Tax Cuts and Jobs Act new Federal tax bracket are here . These rates are important as the final tax on your total income for a tax year for the current tax year i.e 2017 and next tax year 2018 to year 2025 are out now and legally applicable. So both are given below : is given below. Also given is standard deduction and personal exemption limit allowed to an individual .Following IRS tax brackets you can find on this page
- Federal Tax Bracket For 2017
- Federal Tax Bracket For 2018-2025
- Standard Deductions & Exemptions for 2017 & 2018 to 2025
- Personal Exemption Phase Out 2017 & 2018
1. Federal Tax Bracket for 2017 & Years 2018-2025 (Tax Cuts & Jobs Act)
2. Standard Deductions & Exemptions
| Standard Deduction Amount | ||
| Filing Status | 2018-2025 | 2017 |
| Single | 12000 | $6,350 |
| Head of Household | 18000 | $9,350 |
| Married Filing Jointly | 24000 | $12,700 |
| Qualifying Widow/Widower (Surviving Spouse) | $12,700 | |
| Married Filing Separately | $6,350 | |
| Additional Standard deduction | ||
| 2018-25 | 2017 | |
| (i) Person -65 yrs & more | $1,300 | $1,250 |
| (ii) Blind persons | $1,300 | $1,250 |
| if (i) & (ii) are unmarried or not a surviving spouse, the additional standard deduction goes to $ 1600 in Tax year 2018 up from $1550 for year 2017 | ||
4. Personal Exemption Phase Out
| Tax Year 2018-2025 | ||
| Personal exemption for Year 2018 to 2025 – SUSPENDED | ||
| Tax Year 2017 | ||
| Personal exemption for Year 2017 is to $4,050. | ||
| Filing Status | 2017 AGI | 2017 AGI |
| Phaseout begins | Completely eliminated | |
| Single | $261,500 | $384,000 |
| Head of Household | $287,650 | $410,150 |
| Married Filing Jointly | $313,800 | $436,300 |
| Qualifying Widow/Widower (Surviving Spouse) | ||
| $313,800 | $436,300 | |
| Married Filing Separately | $156,900 | $218,150 |
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