The Tax Cuts and Jobs Act was signed into law on December 22, 2017. Many of the inflation adjusted numbers were changed. Those include:
Gift, estate, and generation-skipping transfer tax exclusion $11,200,000
Standard deduction
Single 12,000
Joint 24,000
Head of Household 18,000
Married Filing Separately 12,000
Tax Brackets
12% Bracket starts
Single 9,525
Joint 19,050
Head of Household 13,600
Married Filing Separately 9,525
22% Bracket starts
Single 38,700
Joint 77,400
Head of Household 51,850
Married Filing Separately 38,700
24% Bracket starts
Single, Head of Household
Married Filing Separately 82,500
Joint 165,000
32% Bracket starts
Single, Head of Household
Married Filing Separately 157,500
Joint 315,000
35% Bracket starts
Single, Head of Household
Married Filing Separately 200,000
Joint 400,000
37% Bracket starts
Single, Head of Household 500,000
Joint 600,000
Married Filing Separately 300,000
Alternative Minimum tax exemptions
Single, Head of Household 70,300
Joint 109,400
Married filing separately 54,700
There are no longer personal and dependency exemptions.
We would be happy to speak with you regarding how the 2018 tax law changes affect your estate planning. Contact us today!