TAX REFORM CENTER

Tax Reform:
We've got you covered

Tax laws are changing, but it won't affect the taxes
of
most filers
this year. TurboTax is up to date.
Start now with complete confidence

We also have the tools, information, and
experts on demand
to help you better
understand tax reform and how
it
could
affect you in the future.

Tax Year 2017 Badge

Good news!

TurboTax is up to date. Your 2017 taxes will most likely not be impacted by the tax reform law, and even if they are, we can handle it. Learn more

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What about next year?

Tax reform or new 1040 tax form changes, rest assured, TurboTax has you covered and can help you prepare your 2018 taxes (the ones filed in 2019) and make sure you get every dollar you deserve.

Key tax reform changes that could affect you next year

We understand that tax reform may be a lot to take in. So we’ve gathered these topics to help you
understand how the new law could affect you.

How you’re taxed

Tax rates & brackets

  • Most taxpayers will see lower rates
  • Highest rate drops from 39.6% to 37%
  • Bigger exemptions for Modified
 Alternative Minimum Tax (AMT)
State & local taxes

State & local taxes

  • State and local tax deductions
 capped at $10,000
  • No income tax prepayment 
 for 2018 allowed
Home mortgages

Home mortgages

  • Mortgage interest paid on new loans deductible up to $750,000
 (or existing loans up to $1,000,000)
  • Interest from home equity loans is no longer deductible
Families

Families

  • Doubles the Child Tax Credit to $2,000
  • Adds a $500 credit for other types of
 dependents
Healthcare

Healthcare

  • Eliminates the tax penalty for not
 having health insurance (starting in 2019)
  • Lowers the floor on out-of-pocket medical expenses to 7.5% for 2017 & 2018
Businesses

Businesses

(including self-employed)

  • New, 20% deduction for small businesses, including sole proprietorships and S corps
  • Increases the amount small businesses
 can expense to $1,000,000
  • Corporate tax rate decreases from
 35% to 21%

Get help on how tax reform affects your money

Expert tax advice
on demand

Now, a CPA or EA can give you one-on-one
advice as often as you need.
Expert tax advice on demand TurboTax Live

Estimate how your refund
could change in the future

Compare next year’s tax refund with this year
using our TaxCaster calculator.
Estimate how your refund could change in the future

Ask the community

Ask questions about tax reform or search answers from experts and customers 24/7.

Stay up to date
with the latest info and developments

Check out the TurboTax Blog for the latest information on tax reform, provided by our team of experts.

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