Federal Tax Brackets For Current & Next Year

Prashant Thakur

6 years ago

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
Filing Status	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)
Qualifying Widow/Widower (Surviving Spouse)	$313,800	$436,300
Married Filing Separately	$156,900	$218,150

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