MONEY Taxes

3 Tax Prep Mistakes Even Smart People Make

crumpled 1040
Jeffrey Hamilton—Getty Images

Tax software should catch run-of-the-mill filing errors. But even careful taxpayers can be tripped up by these planning flubs.

The most common tax mistakes are pretty dumb ones, like forgetting to sign the return, garbling a bank account number, or using a nickname instead of the name on a Social Security card.

Even tasks that require some wattage, such as applying common deductions and credits, are not that tough for taxpayers filing electronically, since the software checks for these errors.

Still, there are several mistakes that careful people—even those who hire tax preparers—can make.

Among them:

1. Minimizing earned income

Business owners have a number of ways to pay themselves and reduce the income subject to Social Security and Medicare taxes. But doing so could put a significant dent in future Social Security benefits, sometimes far outweighing any savings.

One common strategy is to convert a business to an S corporation, which allows the owners to pay themselves a lower salary and then take dividends, which are not subject to Social Security taxes.

That might not cause problems for someone who already has a lifetime of high income, since Social Security bases benefits on the worker’s 35 highest-earning years, says financial planner Michael Kitces, a partner with Pinnacle Advisory Group in Columbia, Maryland. For others, though, the impact can be significant.

For example, Kitces says, someone paying 12.4% Social Security tax on $60,000 in earnings would increase the lifetime payout by $128.58 a month.

On the other hand, he says, avoiding $7,440 in Social Security taxes on that annual pay would cost $1,542.96 a month for life in Social Security payouts. Higher earners might suffer less but still could lose more in guaranteed, inflation-adjusted retirement benefits than they save in taxes.

Advisers should calculate the potential impact on Social Security benefits before recommending strategies to avoid the taxes, says Kitces, who blogs at Nerd’s Eye View.

2. Choosing the wrong tax preparer

The more complicated a tax return, the more likely it is to drift into gray areas of the law. Ideally, client and tax preparer will be temperamentally compatible when judgment calls need to be made.

A tax pro who is eager to push the envelope may be a bad fit for a conservative client. Likewise, a client who wants to be aggressive about reducing taxes is likely to be frustrated with a preparer who forgoes legitimate deductions for fear of triggering an audit.

“It’s more common that the taxpayer wants to push things,” says Phil Holthouse, managing partner of Holthouse Carlin & Van Trigt in Los Angeles. “But there are some tax preparers who want to be heroes and give them an answer that’s too good to be true.”

Holthouse recommends asking tax preparers straight out how aggressive they are. Ideally, he says, the professional will make it clear that he or she stays within the law, but is willing to explain the alternatives in a given situation and help clients evaluate the risk.

When a gray area comes up or if a client is confused about an issue, he or she should ask what rules apply.

“You can tell a lot by how definitive their answer is,” Holthouse says. “If they say, ‘Nobody’s going to see this’ or ‘Nobody’s going to find it,’ that’s a real red flag.”

3. Refusing to delegate

Most people, including some who file the easiest forms (1040EZ and 1040A), hire tax preparers these days. But some with more complicated returns still insist on doing it themselves. Even when they do not make mistakes, they may be investing more time than the task is worth.

The cost for preparing 1040 with Schedule A itemized deductions averaged $261 last year, according to the National Society of Accountants. The IRS says just preparing a typical 1040 takes four hours, with another hour to file it.

That does not even take into account an additional 17 hours for record keeping and tax planning.

Not all of those hours would disappear when using a professional, of course, but the time and hassle would certainly be less.

MONEY Taxes

For Some Retirees, April 1 is a Crucial Tax Deadline

If you recently reached your 70s and aren't yet drawing money from your tax-deferred retirement accounts, you need to act fast.

For anyone who turned 70½ last year and has an individual retirement account, April 15 isn’t the only tax deadline you need to pay attention to this time of year.

With a traditional IRA, you must begin taking money out of your account after age 70½—what’s known as a required minimum distribution (RMD). And you must take your first RMD by April 1 of the year after you turn 70½. After that, the annual RMD deadline is December 31. After years of tax-deferred growth, you’ll face income taxes on your IRA withdrawals.

Figuring out your RMD, which is based on your account balance and life expectancy, can be tricky. Your brokerage or fund company can help, or you can use these IRS worksheets to calculate your minimum withdrawal.

Failure to pull out any or enough money triggers a hefty penalty equal to 50% of the amount you should have withdrawn. Despite the penalty, a fair number of people miss the RMD deadline.

A 2010 report by the Treasury Inspector General estimated that every year as many as 250,000 IRA owners miss the deadline for their first or annual RMD, failing to take distributions totaling some $350 million. That generates potential tax penalties of $175 million.

The rules are a bit different with a 401(k). If you’re still working for the company that sponsors your plan, you can waive this distribution rule until you quit. Otherwise, RMDs apply.

“It’s becoming increasingly common for folks to stay in the workforce after traditional retirement age,” says Andrew Meadows of Ubiquity Retirement + Savings, a web-based retirement plan provider specializing in small businesses. “If you’re still working you can leave the money in your 401(k) and let compound interest continue to do its work,” says Meadows.

What’s more, with a Roth IRA you’re exempt from RMD rules. Your money can grow tax-free indefinitely.

If you are in the fortunate position of not needing the income from your IRA, you can’t skip your RMD or avoid income taxes. You may want to reinvest the money, gift it, or donate the funds to charity, though a law that allowed you to donate money directly from an IRA expired last year and has not yet been renewed. Another option is to convert some of the money to a Roth IRA. You’ll owe income taxes on the conversion, but never face RMDs again.
Whatever you do, if you or someone you know is 70-plus, don’t miss the April 1 deadline. There’s no reason to give Uncle Sam more than you owe.

 

MONEY Taxes

Does My Teen Really Have to File Taxes?

150326_FF_TEENTAXES
Erik Dreyer—Getty Images

April 15 is rapidly approaching, and you know you have to file a tax return, but does your teen have to?

You know you have to file a tax return, but does your teen? The deadline is rapidly approaching, and he or she may — or may not — have received forms relating to income last year.

Chances are, your teen does not have to file. John Scherer, a certified financial planner with Trinity Financial Planning in Middleton, Wis., said they do not have to file if they have investment income of less than $1,000 or earnings of less than $6,200.

If your teen is under those thresholds and worked a job that withheld taxes, though, he or she would want to file to get those withholdings refunded. So encourage your teen to collect those W-2s, even if it seems like a lot of trouble for a refund that doesn’t sound terribly impressive (and yes, he or she might have multiple W-2s, if there were paychecks from a summer job, a part-time job and a holiday job). If your child is not required to file, the April 15 date does not apply, but it’s still a good idea to dig out those forms, if for no other reason than to emphasize they are important papers and should not be disregarded.

And even if W-2s weren’t issued (as for babysitting), it’s smart to keep — or to begin to keep — a record of earned income, Scherer said. This can be as simple as keeping a log and making corresponding deposits to a bank account. Those earnings won’t owe income tax so long as they add up to less than the standard deduction ($6,200 for 2014). (Update: Keep in mind, if your teen earns $400 or more and they are not employed by someone else, this income is considered self-employment income and they must file a tax return and pay self-employment taxes, warns Burton M. Koss, an enrolled agent with Cortes & Baker LLC.) Where the record of earnings can come in handy is with establishing a Roth IRA. While we don’t expect most teens to want to save all they earned for retirement, the limit is 100% of earnings or $5,500, whichever is smaller. So a parent or grandparent could put money into a Roth on the teen’s behalf, as long as the teen has earned income. And the young person’s retirement savings will not be counted against possible financial aid for college, but will have more years to increase in value.

So it’s smart to file, even if it’s optional and little or no refund is coming. Your teen might get a little tax money back, assuming it was withheld, and he or she should also get a glimpse of what taxes are and how they work — and some early practice at keeping records for tax purposes. Parents would be wise to “walk through it with the kids,” Scherer said. “For most folks, taxes are one of their biggest expenses they have.” And learning early that planning ahead can save real money can only help teens later.

More from Credit.com

This article originally appeared on Credit.com.

MONEY Taxes

How to Make Tapping a $1 Million Retirement Plan Less Taxing

adding machine printing $100 bill
Sarina Finkelstein (photo illustration)—Mike Lorrig/Corbis (1); iStock (1)

With a seven-figure account balance, you have to work extra hard to minimize the tax hit once you starting taking withdrawals.

More than three decades after the creation of the 401(k), this workplace plan has become the No. 1 way for Americans to save for retirement. And save they have. The average plan balance has hit a record high, and the number of million-dollar-plus 401(k)s has more than doubled since 2012.

In the first part of this four-part series, we laid out how to build a $1 million 401(k) plan. Part two covered making your money last. Next up: getting smart about taxes when you draw down that $1 million.

Most of your 401(k) money was probably saved pretax, and once you start making withdrawals, Uncle Sam will want his share. The conventional wisdom would have you postpone taking out 401(k) funds for as long as possible, giving your money more time to grow tax-deferred. But retirees must start making required minimum distributions (RMDs) by age 70½. With a million-dollar-plus account, that income could push you into a higher tax bracket. Here are three possible ways to reduce that tax bite.

1. Make the Most of Income Dips

Perhaps in the year after you retire, with no paycheck coming in, you drop to the 15% bracket (income up to $73,800 for a married couple filing jointly). Or you have medical expenses or charitable deductions that reduce your taxable income briefly before you bump back up to a higher bracket. Tapping pretax accounts in low-tax years may enable you to pay less in taxes on future withdrawals, says Marc Freedman, a financial adviser in Newton, Mass.

2. Spread Out the Tax Bill

Taking advantage of low-tax-bracket years to convert IRA money to a Roth can cut your tax bill over time. Just make sure you have cash on hand to pay the conversion taxes.

Say you and your spouse are both 62, with Social Security and pension income that covers your living expenses, as well as $800,000 in a rollover IRA. If you leave the money there, it will grow to nearly $1.1 million by the time you start taking RMDs, assuming 5% annual returns, says Andrew Sloan, a financial adviser in Louisville.

If you convert $50,000 a year to a Roth for eight years instead, paying $7,500 in income taxes each time, you can stay in the 15% bracket. But you will end up paying less in taxes when RMDs begin, since your IRA balance will be only $675,000. Meanwhile, you will have $475,000 in the Roth. Another benefit: Since Roth IRAs aren’t subject to RMDs, you can pass on more of your IRAs to your heirs.

3. Plot Your Exit from Employer Stock

Some 401(k) investors, often those with large balances, hold company stock. Across all plans, 9% of 401(k) assets were in employer shares at the end of 2013, Vanguard data show—for 9% of participants, that stock accounts for more than 20% of their plan.

Unloading those shares at retirement will reduce the risk in your portfolio. Plus, that sale may cut your tax bill. That’s because of a tax rule called net unrealized appreciation (NUA), which is the difference between the price you paid for the stock and its market value.

Say you bought 5,000 shares of company stock in your 401(k) at $20 a share, for a total price of $100,000. Five years later the shares are worth $50, or $250,000 in total. That gives you a cost of $100,000, and an NUA of $150,000. At retirement, you could simply roll that stock into an IRA. But to save on taxes, your best move may be to stash it in a taxable account while investing the balance of your plan in an IRA, says Jeffrey Levine, a CPA at IRAhelp.com.

All rollover IRA withdrawals will be taxed at your income tax rate, which can be as high as 39.6%. When you take company stock out of your 401(k), though, you owe income tax only on the original purchase price. Then, when you sell, you’ll owe long-term capital gains taxes of no more than 20% on the NUA.

Of course, these complex strategies may call for an accountant or financial adviser. But after decades of careful saving, you don’t want to jeopardize your million-dollar 401(k) with a bad tax move.

MONEY Taxes

Why Obamacare Has Made Tax Filing an Even Bigger Headache This Year

piggy bank with band-aid on head
Getty Images

This is the first year that health reform crops up on your tax return. And a new study finds that many Americans who got help with health insurance premiums in 2014 now owe the IRS money.

This tax season, for the first time since the health law passed five years ago, consumers are facing its financial consequences. Whether they owe a penalty for not having health insurance or have to reconcile how much they got in premium tax credits against their incomes, many people have to contend with new tax forms and calculations. Experts say the worst may be yet to come.

When Christa Avampato, 39, bought a silver plan on the New York health insurance exchange last year, she was surprised and pleased to learn that she qualified for a $177 premium tax credit that is available to people with incomes between 100% and 400% of the federal poverty level. The tax credit, which was sent directly to her insurer every month, reduced the monthly payment for her $400 plan to $223.

A big check from a client at the end of last year pushed the self-employed consultant and content creator’s income higher than she had estimated. When she filed her income taxes earlier this month she got the bad news: She must repay $750 of the tax credit she’d received.

Avampato paid the bill out of her savings. Since her higher income meant she also owed more money on her federal and state income taxes, repaying the tax credit was “just rubbing salt in the wound,” Avampato says. But she’s not complaining. The tax credit made her coverage much more affordable. Going forward, she says she’ll just keep in mind that repayment is a possibility.

It’s hard to hit the income estimate on the nose, and changes in family status can also throw off the annual household income estimate on which the premium tax credit amount is based.

Like Avampato, half of people who received premium tax credits would have to repay some portion of the amount, according to estimates by The Kaiser Family Foundation. Forty-five percent would get a refund, according to the KFF analysis. The average repayment and the average refund would both be a little under $800. (KHN is an editorially independent program of the foundation.)

Tax preparer H&R Block has also looked at the issue. It reported that 52% of people who enrolled in coverage on the exchanges had to repay an average of $530 in premium tax credits, according to an analysis of the first six weeks of returns filed through tax preparer. About a third of marketplace enrollees got a tax credit refund of $365 on average, according to H&R Block.

The amount that people have to repay is capped based on their income. Still, someone earning 200% of the poverty level ($22,980) could owe several hundred dollars, says Karen Pollitz, a senior fellow at the Kaiser Family Foundation. People whose income tops 400% of poverty ($45,960 for an individual) have to pay the entire premium tax credit back.

Experts say the message for taxpayers is clear: if your income or family status changes, go back to the marketplace now and as necessary throughout the year to adjust them so you can minimize repayment issues when your 2015 taxes are due.

Many people are learning about what the health law requires and how it affects them for the first time when they come in to file their taxes, says Tara Straw, a health policy analyst at the Center on Budget and Policy Priorities. For the past 10 years, Straw has managed a Volunteer Income Tax Assistance site in the District of Columbia as part of an Internal Revenue Service program that provides free tax preparation services for lower income people.

Some of the recently initiated owe a penalty for not having health insurance. For 2014, the penalty is the greater of $95 or 1% of income. The H&R Block analysis found that the average penalty people paid for not having insurance was $172. Consumers who learn they owe a penalty when they file their 2014 taxes can qualify for a special enrollment period to buy 2015 coverage if they haven’t already done so. That would protect them against a penalty on their next return.

People may be able to avoid the penalty by qualifying for an exemption. Tax preparers rely on software to help them complete people’s returns, including the forms used to reconcile premium tax credits and pay the penalty for not having insurance or apply for an exemption from the requirement. For the most part, the software is up to the task, Straw says, but it comes up short with some of the more complicated calculations.

Case in point: applying for the exemption from the health insurance requirement because coverage is unaffordable. Under the health law, if the minimum amount people would have to pay for employer coverage or a bronze level health plan is more than 8% of household income they don’t have to buy insurance. That situation is likely to be one of the most common reasons for claiming an exemption.

But to figure out whether someone qualifies, the software would have to incorporate details such as the cost of the second lowest cost silver plan (to calculate how much someone could receive in premium tax credits) and the lowest cost bronze plan in someone’s area. The software can’t do that, so tax preparers must complete the information by hand.

“That one in particular has been vexing,” says Straw.

The gnarliest filing challenges may yet come from people with complicated situations, such as those who had errors in the IRS form 1095A that reported how much they received in premium tax credits, experts say.

Take the example of a couple with a 20-year-old son living at home who bought a family policy on the exchange. If midway through the year the son gets a job and is no longer his parents’ dependent, the family’s premium tax credit calculation will be off. The family needs to work together to figure out the optimal way to divide the credit already received between the two tax returns. The goal is to maximize the benefit to the family and minimize any tax credit repayment they may face.

“A lot of tax software is just not designed for that kind of trial and error,” says Straw.

Kaiser Health News (KHN) is a national health policy news service. It is an editorially independent program of the Henry J. Kaiser Family Foundation.

MONEY Taxes

How To Make the Most of the Single Best College Tax Break

College campus
Andersen Ross—Getty Images This scene can save you money on your taxes.

Nearly 2 million Americans pay too much in taxes because of confusion over education benefits. Here's how to avoid that mistake.

Back in January President Obama proposed consolidating many overlapping education tax benefits, a plan that appears long dead. Too bad, since millions of taxpayers make mistakes writing off education expenses on their 1040s and pay hundreds in unnecessary taxes as a result.

A 2012 Government Accountability Office report found that education tax breaks were so complicated and poorly understood that 1.5 million families who were eligible for one failed to claim it and overpaid their taxes by more than $450 a year. Another 275,000 families were so confused that they opted for the wrong benefit and overpaid by an average of $284.

Here’s how to get college tax breaks right on this year’s return and beyond.

Stick With The Winner

In any given year, you’re allowed to claim only one of these three tuition tax benefits: The tuition and fees deduction, the lifetime learning credit or the American Opportunity Tax Credit (AOTC).

Don’t be distracted by all the options. The AOTC is the most lucrative and broadest education tax benefit available, and it should be your first choice, says Gary Carpenter, a CPA who is executive director of the National College Advocacy Group.

The AOTC, available to a student for up to four years, cuts your federal taxes dollar-for-dollar. You can take the credit for up to $2,000 in tuition or fees, and 25% of another $2,000 of qualified expenses, for a total max of $2,500. Married couples with adjusted gross incomes of up to $180,000, or $90,000 for single filers, are eligible to claim the AOTC.

Even if you owe no federal income taxes, you can get a refund check for up to $1,000 by claiming the AOTC.

Maximize Your Benefit

Now that you know that the AOTC is tops, you need to know how to get the full benefit on the maximum $4,000 in eligible expenses, which can be complicated in these four situations.

1. You have a super generous financial aid package: Did your little genius get such a big scholarship that you’ll pay less than $4,000 for tuition, fees, and books? Once you’re done celebrating, call the scholarship provider and ask if you can use some of that money to pay for room and board instead, advises Alison Flores, principal tax research analyst with The Tax Institute at H&R Block.

This may seem odd, since scholarships are tax-free only if you use the money for tuition and fees. But by shifting some of the aid so that you pay $4,000 worth of tuition, fees, or book costs out of your own pocket, you can get the maximum benefit from the AOTC. That $2,500 credit typically outweighs whatever additional taxes you’d have to pay on a re-allocated scholarship, says Flores.

2. Your tuition payments are low: One way students attending low-tuition colleges can make sure they get the full advantage of the AOTC is by paying a full academic year’s tuition by Dec. 31, instead of waiting until the start of the second semester in January to pay that semester’s bills.

3. You’ve saved in a 529 plan: You can claim the AOTC only for tuition that you paid for with taxable savings, notes the NCAG’s Carpenter. When you take money from a 529 college savings plan to pay your tuition, that withdrawal is tax-free. So there’s no double dipping. You can’t also claim the AOTC for those funds.

Assuming you don’t have enough in the 529 plan to pay the entire annual tuition, room and board bill (and who does?), earmark the 529 withdrawal for room and board, and pay at least $4,000 in tuition with taxable savings.

4. You’re taking out large loans. If you’re using loans to cover tuition, you can use the money you borrowed to claim the AOTC. If you and your spouse report a joint income of less than $160,000, you can also deduct the interest on your payments.

Parents can deduct the interest on loans they take out for their children’s education, but not on payments they voluntarily make on the student’s loans, Flores notes.

Take Care With the Paperwork

Once you’ve done everything else right, don’t lose a tax break at filing time. For that, you need to keep good records.

Colleges typically don’t report all the information you need to claim all of your education tax breaks on the 1098-T forms they send out each year. They usually provide only the amount they’ve billed you, explains Anne Gross, vice president of regulatory affairs for the National Association of College and University Business Officers (NACUBO).

To get all of the tax goodies, you’ll have to show the IRS how much you paid, and where the money came from. Some colleges will allow you to gather that information from their online accounts portal, Gross says. But as a backup, it’s smart to keep your own records.

Shift Gears as a Super Senior or Grad Student

Once you’ve used up a student’s four years of eligibility for the AOTC, try for some of the smaller, more limited education tax breaks. If you earn less than $128,000 as a married couple, switch to claiming the lifetime learning credit starting in year five of your dependent student’s higher education. There is no limit to the number of years you can receive this credit of up to $2,000.

If you make between $128,000 and $160,000, you can write off up to $4,000 from your income using the tuition and fees deduction.

Keep Cutting Your Taxes Post-Graduation

When school is finally over, the tax breaks don’t end. Singles earning less than $80,000 and couples earning less than $160,000 can deduct up to $2,500 a year in student loan interest. Parents with federal PLUS loans can claim their interest payments on this deduction. But parents who are voluntarily making payments on their children’s student loans cannot claim that interest.

Catch a Break When You Save Too

Finally, President Obama’s plan to eliminate tax-free withdrawals from 529 college savings plan has been squashed as well, preserving the tax benefits on the money you’ve set aside for your, your children’s, or your grandchildren’s college costs. Although contributions to a 529 are not deductible on your federal income tax return, the earnings grow tax-free. And as long as you spend the money on qualified college expenses, withdrawals are tax-free as well.

What’s more, 32 states give you a break on your state taxes for your 529 contributions (or, in New Jersey’s case, a scholarship). These benefits are worth exploiting: A Morningstar report found that, on average, they equate to a first-year boost on your investment returns of 6%. Check this map to see if you live in a state that rewards college savers.

MONEY Taxes

Want to Pay Lower Taxes? Here’s Where You Should Move

Downtown, Juneau, Alaska
Jochen Tack—Alamy Juneau, Alaska

Leave New York for Alaska.

If you want to keep a bigger portion of your paycheck next year, pick up and head west. According to a new report from WalletHub, the states with the lowest tax burdens on the middle class include Alaska, Montana, and Wyoming. The states with the heaviest tax burdens on the middle class: New York, Illinois, Arkansas, Hawaii, and Maryland.

In fact, you’ll pay the fewest taxes in Alaska whether you’re rich, poor, or somewhere in the middle. Altogether, low earners pay an average of 5.4% of their income in total taxes (including sales taxes, property taxes, and income taxes), middle earners pay an average of 4.5%, and high earners pay an average of just 3.4%.

Compare that to New York state, where households earning $50,000 pay an average of 12.4% of income in taxes. WalletHub found that New York state was the worst state for middle and high earners and the eighth worst for low earners.

Here are the full rankings.

The five states where middle earners (households making $50,000) pay the least:

  1. Alaska
  2. Delaware
  3. Nevada
  4. Montana
  5. Wyoming

The five states where middle earners (households making $50,000) pay the most:

  1. New York
  2. Illinois
  3. Arkansas
  4. Hawaii
  5. Maryland

The five states where high earners (households making $150,000) pay the least:

  1. Alaska
  2. Wyoming
  3. Nevada
  4. Tennessee
  5. South Dakota

The five states where high earners (households making $150,000) pay the most:

  1. New York
  2. Connecticut
  3. Maryland
  4. New Jersey
  5. Minnesota

The five states where low-income earners (households making $25,000) pay the least:

  1. Alaska
  2. Delaware
  3. Montana
  4. Nevada
  5. South Carolina

The five states where low-income earners (households making $25,000) pay the most:

  1. Washington
  2. Hawaii
  3. Illinois
  4. Arizona
  5. Ohio

Read the full WalletHub report here.

For answers to your tax questions, check out MONEY’s 2015 Tax Guide:
11 Smart Ways to Use Your Tax Refund
Don’t Make These 8 Classic Tax Filing Fails
Why the IRS Probably Won’t Audit Your Return This Year

TIME Taxes

Most Americans Think the Wealthy Don’t Pay ‘Fair Share’ of Taxes, Poll Says

Cash Money Dollars
Chris Clor—Getty Images

Overall, 59% of Americans think Congress needs to "completely change"

Americans’ chief complaint about the federal tax system is the feeling that some corporations and wealthy individuals are not paying their fair share of taxes, according to a poll released Thursday.

The Pew Research Center poll conducted in late February found that 64% of Americans are bothered “a lot” by “the feeling that corporations don’t pay their fair share of taxes.” Sixty-seven percent said the same of wealthy individuals.

The poll, which comes before the April 15 tax deadline, showed a widening partisan gap in how Americans view the tax system. Fifty percent of Republicans surveyed felt they were paying more than their fair share of taxes, compared with 30% of Democrats. These percentages were far closer together in the 2011 survey: then, 37% of Republicans and 38% of Democrats felt they were paying more than their fair share.

Overall, 59% of Americans think Congress needs to “completely change” the federal tax system, with 66% of Republicans, compared to 48% of Democrats.

The poll of 1,504 adults, conducted February 18-22, has a margin of error of 2.9%.

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