The Tax Cuts and Jobs Act (TCJA) significantly impacts tax planning and income tax liability for many taxpayers. This course examines the principal changes affecting individual taxpayers, including changes in tax rates, credits, deductions, exclusions, itemized deductions, the AMT, childrens income, student loans, and retirement plans. It covers business-related provisions like the pass-through deduction for qualified trades or businesses under IRC Section 199A. It also notes the impact of the OBBBA on some of the TCJA provisions.

Learning Objectives

• Apply the provisions of OBBBA effective in 2025 and 2026 to affected TCJA provisions
• Recognize and apply the applicable individual income and capital gains tax rates under the TCJA
• Identify the current-year deductions, exclusions, adjustments, and tax credits
• Calculate the alternative minimum tax (AMT) and Kiddie tax
• Discuss 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
• Calculate the pass-through deduction available under IRC Section 199A