The Tax Cuts and Jobs Act was passed by congress on December 20, 2017.

‚ÄčThe President signed it into law on December 22, 2017..

Ind: exemption increased

Corp: repealed

Repealed; none

$4,050

Prior Law (2017)

Mortgage Interest

Alternative Mininum Tax

Individual Rates

$750,000 limit, mortgages purchased prior to 2017 are grandfathered

10, 15 , 25, 28, 33, 35, 39.6%

10, 12 , 22, 24, 32, 35, 37%

$1 million limit

35% maximim rate

Standard Deduction

Ind: 26, 28%

Corp: 20%

Maximum $10,000 deduction

21% flat rate

Corporate Rate

H.R. (2018)

$1,000 (refundable up to $1,000)

Personal Exemptions

Child Tax Credit

State and Local Taxes

Deductible

$2,000 (refundable up to $1,400)

MFJ: $12,700

S: $6,350

HH: $9,350

MFJ: $24,000

S: $12,000

HH: $18,000