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.