Standard Deduction:

  • Pre-Tax Law
    • Single and Married-Filing Separately (MFS) = $6,500
    • Head of Household (HOH)= $9,550
    • Married Filing Jointly (MFJ) =$13,000
  • New Tax Law
    • Single and Married Filing Separately (MFS) = $12,000
    • Head of Household (HOH) = $18,000
    • Married Filing Jointly (MFJ) = $24,000

Exemptions:

  • Pre-Tax Law: $4,180 per taxpayer, spouse and any dependent.
  • New Law: Exemptions were suspended reducing amount to zero.