TAX REFORM CENTER

Your trusted resource
for tax reform changes

Tax laws have changed for 2018 taxes and rest assured, TurboTax has your back.
Explore new tools and information to better understand how the new laws could
affect you. Plus, if you ever want to talk to an expert, we have CPAs and EAs on
demand to answer your tax reform questions.

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Key tax reform changes
for 2019 taxes

We understand that tax reform may be a lot to take in. Not to worry, we’ve gathered these key
topics to help keep you informed so you can have peace of mind.

  • Standard deduction

    • Increased to $12,200 for single or married filing separately, $24,400 married filing jointly
    • Increased to $18,350 for
      Head of Household
    • 65 and over, blind, or disabled will get an additional standard deduction
  • Families

    • Dependent exemption
      is eliminated
    • Child Tax Credit doubles to $2,000
    • Adds $500 credit for other
      types of dependents
    Related Articles:
    Tax Reform 101 for Families See all
  • Home mortgages

    • Mortgage interest paid on new loans deductible up to $750,000 (or existing loans up to $1,000,000)
    • Interest paid on home equity loan or home equity line is limited to building and improving your home
    Related articles:
    How Tax Reform Changes Mortgage Deductions See all
  • Tax rates & brackets

    • Most taxpayers will see lower rates
    • Highest rate drops from 39.6% to 37%
    Related articles:
    Tax Reform Changes to Tax Brackets See all
  • State & local taxes

    • State and local property, income, and sales taxes limited to $10,000
    • No income tax prepayment
      for 2019 allowed
    Related articles:
    How Tax Reform Changes State Income, Property & Sales Tax Deductions See all
  • 1040 form

    • New 1040 form with six new schedules
    • Eliminates 1040EZ and 1040A versions


  • Alternative
    minimum tax

    • Raises the income cap so that less people are impacted
    • Single taxpayers exemption raised to $71,700
    • Married Filing Jointly exemption raised to $111,700
    Related articles:
    How Tax Reform Changes the Alternative Minimum Tax (AMT) See all
  • Self-Employed

    • New 20% Qualified Business
      Income Deduction
    • Qualified business equipment can be deducted up to $1,000,000
    • Potentially a greater business auto depreciation deduction
    Related articles:
    Tax Reform Changes for Self-Employed Businesses See all
  • Healthcare

    • Eliminates tax penalty for not having health insurance (starting in 2019)
    • Changes the floor on out-of-pocket medical expenses to 10% starting in 2019
    Related articles:
    How Tax Reform Changes Health Care Laws See all

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