Your tax questions, answered

We ...

Posted: Dec 22, 2017 2:16 PM
Updated: Dec 22, 2017 2:16 PM

We asked CNN readers and viewers to share their questions about the massive tax plan that's about to become law, and received more than 2,000 questions.

Lots of people asked us how the new law would affect them. That's a more complicated question than it might seem. There are a million factors that determine what your tax bill will be (well, not really a million, but you get it). To figure that out, our tax calculator is a good place to start.

But to really understand what the bill means for you, you have to dig in. We'll be here to help: Our coverage of the tax overhaul will continue in the weeks and months ahead.

To start, here are answers to some initial questions about mortgages, student loans, when the new law kicks in and more.

When will the tax law go into effect?

First off: The soon-to-be tax law will not apply to your 2017 taxes -- the ones you have to file this coming April.

Most provisions of the new law affecting individuals and businesses go into effect on Jan. 1, 2018. For instance, new tax brackets take effect on January 1 of next year, as will the new standard deductions.

But not all of them do. Changes to tax deductions for alimony payments, for instance, will kick in for divorces that happen after December 31, 2018. And the penalty for not having health insurance will be eliminated in 2019.

And some provisions affecting individuals will be very short-term. The bill expands the medical expense deduction just for 2018 and 2019, for example.

Related: New tax brackets for 2018

I'm confused as to what exactly expires in 2025.

Most of the corporate provisions are permanent. But most of the changes that affect individuals will expire after Dec. 31, 2025, or 8 years from now. Whether or not they're extended beyond then will be determined by a future Congress.

Related: What's in the GOP's final tax plan

How does this new bill change the AMT calculation?

It doesn't change the calculation -- it's still complicated under the new bill for individuals. So much for simplification! But it does raise the amount of income that would be exempt when you calculate taxable income under AMT rules. For singles the exemption level will increase to $70,300 -- up from $54,300. And for married couples filing jointly it increases to $109,400 -- up from $84,500.

Is my mortgage deduction the same as before?

Short answer: No.

Under the new law, if you take out a new mortgage you will only be allowed to deduct the interest on debt up to $750,000, down from $1 million today. Keep in mind that homeowners who already have a mortgage will not be affected by the change.

Related: Homeowners: Here's what's in the tax bill for you

Homeowners should also know that taxpayers may no longer be able to deduct all state and local property taxes plus income or sales taxes. Instead, the legislation allows individuals to deduct up to $10,000 in property taxes and state and local income or sales taxes.

You will still be able to exclude up to $500,000 (or $250,000 for single filers) from capital gains when you sell your primary home, as long as you've lived there for two of the past five years.

Is the $10,000 limit for state and property tax deductions really the same for a single filer as for joint filers?

Yes. Under the new legislation, regardless of whether you're single or married, you're not allowed to deduct more than $10,000 of property taxes and state and local income or sales taxes.

What will happen with the student loan interest deduction?

The student loan interest deduction remains the same, so taxpayers will still be allowed to claim a deduction of up to $2,500 for the interest they pay on student loans each year.

Related: Tax bill and your tuition: Here's what to expect

Is the tuition waiver still in place for graduate students?

Yes. The bill spares graduate students from having to pay income tax on tuition waivers -- something that was proposed in the House version of the bill.

Is the child care credit the same?

The GOP's tax overhaul bill doubles the current child tax credit from $1,000 to $2,000 per child under age 17. It also lets parents collect a refund of up to $1,400,-up from the current $1,000, if-the credit is larger than their federal income tax liability.

Related: Changes to the child tax credit: What it means for families

The credit will be available to high earners for the first time. It raises the income threshold under which filers may claim the full credit to $200,000 for single parents -- up from $75,000 -- and to $400,000 for married couples -- up from $110,000.

Related: 34 things you need to know about the incoming tax law

Please explain the pass-through provision as it pertains to partnerships and LLCs.

We'd love to, but even tax experts are still trying to figure out all the implications. This is one of the most complex changes in the new law.

Generally speaking, though, the tax burden on owners, partners and shareholders of S-corporations, LLCs and partnerships -- who pay their share of the business' taxes through their individual tax returns -- will be lowered thanks to a 20% deduction.

The 20% deduction will not be available to anyone in a service business -- unless their taxable income is less than $315,000 if married (or $157,500 if single).

Is a copy of the tax bill made open to the public?

Yes! You can read it here. If you have more questions, let us know.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 157713

Reported Deaths: 4092
CountyConfirmedDeaths
Marion25392789
Lake13805355
St. Joseph9277163
Elkhart8890135
Allen8278230
Hamilton6215113
Vanderburgh588261
Tippecanoe375915
Hendricks3302133
Monroe326638
Porter322049
Johnson3151129
Delaware297074
Clark296762
Vigo264840
Madison240595
LaPorte226658
Cass225522
Warrick195265
Kosciusko187826
Floyd180167
Howard164066
Bartholomew143358
Marshall140026
Dubois139626
Wayne132130
Henry128430
Grant127839
Boone124550
Hancock119944
Noble117434
Jackson114416
Dearborn98028
Morgan94840
Lawrence90837
Daviess89334
Gibson88612
Clinton86716
Shelby83531
LaGrange81015
Knox77410
Harrison77324
Putnam73716
Posey7236
DeKalb72011
Fayette69018
Steuben6338
Miami6305
Jasper6175
White59215
Montgomery59022
Greene55337
Scott52413
Decatur50739
Adams5027
Whitley4636
Clay4537
Ripley4538
Sullivan44414
Wells43511
Wabash4219
Starke4157
Orange40925
Huntington4015
Spencer3956
Washington3783
Franklin37625
Jennings36913
Fulton3653
Randolph3659
Jefferson3435
Pike33518
Carroll32913
Perry32614
Jay3116
Fountain3073
Tipton27823
Vermillion2531
Parke2374
Newton23011
Blackford2193
Rush2184
Owen2071
Martin2000
Crawford1591
Pulaski1562
Brown1433
Ohio1327
Benton1120
Union1110
Switzerland960
Warren841
Unassigned0234

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 192948

Reported Deaths: 5184
CountyConfirmedDeaths
Franklin31703640
Cuyahoga19906684
Hamilton16878344
Montgomery10546189
Butler8401130
Lucas8364373
Summit6780265
Warren428466
Stark3853182
Mahoning3739287
Marion341250
Pickaway302446
Delaware290627
Lorain275489
Fairfield268657
Licking262366
Clark253057
Wood252981
Clermont251238
Greene234542
Trumbull2290134
Allen218373
Columbiana213387
Miami202858
Lake196659
Medina188942
Portage165468
Mercer154728
Wayne144669
Ross141537
Richland135124
Tuscarawas130825
Athens12352
Erie116953
Darke115551
Hancock106626
Madison106315
Auglaize102316
Putnam101627
Lawrence94525
Shelby91714
Muskingum9044
Scioto8719
Geauga86950
Belmont78927
Union7703
Ashtabula73548
Sandusky71722
Huron71614
Preble63518
Holmes63310
Seneca60714
Ottawa58930
Fulton54513
Henry48817
Jefferson4774
Clinton47213
Jackson4728
Crawford4688
Defiance46613
Fayette4528
Highland4446
Logan4353
Ashland4109
Champaign4053
Knox39416
Brown3883
Perry37311
Morrow3562
Washington35524
Hardin34813
Williams3464
Guernsey3298
Coshocton32412
Pike3120
Wyandot29813
Gallia29213
Van Wert2685
Carroll2157
Adams2126
Meigs21012
Paulding2072
Hocking1999
Monroe16318
Noble1480
Vinton1043
Harrison843
Morgan800
Unassigned00
Fort Wayne
Clear
36° wxIcon
Hi: 50° Lo: 33°
Feels Like: 36°
Angola
Clear
34° wxIcon
Hi: 48° Lo: 31°
Feels Like: 30°
Huntington
Clear
36° wxIcon
Hi: 49° Lo: 34°
Feels Like: 36°
Decatur
Clear
36° wxIcon
Hi: 50° Lo: 34°
Feels Like: 36°
Van Wert
Clear
36° wxIcon
Hi: 50° Lo: 34°
Feels Like: 36°
Cooler Saturday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events