With each new year comes new changes to the tax brackets due to inflation and new bills passed by Congress. We made a table for these changes and here are the most important revisions we think you need to know!
With each new year comes new changes to the tax brackets due to inflation and new bills passed by Congress. We made a table for these changes and here are the most important revisions we think you need to know!| 2017 | 2018 | |
| Standard Deduction – Single | $6,500 | $12,000 |
| Standard Deduction – Jointly Married | $13,000 | $24,000 |
| Personal Exemption – Single/Joint | $4,000/$8,000 | ELIMINATED |
| Child Tax Credit (Under 17) | $11,000 | $12,000 |
| Limits for Retirement Savings | $18,000 | $18,500 |
| Savings in IRAs – Single | $62K-$72K | $63K-$73K |
| Savings in IRAs – Married (w/ employer plan) | $99K-$119K | $101K-$121K |
| Contribution to IRAs – Single | $118K-$133K | $120K-$135K |
| Contribution to IRAs – Married (jointly) | $186K-$196K | $189K-$199K |
| Top Rate – Individual | 39.6% at $418.4K+ | 39% at $500K+ |
| Top Rate – Married (joint) | 39.6% at $470.7K+ | 39% at $600K+ |