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Question about this Tax scam (Original Post) SHRED Nov 2017 OP
Here's 4 Cattledog Nov 2017 #1
Thanks SHRED Nov 2017 #2
Medical deductions Yonnie3 Nov 2017 #3

Cattledog

(5,914 posts)
1. Here's 4
Thu Nov 30, 2017, 12:29 PM
Nov 2017

Moving expenses: If you meet specific IRS criteria and have moving expenses relating to a change in job or business location, those expenses are currently deductible. In 2015 (the last year with available data), approximately 1.1 million taxpayers claimed this deduction, which saved them about $3.7 billion. But the GOP tax plan eliminates it.

Alimony: Nearly 600,000 taxpayers claimed a deduction for alimony paid to an ex-spouse, saving them nearly $12.3 billion. The Republican tax plan also ends this deduction.

Student loan interest: Single filers with income of up to $65,000, or joint filers with income of $130,000 or less, can now deduct interest of up to $2,500 annually on student loans. Considering that the aggregate student loan debt in the US is over $1 trillion and about 13.4 million Americans claimed this deduction, its loss would affect lots of people.

Tuition and fees: This special deduction currently allows taxpayers to deduct up to $4,000 of qualified education expenses. The income levels that allow full or partial deductibility of these expenses is the same as for the student loan interest deduction above. Eliminating this deduction could especially hit those getting training for new jobs.

https://www.cbsnews.com/news/4-popular-deductions-the-gop-tax-plan-would-end/

Yonnie3

(17,427 posts)
3. Medical deductions
Thu Nov 30, 2017, 12:54 PM
Nov 2017

For people who have cancer or other chronic illnesses and for nursing home residents who pay their own way, this deduction is critical. I know this from personal experience.

Graduate student's fellowships/stipends become fully taxed. I haven't read up on the details.

Elderly and blind had additional deductions that go away and are not covered by the increase of the standard deduction.

Home office and and out of pocket expenses (unreimbursed employee expenses) go away. This is onerous for teachers.

There are differences between the House and Senate versions.

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