Tax Reform and You

The recent tax reform bill under President Trump, called the Tax Cuts and Jobs Act (TCJA), may have you questioning its impact on you. We’ve got you covered. Review the resources below and check back regularly for additional insights. No matter your tax situation, trust H&R Block to get your maximum refund.

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What You Need to Know for 2018

2017 Not Affected

Changes from the TCJA took effect Jan. 1, 2018. Tax returns filed for the 2017 tax year are generally not affected.

Standard Deduction

In 2018, the standard deduction will increase to $12,000 (single filer), $18,000 (head of household), and $24,000 (married filing jointly).

Families

The TCJA increases the child tax credit from $1,000 to $2,000 per child and adds a new $500 credit for other types of dependents.

NEW 2018 Single Filter Brackets

$0 - $9,525 10%
$9,526 – $38,700 12%
$38,701 – $82,500 22%
$82,501 – $157,500 24%
$157,501 – $200,000 32%
$200,201 – $500,000 35%
More than $500,000 37%

NEW2018 Married Joint Filer Brackets

$0 – $19,050 10%
$19,051 – $77,400 12%
$77,401 – $165,000 22%
$165,001 – $315,000 24%
$315,001 – $400,000 32%
$400,001 – $600,000 35%
More than $600,000 37%

Calculate how much your 2018 tax return could change

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