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Changes You Need To Know For Your 2018 Tax Year

With each new year comes new changes to the tax brackets due to inflation and new bills passed by Congress. We made a table for these changes and here are the most important revisions we think you need to know!

2017 2018
Standard Deduction – Single $6,500 $12,000
Standard Deduction – Jointly Married $13,000 $24,000
Personal Exemption – Single/Joint $4,000/$8,000 ELIMINATED
Child Tax Credit (Under 17) $11,000 $12,000
Limits for Retirement Savings $18,000 $18,500
Savings in IRAs – Single $62K-$72K $63K-$73K
Savings in IRAs – Married (w/ employer plan) $99K-$119K $101K-$121K
Contribution to IRAs – Single $118K-$133K $120K-$135K
Contribution to IRAs – Married (jointly) $186K-$196K $189K-$199K
Top Rate – Individual 39.6% at $418.4K+ 39% at $500K+
Top Rate – Married (joint) 39.6% at $470.7K+ 39% at $600K+

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