{"id":20586,"date":"2017-06-14T12:00:00","date_gmt":"2017-06-14T12:00:00","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/"},"modified":"2023-08-29T08:37:43","modified_gmt":"2023-08-29T13:37:43","slug":"federal-tax-updates","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/tax-center\/irs\/tax-law-and-policy\/federal-tax-updates\/","title":{"rendered":"Federal Tax Updates"},"content":{"rendered":"<p>Here&#8217;s what&#8217;s new for 2025:<\/p>\n<ul>\n<li>Alternative Minimum Tax (AMT) exemption amounts increased:<\/li>\n<li style=\"list-style: none;\">\n<ul>\n<li>For single or head of household &#8212; $53,600<\/li>\n<li>For married filing jointly or qualifying widow(er) &#8212; $83,400<\/li>\n<li>For married filing separately &#8212; $41,700<\/li>\n<\/ul>\n<\/li>\n<li>IRA deduction expanded &#8212; You might be able to claim a deduction if both of these apply:\n<ul>\n<li>You were covered by a retirement plan.<\/li>\n<li>Your income was less than $71,000 &#8212; or $118,000 for married filing jointly or qualifying widow(er)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"margin-left: 40.0px;\">If your spouse was covered by a retirement plan but you weren&#8217;t, you might be able to claim a deduction. Your income has to be less than $193,000 to claim a deduction in this case.<\/p>\n<ul>\n<li>Current standard mileage rates:\n<ul>\n<li>$0.70 a mile for business use of a vehicle<\/li>\n<li>23.5 cents a mile for medical care<\/li>\n<\/ul>\n<\/li>\n<li><a href=\"https:\/\/www.hrblock.com\/tax-center\/around-block\/what-is-earned-income-tax-credit\/\">Earned Income Tax Credit (EITC)<\/a> maximum income changes are:\n<ul>\n<li>Three or more children lived with you and you earned less than $47,747 &#8212; or $53,267 if married filing jointly<\/li>\n<li>Two children lived with you and you earned less than $57,310 &#8212; or $49,974 if married filing jointly<\/li>\n<li>One child lived with you and you earned less than $50,434 &#8212; or $44,651 if married filing jointly<\/li>\n<li>No children lived with you and you earned less than $19,104 &#8212; or $20,330 if married filing jointly<\/li>\n<li>The maximum investment income you can earn and still get the EIC increased to $11,950.<\/li>\n<\/ul>\n<\/li>\n<li>Elective salary deferrals:\n<ul>\n<li>No exceptions &#8212; maximum amount is $18,000<\/li>\n<li>SIMPLE plans only &#8212; maximum amount is $12,500<\/li>\n<li>403(b) plans and qualify for the 15-year rule &#8212; maximum amount is $21,000<\/li>\n<li>Catch-up contributions for taxpayers age 50 or over has increased to $6,000. Exceptions include for Section 401(k)(11) and SIMPLE plans<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s what&#8217;s new for 2025: Alternative Minimum Tax (AMT) exemption amounts increased: For single or head of household &#8212; $53,600 For married filing jointly or qualifying widow(er) &#8212; $83,400 For married filing separately &#8212; $41,700 IRA deduction expanded &#8212; You might be able to claim a deduction if both of these apply: You were covered [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,59],"tags":[],"class_list":["post-20586","post","type-post","status-publish","format-standard","hentry","category-irs","category-tax-law-and-policy"],"acf":[],"yoast_head":"<title>Federal Tax Updates | H&amp;R Block<\/title>\n<meta name=\"description\" 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