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Our software is up to date with the new tax brackets, modified deductions and credits, and an updated 1040 form. File with confidence on FreeTaxUSA.

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Changes that could impact your tax return

The tax bill is complicated. We made a list of key tax reform changes to help you understand the new tax plan.

Tax Brackets and Rates

  • Lowers rates for most taxpayers
  • Increases the Alternative Minimum Tax exemption limit

Standard Deduction

  • $12,000 for single taxpayers
  • $18,000 for heads of households
  • $24,000 for joint taxpayers

Children and Dependents

  • The child tax credit doubles to $2,000 per child
  • Adds a new $500 credit for other dependents
  • Increases the refundable child tax credit to $1,400

Medical

  • No penalty for not having health insurance (starting 2019)
  • Lowers the medical AGI deduction to limit to 7.5%

Home Mortgage

  • Limits deduction of interest payments on new mortgage debt to $750,000
  • Home equity loan interest can't be deducted

Businesses

  • Adds a 20% deduction on pass-through business income
  • Increases expense limit to $1,000,000 for small businesses

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