2018 TCJA

Tax Cuts and Jobs Act

Changes due to TCJA

  • Personal exemption repeal and an increase in the standard deduction.
  • $10,000 limit on deductions for state and local tax.
  • Repeal of miscellaneous deductions.
  • Increase in child tax credit to $2,000 per child ( $1,400 refundable) W/ increase in phaseout thresholds.
  • Increase in AMT (Alternative Minimum Tax) exemption amounts and adjusted gross income threshold phaseout.