Federal Tax Brackets For Current & Next Year

Published

federal tax bracketTax 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 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

By Prashant Thakur

Prashant Thakur is a tax advisor . He has written two books on tax laws of India. He regularly writes on his paid-only website http://taxworry.com. He is learning about the Internal Revenue Code of USA as many of clients and readers are of India origin and also are tax resident of USA . So . solving their tax issues require reference to IRC of USA.