5 tax changes waiting for Americans in 2018 year
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Although Americans are only preparing to file their tax returns for the 2017 year, the tax authority has already released a number of changes for the 2018 year.
USA Today published a list of changes that will interest the majority of US taxpayers.
Standard deduction (Standard deduction)
The standard deduction for couples filing joint tax returns will increase by $ 300 to $ 13 000 in 2018. For single taxpayers, the deduction will increase by $ 150 to $ 6500.
Tax exemption (Personal exemption)
In 2018, the Personal exemption will increase by $ 100 to $ 4150. Tax exemption applies in stages to adjusted gross income in the amount of $ 266 700 for individuals or $ 320 000 for couples who file joint tax returns.
Itemized deductions
Restrictions for detailed deductions that are recoverable in the 2018 tax year will start with $ 266 700 for individuals and $ 320 000 for couples who file joint tax returns.
Alternative minimum tax
For individual individuals, the 2018 alternative minimum tax credit will be $55, decreasing by $400. For married couples filing joint returns, it will be $123, decreasing by $100.
Retirement plan limitations
The annual fee increased by $ 500 to $ 18 500. This innovation will affect participants in the 401 (k), 403 (b) programs, most 457 plans and the Thrift Savings Plan.
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