Highlights from the tax bill:
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*"Unborn"* children can now have 529s. This is new. No one has talked about this.pic.twitter.com/cM9Mt8kKZ6
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This part means student loan interest deduction is repealed.pic.twitter.com/JLXorY3jqI
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Not sure what this means. Tax experts will have to clarify. Can no longer consider college sports tix a charitable contrib so no deduction?pic.twitter.com/LshBJGNOiQ
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No deduction for using a CPA etc. Tax prep deduction repealed.
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Medical expenses deduction, repealed. Treatment, transpo, long-term care, etc. Big one.pic.twitter.com/qzFs2893KC
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Deductions for medical savings accounts, repealed. This was one of the major draws of HSAs, no?pic.twitter.com/KJAJPLBVQo
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HSA specific language here. This will need clarification from tax experts. I'm confused.pic.twitter.com/f3moiC1tWz
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Potential new tax on employers regarding HSAs. This is also interesting. Might tax the sting out of loss of med deduction repeal.pic.twitter.com/Oo5kMyoJ0s
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Repeal of ability to convert Roth IRA to Traditional IRA.pic.twitter.com/y8wHPSgSlv
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There are more changes in the retirement section, but they're beyond my expertise. Will defer to tax/retirement experts on that section.
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Now roughly at the half-way point through the bill. I have to take a break for
@RadioBoston broadcast. I'll continue this thread later. Thx.Show this thread -
I think I might have broken this thread when I came back. Apologies. Will try to rebuild it properly here.
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Estate tax. Exemption doubled, six year repeal.https://twitter.com/MeghnaWBUR/status/926187966787149825 …
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Generation skipping transfer taxhttps://twitter.com/MeghnaWBUR/status/926188828615946241 …
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Important changes (reduction) to high end of gift tax.https://twitter.com/MeghnaWBUR/status/926190707756425216 …
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Big change to new equipment purchase deduction.https://twitter.com/MeghnaWBUR/status/926202985696448513 …
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