• Up to $2,500 of interest you paid on a student loan is deductible if your income is below $65,000 if single ($135,000 for joint filers).
• Beginning in 2019, the penalty under the Affordable Care Act for failing to have minimum essential health care coverage is suspended.
• In 2018, the estate and gift tax exemption has been increased to roughly $11.2 million ($22.4 million for married couples).
• Deductions for personal exemptions for yourself, a spouse and any dependents are no longer allowed.
• Charitable contributions of cash to certain charities are limited to 60% of your income.
• Once you convert a regular IRA contribution to a Roth IRA, it can no longer be converted back into a regular IRA contribution. In other words, you can no longer undo a Roth conversion.
• State and local income tax, property tax and sales tax are limited to an aggregate $10,000 deduction.
• In 2018, medical expenses are allowed as an itemized deduction to the extent they exceed 7.5% of adjusted gross income for all taxpayers.
• The deduction for job-related moving expenses and the exclusion for moving expense reimbursements have been eliminated, except for certain military personnel.
• For post-2018 divorce decrees and separation agreements, alimony will not be deductible by the paying spouse and will not be taxable to the receiving spouse.