Overview

The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law during the closing days of 2017, significantly affects tax planning and the income tax liability for many taxpayers. This course examines the provisions affecting the taxation of individuals related to changes in:

• Individual and capital gains tax rates;
• Standard deduction and exclusions;
• Income and adjustments to income;
• Itemized deductions in Form 1040 Schedule A;
• Form 1040 Schedule C;
• Tax credits;
• Individual alternative minimum tax (AMT);
• Taxation of unearned income of minor children;
• Qualified tuition plans;
• ABLE accounts;
• Tax treatment of student loan indebtedness discharges;
• Net operating losses; and
• Affordable Care Act individual responsibility requirement.

We also review the business-related TCJA provisions affecting individual taxpayers, including the pass-through deduction for qualified trades or businesses under IRC §199A.

Learning objectives

• Recognize and apply the applicable individual income and capital gains tax rates under the TCJA;
• Identify the changes in deductions, exclusions, adjustments and tax credits resulting from the TCJA;
• Calculate the alternative minimum tax (AMT) and Kiddie tax;
• List the changes affecting Section 529 plans, ABLE accounts, discharge of student loan indebtedness, accounting for net operating losses and the individual responsibility requirement under the Affordable Care Act; and
• Calculate the pass-through deduction available under IRC §199A.