2018 Tax Figures Under Old Law

This page lists the main IRS inflation adjustments for 2018 (with 2017 figures for comparison) as announced by the IRS prior to the adoption of the Tax Cuts and Jobs Act in December 2017. Many of these figures are changed by the Act. For example, the deduction for personal exemptions is eliminated, and of course this means we are no longer concerned with the rule that phases this deduction out above certain income levels. We present these figures for those who want to compare their 2018 tax under the new law with what it would have been under prior law.

Personal exemptions

2017 2018
Personal exemption
dollar amount 4,050 4,150*
Personal exemptions begin to phase out
married filing jointly 313,800 320,000*
head of household 287,650 293,350*
single 261,500 266,700*
married filing separately 156,900 160,000*

Standard and itemized deductions

2017 2018
Standard deduction
married filing jointly 12,700 13,000*
head of household 9,350 9,550*
single or separate 6,350 6,500*
Additional amount for aged or blind
married 1,250 1,300
single 1,550 1,600
Standard deduction for dependent
minimum 1,050 1,050
or earned income plus 350 350
Reduction in itemized deductions begins
married filing jointly 313,800 320,000
head of household 287,650 293,350
single 261,500 266,700
married filing separately 156,900 160,000

Education benefits

2017 2018
Education loan deduction begins to phase out
married filing jointly 135,000 135,000
others 65,000 65,000
American opportunity credit (Hope scholarship credit)
100% up to 2,000 2,000
25% of next 2,000 2,000
phaseout begins, joint return 160,000 160,000
phaseout begins, others 80,000 80,000
Lifetime learning credit begins to phase out
married filing jointly 112,000 114,000
others 56,000 57,000
Savings bond interest exclusion begins to phase out
married filing jointly 117,200 119,550
others 78,150 79,700

Alternative minimum tax (“AMT”)

2017 2018
AMT exemption amount
married filing jointly 84,500 86,200*
single 54,300 55,400*
married filing separately 42,250 43,100*
AMT exemption amount begins to phase out
married filing jointly 160,900 164,100*
unmarried 120,700 123,100*
married filing separately 80,450 82,050*
AMT 28% rate begins
all except MFS 187,800 191,500
married filing separately 93,900 95,750

Estate and gift tax

2017 2018
Gift tax exclusion
individual 14,000 15,000
non-citizen spouse 149,000 152,000
Unified credit exclusion amount
individual 5,490,000 5,600,000*

Standard mileage rates (in cents)

2017 2018
When not claiming actual expenses
business 53.5 54.5
basis reduction 25 25
medical and moving 17 18
charitable 14 14

More tax figures: Reference Room

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