Federal Tax Brackets For Current & Next Year

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

  1. Federal Tax Bracket For 2017
  2. Federal Tax Bracket For 2018-2025
  3. Standard Deductions & Exemptions for 2017 & 2018 to 2025
  4. 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 Status2018-20252017
Single12000$6,350
Head of Household18000$9,350
Married Filing Jointly24000$12,700
Qualifying Widow/Widower (Surviving Spouse) $12,700
Married Filing Separately $6,350
Additional Standard deduction
 2018-252017
(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