How Will the New Tax Reform Bill Affect You in the Coming Years? page context
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See how the new tax reform bill changes brackets, deductions, credits, and 401(k)s, plus what it means for your take-home pay. Learn how to keep more.
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Congress just passed the biggest rewrite of tax laws in more than 30 years.
While the new laws won’t affect how we file our 2017 tax returns.
Here’s what else to expect from the new legislation.
While Trump’s original tax proposal included just three income-tax brackets, the final tax bill maintains our current seven-bracket system, but lowers most of them.
These changes will likely lower your tax burden in 2018—though there’s a catch: The new tax brackets are set to expire, and revert to 2017’s rates, after December 31, 2025.
The standard deduction nearly doubles from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples filing jointly.
Under the new bill (through 2025), the child tax credit increases from $1,000 to $2,000 for each child under 17, and parents can receive the first $1,400 as a refund.
Currently, to claim the full credit, single parents must earn less than $75,000, and married couples filing jointly must earn less than $110,000.
The rules for many personal itemized deductions will change under the new tax code.
Also spared from the chopping block: a $2,500 annual deduction for student loan interest paid and another for medical expenses.
Other deductions, like for moving expenses and professional tax prep, will be eliminated.
While the mortgage interest deduction will stay the same for current homeowners, it will be capped at $750,000 (down from $1 million) for purchases made after December 15, 2017.
The final GOP bill eliminates the tax penalty for not having health insurance.
Rumblings about severely limiting how much we can contribute to 401(k) plans have officially been put to rest, and retirement savers can expect no changes to affect their nest eggs on this front.
Related: What’s the Difference Between an IRA and a 401(k)?.
This story was originally posted on ACORNS .
The new laws won't affect how you file your 2017 tax returns.
Under the new bill, through 2025, the child tax credit increases from $1,000 to $2,000 for each child under 17, and parents can receive the first $1,400 as a refund.
The mortgage interest deduction stays the same for current homeowners.
No.
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2 Higher Standard Deductions.
3 Greater Tax Credits for Dependents.
4 Itemized Deduction Changes.
5 Mortgage Interest Deduction Limits.
6 No Health Care Mandate.
7 No Change for 401(k)s.
Frequently Asked Questions.
When will the new tax brackets take effect?.
How much is the new standard deduction?.
What changed with the child tax credit?.
How does the bill change the mortgage interest deduction?.
Does the new tax bill change 401(k) contributions?.
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