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.
Explore Filing OptionsWhat 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 Filer 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% |