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Does the new (in effect 01-01-2018) standard deduction for…

Does the new (in...

Does the new (in effect 01-01-2018) standard deduction for couples of $24,000. apply to 2017 tax prep?

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Does the new (in effect 01-01-2018) standard deduction for a couple filing jointly ($24,000) go into effect now as I file for 2017?

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Answered in 3 minutes by:
1/13/2018
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,973
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

The new tax law will apply to 2018 tax returns that will be filed next year. The tax reform does not affect 2017 at all. The standard deductions for couple is 12,700, plus you can still deduct your exemptions, 4050 for each of you.

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Any questions?

And next year you will get 24K standard deductions but you will lose your exemptions, so technically, the net increase is only about 4K, assuming you do not have any other dependents.

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Customer reply replied 7 months ago
thanks. That helped lots.

You're welcome.

emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,973
Experience: IRS licensed Enrolled Agent and tax instructor
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