One of the most polarizing parts of the 2018 tax code changes is the increase in the standard deduction. On one hand, standard deductions almost double between 2017 and 2018, so many who previously itemized may fall within these new standard deductions. On the other hand, many deductions often itemized like state, local, and real estate taxes will be restricted or eliminated.
2018 Standard Deduction Amounts | ||
Filing Status | Standard Deduction Amount | |
Single | $12,000 | |
Married Filing Jointly | $24,000 | |
Married Filing Separately | $12,000 | |
Head of Household | $18,000 |