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Your tax questions, answered

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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.

Cases: 1560117

Reported Deaths: 20796
CountyCasesDeaths
Marion2118112563
Lake1021301523
Allen964791027
Hamilton75541551
St. Joseph66476761
Elkhart51045634
Vanderburgh50511531
Tippecanoe45721338
Johnson39600527
Hendricks37933463
Porter35132476
Madison30330547
Clark27296331
Vigo26401347
Monroe24100249
LaPorte23921313
Howard23237381
Delaware22453370
Hancock19314220
Bartholomew18980216
Kosciusko18400204
Warrick17733216
Wayne16982303
Floyd16686257
Grant15966300
Morgan15091232
Boone13924138
Dearborn12235113
Shelby12225152
Noble12170142
Henry12027202
Dubois11696152
Marshall11625171
Jackson11111104
Cass10578143
Lawrence10529221
Huntington10523140
DeKalb10482132
Gibson10114127
Montgomery9671144
Harrison9471117
Knox9415125
Whitley902571
Steuben8934105
Putnam8542100
Miami8533135
Clinton849397
Jasper8462116
Jefferson8319127
Wabash8027140
Ripley7504117
Scott685787
Adams6829103
Daviess6825130
White638184
Greene6317112
Clay628975
Decatur6261121
Jennings619781
Wells6090121
Fayette6054122
Posey580148
LaGrange549097
Randolph5364129
Washington528071
Owen5211100
Fountain493681
Spencer467456
Sullivan462066
Fulton450993
Orange449784
Starke448887
Rush433941
Jay432564
Perry409155
Carroll394749
Franklin394650
Vermillion370762
Pike334246
Parke331239
Tipton330475
Blackford282255
Pulaski281775
Brown239856
Newton239761
Benton228921
Crawford224932
Switzerland207914
Martin196722
Warren183922
Union178119
Ohio129216
Unassigned0763

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 2515949

Reported Deaths: 31987
CountyCasesDeaths
Franklin2719422100
Cuyahoga2606673087
Hamilton1758091756
Montgomery1177451651
Summit1089011418
Lucas935321193
Butler83907963
Stark771001431
Lorain64214809
Warren53428489
Mahoning51224930
Lake47591611
Clermont46928452
Delaware41107220
Trumbull39746790
Licking38790416
Medina38646427
Fairfield35828349
Greene34313435
Portage32429366
Clark32361453
Richland29653444
Wood29379301
Allen25875403
Miami24243408
Muskingum23564255
Columbiana23046409
Wayne22093365
Tuscarawas19637428
Marion18616235
Erie18608224
Ashtabula18569362
Scioto18159214
Ross17594260
Pickaway16419181
Hancock16115232
Geauga15511229
Lawrence15094186
Belmont14236248
Union1419584
Huron13908184
Jefferson13656261
Sandusky13268200
Athens12877107
Knox12160201
Seneca12055204
Darke11440202
Ashland11248184
Washington11152172
Auglaize10873147
Crawford10432178
Shelby10402160
Brown10094145
Highland9746151
Fulton9726154
Guernsey9683122
Defiance9567137
Logan9470147
Clinton9428132
Mercer9099112
Madison9032111
Preble8524170
Williams8305138
Putnam8069136
Champaign8040113
Ottawa7971123
Jackson7848121
Perry7514102
Coshocton7411136
Morrow729184
Fayette715992
Pike666689
Hardin6564133
Gallia638891
Adams6227127
Van Wert6065121
Henry602596
Hocking5918105
Wyandot503594
Carroll5009101
Holmes4880167
Paulding426465
Meigs400974
Monroe316468
Harrison299162
Noble296952
Morgan292748
Vinton258646
Unassigned08
Fort Wayne
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Angola
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Huntington
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Decatur
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Van Wert
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Bitterly cold wind chills are expected across the region Tuesday night into Wednesday morning.
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