How to look forward to next year -GOP tax bill and itemized deductions (funds, paying)

[Universe93B]

I'm trying to just gain some knowledge looking forward to 2018 since the tax bill is pretty much happening now.

I know the standard deduction for married couples is now $24,000. But if you are used to itemizing, it is now limited to only mortgage interest, state and local taxes (property and income) to $10,000, medical funds to $1000, child tax credits for $2000 each child, and charitable contributions? Only those 5 things or am I missing something? Because right now you can deduct almost anything depending on how you explain it and how good your accountant is. Obviously those 5 things has to be over $24,000 to itemize.

What else is there to itemize in the GOP tax bill?

[jiminnm]

Here's a summary, and there are many more deductions than the few you mentioned:
https://www.nytimes.com/interactive/...bill-cuts.html

Also, a credit is not an itemized deduction. It is most likely a direct credit against taxes otherwise owed.

[Mr. Lee]

You can hopefully also look forward to a lower tax bracket.
https://www.thebalance.com/trump-s-t...ts-you-4113968

[Ariadne22]

No, the tax credits are deducted from your gross tax liability. They are not itemized deductions.

So, figure your gross income, deduct $24,000, calculate your tax. Deduct tax credits from that. Generally, families with children - within certain income ranges - do better even with the loss of the personal exemption because of the child tax credit. Other families in high tax states will be paying more, even with the additional $1k child tax credit.

I, as a single retiree who has always itemized, will be paying more. The loss of the personal exemption is the culprit. My son/dil, otoh, have no children and have never itemized. Their $$ tax 'cut' will be about $900.

Meanwhile, the deficit/debt goes up to 'pay' for these goodies.

[GeoffD]

My tax bill goes down a bunch.

[Lowexpectations]

Property tax as a deduction is capped at 10k too