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Test Table

Topic2017 Tax ReformEffective Date
Individual Tax BracketsStill 7 brackets for individuals: 10%, 12%, 22%, 24%, 32%, 35% and 37%Effective for years beginning after 12/31/2017 and before 1/1/2026.
Individual Alternative Minimum Tax (AMT)Still applies but increases both
- exemption amounts ($109,400 MFJ/$70,300 all others)
- phase-out thresholds ($1 M MFJ/$500,000 all others)
Effective for years beginning after 12/31/2017 and before 1/1/2026.
Standard Deduction$24,000 Married Filing Jointly

$18,000 Head of Household Filers

$12,000 Single Filers

Additional deduction for elderly and blind unchanged.
Effective for years beginning after 12/31/2017 and before 1/1/2026.
Child Tax CreditFor qualifying children under 17 years at end of year:

$2,000 per qualified child.

$1,400 maximum refundable portion per qualified child.

Phase out beings at $400,000 MFJ and $200,000 all others.
Effective for years beginning after 12/31/2017 and before 1/1/2026.
Medical ExpensesDeductible if in excess of 7.5% of Adjusted Gross Income and able to itemize deductions.For tax years beginning after 12/31/16 and before 1/1/19.
Mortgage InterestInterest is deductible on $750,000 home acquisition indebtedness for debt acquired after 12/15/17.

For existing debt incurred before Dec. 15, 2017, the indebtedness limitation remains $1 million.

Home Equity loan interest deduction is repealed.
Effective for years beginning after 12/31/2017 and before 1/1/2026.
State & Local TaxesAllowed to claim a deduction up to $10,000 for aggregate of (1) state and local property taxes, and (2) state and local income/sales tax.Effective for years beginning after 12/31/2017 and before 1/1/2026.
Overall Itemized Deduction Limit Repealed Effective for years beginning after 12/31/2017 and before 1/1/2026.
Affordable Care Act Individual Mandate PenaltyFor those that do not have minimum essential health insurance coverage and are not otherwise exempted ,still in effect for 2017 and 2018, repealed beginning 2019.Repealed beginning 2019.
AlimonyPayer will no longer be able to deduct alimony payments and payee will no longer include them in income.For divorce decrees, separation agreements, and certain
modifications entered into after 2018.
Job Expenses and Miscellaneous Itemized Deductions All deductions previously subject to the 2% of adjusted gross income threshold will no longer be allowed. For example, this includes investment advisor fees and employee business expenses. Effective for years beginning after 12/31/2017 and before 1/1/2026.
Federal Estate and Gift TaxDoubled current exemption from estate and gift tax to $11,200,000.Effective for years beginning after 12/31/2017 and before 1/1/2026.

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