The Internal Revenue Service has announced the annual inflation adjustments for a number of tax-related provisions.  Assuming no changes as a result of the ongoing tax reform debate these are the numbers and tables that will matter come Jan 1st.

Individual income tax brackets will remain at 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.

 

For taxpayers who do not itemize the standard deduction will be:

 

 

Taxpayers who itemize their deductions may be subject to the Pease limitations that reduce deductions by the lesser of 3% of AGI above the threshold or 80% of the amount of itemized deductions otherwise allowable (e.g. charitable donations, home mortgage interest, state/local tax and miscellaneous itemized deductions…they do not apply to medical expenses, investment expenses, gambling losses and casualty/theft losses).

 

The personal exemption amount will be $4,150 phasing out as follows:

 

 

The AMT exemption will be:

 

Additional detail plus information about credits and other tax-related items not mentioned above may be found in IRS Rev. Proc. 2017-58.