List of Common IRS Forms and Schedules

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How did tax reform affect my deductions?

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<start> The Tax Cuts and Jobs Act (TCJA) tax reform bill increased the standard deduction, so it's almost twice as high as last year. That means it takes a lot more itemized deductions to top the standard deduction than it used to. Many people who would've itemized in the past will be claiming the standard deduction instead this year.

The new standard deduction amounts are:

$24,000 for married filing jointly and qualifying widow(er)s

$18,000 for head of household

$12,000 for everyone else

TCJA also limits your total deduction for these state and local taxes to $10,000:

Income taxes

Sales taxes

Real estate taxes

Personal property taxes

The limit is $5,000 if you're married filing separately.

Planning Ahead

With the higher standard deduction, you could benefit by bunching your itemized deductions. This means you'd push as many itemized deductions as possible into one year to have enough deductions to itemize and take the standard deduction the next year. Here are some examples:

Pay off the balance on a medical bill, instead of carrying the payments into the next year.

Buy glasses, hearing aids, contacts, etc., in December instead of January.

Schedule and pay for annual dental and medical exams and necessary procedures before the end of the year.

Make 13 mortgage payments instead of 12. You can make January's payment in December.

Give to charitable organizations every other year. Combine two years' worth of charitable giving into one year and skip the next.

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Tax Changes for 2018 for Parents by Online HR Block Tax Preparation Tool

Impact to Parents

Changes for 2018

Under the Tax Cuts and Jobs Act (TCJA) tax reform bill, parents are now getting a little more help:

The maximum child tax credit has doubled to $2,000 per child under age 17.

There's a new credit for dependents age 17 and older, called the other dependent credit. This credit will get you up to $500 for each qualifying dependent.

The income limit has also increased, and you can qualify for both credits if your income is $200,000 or less -- $400,000 or less if married filing jointly.

Credits that didn't change

You might also be able to claim these credits for a dependent:

Earned Income Credit (EIC)

Dependent care credit

Even though you can no longer claim a dependent exemption on your federal return, you might be able to claim an exemption on your state return.

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