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
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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.
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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 - Dependent exemption
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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 -
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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 -
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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 -
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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 -
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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 - New 20% Qualified Business
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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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