How Tax Code Changes Could Affect Oklahomans
OKLAHOMA CITY - Accountants and other tax professionals are looking for more clarification in the state tax code after changes were made at the federal level.
The IRS eliminated personal exemptions from the federal tax code.
“One of the things most people don’t understand is that the federal tax law impacts the state law,” said CPA and Associate Dean of the Business College at Oklahoma Christian University Elaine Kelly.
Kelly said current Oklahoma tax forms show that you may not be able to claim personal exemptions for 2018.
That would mean Oklahomans would lose their $1,000 personal exemption per member of their family.
Tax brackets vary, but Kelly said it would cost a family $50 more per person in Oklahoma income taxes.
News 9 took those concerns to the Oklahoma Tax Commission on Thursday.
The Tax Commission says it’s still trying to figure out how federal changes in the tax code will impact Oklahoma tax code. It also said, like in the past, Oklahomans will still be able to claim a $1000 personal deduction per family member for 2018, despite federal changes.