How does President Trump’s tax bill change the standard deduction?
In the GOP tax bill, The Tax Cuts and Jobs Act, the standard deduction is increased significantly for single filers and married couples filing jointly.
- Single: From $6,350 to $12,000
- Married filing jointly: From $12,700 to $24,000
It is estimated that more than 27 million taxpayers will now be more likely to take the standard deduction rather than itemizing deductions.
These changes go into effect beginning with the 2018 tax year.