Trump-Republican tax plan, Bad for large families

[mr12]

Yup, I see it now. You guys are right.

[Deal Guy]

https://taxnews.ey.com/news/2017-2130-tax-cuts-and-jobs-act-conference-agreement-released (bottom)
https://home.kpmg.com/content/dam/kpmg/us/pdf/2017/12/tnf-conference-agreement-dec18-2017.pdf (page 20)

both indicate that the income threshold was lowered to 2.5k

According to the link from EY above (all the way at the bottom), the child tax credit is for 17 year olds as well.
Is that true, or they made a mistake?

[churnbabychurn]

According to the link from EY above (all the way at the bottom), the child tax credit is for 17 year olds as well.
Is that true, or they made a mistake?

Ey..  probably a mistake

[aygart]

Passed by the house....

[ChaimMoskowitz]

Passed by the house....

Hope the low/middle class have enough money for some Vaseline because they are going to need it.

[aygart]

Hope the low/middle class have enough money for some Vaseline because they are going to need it.

The middle class can use their tax savings for it. The lower class does not have tax to reduce so they will be unaffected.

[yitzf]

529 for secondary and elementary school is out.
House will vote again on the bill w/o that provision.

[ExGingi]

529 for secondary and elementary school is out.
House will vote again on the bill w/o that provision.

It's about time the two threads discussing the tax bill are merged.

[avromie7]

529 for secondary and elementary school is out.
House will vote again on the bill w/o that provision.

Fwiu it's only out for homeschool

[Dan]

Is SALT for business income on a schedule-C going to remain deductible?

[ExGingi]

Is SALT for business income on a schedule-C going to remain deductible?

IDK. But there's a lot of things that are deductible for businesses and not for individuals.

Watch to see how many properties in the Hamptons will get owned by entities, and rented to the people that use them as vacation homes.

[Dan]

"A taxpayer earning $3 million in New York City may see a significant tax increase: $44,000 under the Bill, due in part to the loss of significant deductions. A similar taxpayer in Florida would see a tax savings of about $91,000 under the Bill (primarily due to the lower top rate, elongated 35% tax bracket and regaining itemized deductions that are no longer phased-out), according to our preliminary analysis."

[Dan]

Fwiu it's only out for homeschool

Is money you put into 529s tax-deductible or is only the growth deductible?

[avromie7]

Is money you put into 529s tax-deductible or is only the growth deductible?

Only the growth, however some states have state tax deductions.
In Ohio the limit is 2k per beneficiary.

[skyguy918]

Is money you put into 529s tax-deductible or is only the growth deductible?

Only the growth, however some states have state tax deductions.
In Ohio the limit is 2k per beneficiary.

No complaints from you until we all get vouchers

[Dan]

No complaints from you until we all get vouchers

No vouchers where I live. It's complicated. Just don't tell that to the hundreds of NY/NJ families flocking here annually since they started.
Though it seems like OH 529s go up to $4K per person next year.

[avromie7]

No vouchers where I live. It's complicated. Just don't tell that to the hundreds of NY/NJ families flocking here annually since they started.
Though it seems like OH 529s go up to $4K per person next year.

Don't forget that you can still contribute in 2017 to get the state tax break and then use it in 2018 once it takes effect.

[CPA]

Don't forget that you can still contribute in 2017 to get the state tax break and then use it in 2018 once it takes effect.

My understanding is that each state would have to make the change to their 529 plan for you to be able to use the funds for k - 12. Someone can correct me if I'm wromg

[Deal Guy]

https://www.c-span.org/video/?438760-2/us-senate-debates-votes-tax-reform-bill&live

[skyguy918]

My understanding is that each state would have to make the change to their 529 plan for you to be able to use the funds for k - 12. Someone can correct me if I'm wromg

I highly doubt it. If that were the case, what would that change to the federal tax code have accomplished at all?