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2018 Exemptions and Deductions (Projected)

Suspension of personal exemption: The deduction for personal and dependency exemptions is temporarily repealed for the tax years beginning after December 31, 2017, and before January 1, 2026.

Standard Deductions: in lieu of itemizing deductions, standard deductions are available when more beneficial than itemized deductions.

Single taxpayers $12,000
Married filing jointly (1) $24,000
Married filing separately $12,000
Heads of households $18,000
Dependents who need to file (cannot exceed the greater of $1,050 or $350 plus the dependent's earned income) $1,050

Taxpayers who are blind or age 65 and over may obtain an additional standard deduction of $1,300 if married (whether filing jointly or separately) or $1,600 if single or head of household. If a taxpayer is both blind and over age 65, double these amounts.

(1) includes surviving spouses

Reduction of itemized deductions: the overall limitation on itemized deductions is suspended, applicable to tax years beginning after December 31, 2017, and before January 1, 2026.