Tax Reform Center - Answers About Tax Law Changes

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.

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

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

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

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

(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 the complete picture

Get help on how tax reform affects your money

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advice as often as you need.

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Estimate how your refund
could change in the future

Compare next year’s tax refund with this year
using our TaxCaster calculator.

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Estimate how your refund could change in the future

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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

Good news!

What about next year?