so, what’s the damage?

[FIREshrink]

on the personal income side do you expect to pay more or less tax under the new plan?

it seems we are in the sweet spot and will pay 20% less next year.

this is the calculator i used:

http://taxplancalculator.com

[Dr. Mom]

Calculator says we pay significantly less.  I don't believe it though.  We may still be hit by AMT.  By the supporting page on the calculator we are and it takes back half of our savings.  We will benefit from the pass through deduction which it does not take into account.  All in all we will pay less just not as much as the calculator initially states.

[LizOB]

According to that, I'm saving about 9k.

I almost feel like I should donate some of it to Planned Parenthood just for irony's sake

[Antares]

I am alleged by the calculator to be saving $3500. Don’t know effect of AMT.

[Zaphod]

These dont really work. No use if you're a SP or anything other than standard deduction, etc...

[ko]

I think this calculator is missing the effect of AMT under current law, isn't it?

[Lithium]

When I ran my numbers, I got this:

NOTE! It seems you SHOULD itemize under
current law to deduct about $14,524
in state/local income taxes.
For most accurate results:
Hit "back" and check "yes" for itemize
unless you are sure you do not

So unless I'm mistaken that SALT taxes are limited to 10k, this calculator probably isn't worth trusting.

[FIREshrink]

you have to click the options to itemize, enter your specific deductions, and (i discovered) enter your specific sales tax amount at the bottom of the page (seems to be accurate for income tax). it does work for all manner of deductions. but i can’t comment on business taxes, sole props, etc.

amt is handled on a separate page, which he explains in the footnote on the results page.

[VagabondMD]

Calculating by hand, based on my expected 2018 income, taking the standard deduction, not donating much to charity other than through the DAF, we will save about $12,000.

[StarTrekDoc]

Prepaying property taxes since SALT limit hit with uncle brown in sacramento.   All said, we're treading water.  Calculator says $3k savings -- which maybe about right.

Getting two EVs this year, so very happy that tax break stayed in  --- that's 15k

[PhysicianOnFIRE]

I'll see the child tax credit for the first time ever, and it will be worth $4,000 to us. I will be working and earning less, so I can't compare apples to apples, but I expect to be in the 24% bracket at income that would have been in the 33% bracket previously. That's worth a few thousand more.

This calculator calculates pass-through income, but doesn't apply the phaseout that begins at $315,000 in taxable income.

[SwanSong]

This calculator puts out around $8,500 in savings for me.  That is about what I had figured by hand.  So about an 11% savings for me in taxes.  Very happy with the end result.  I am a W2 employee, so there isn't going to be much variability in this for me.

It should also be pointed out that the more income an individual makes, the bigger the wash with the child tax credit v. loss of personal exemptions.  Whereas working class families typically come out ahead with the larger child tax credit, it seems to me that many a physician will end up a little behind over the loss of exemptions.

[Hank]

Looks like we'd save about $3200.  Lose some SALT coverage, gain child tax credit, walk away paying about an eighth less total federal tax than under the old tax laws.

[Lithium]

The other thing the calculator can't really account for is the potential loss of 457(b) plans.  That would cost me an additional $7.4k a year (on the front end), even if past contributions are not immediately taxable.

[PhysicianOnFIRE]

Lithium wrote:

That would cost me an additional $7.4k a year (on the front end), even if past contributions are not immediately taxable.

Click to expand...

I'm curious to see what will happen with the 457(b).

I wouldn't look at it the same as losing a deduction, though. We may be losing the tax deferral and the ability to take advantage of some tax arbitrage, but that's not nearly as bad as a deduction being taken away.