 & 60+; under age 3 free
$8.00 Franklin County resident $8.00
All others $13.00
$0.00
$5.00

Magic Mountain Fun Centers Coupon $34.99   50% Off Mix & Match
Any 6 Attractions
To redeem, print coupon and present at time of purchase.

Trustage Insurance Agency

Members Save on Family Fun

Columbus Metro offers member discounts on tickets to some of the area’s most popular attractions. Tickets are available for sale at our Gahanna, Reynoldsburg and Whitehall offices. Ticket sales are non-refundable and tickets cannot be replaced if lost or stolen. Please refer to the individual park’s website for hours of operation and other important information, including other ticket offers.

Spread the Word, Share the Wealth

At Columbus Metro, we believe the highest compliment you can pay us is to recommend us to someone else. Now you can earn up to $50 each time you do, thanks to our new referral program.

You can refer almost anyone, as long as they live, work, worship or attend school in Franklin County. And there's no limit on the number of people you can refer. The more referrals you make, the more you can earn!

You'll earn $25 if your referral opens a qualifying checking account and $25 if they finance an auto loan with us. That's up to $50 per referral. What's more, your referral will earn the same amount.

It's easy to cash in. Simply complete our referral form and give it to a friend, neighbor, family member or co-worker. Have them bring the form to any of our branches to open a new account. After the account's been open 60 days, we'll review it and pay out the cash!


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Links

Columbus Metro online loan application