Estate tax
The basic exclusion amount for estates of decedents who die in 2018 will be $5.6 million, up from $5.49 million in 2017.
Alternative Minimum Tax
The exemption amount will be $55,400 for individuals before the AMT kicks in, and begins to phase out at $123,100. For married couples who file jointly, that will be $86,200, and will begin to phase out at $164,100.
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2 thoughts on “7 Important Tax Changes That Will Change Your Life In 2018”
One item NOT covered is the exclusion of fees and expenses charged by managed retirement portfolio providers. The loss of these deductions will dramatically affect my disposable income. As a retiree I live on SS and a small income from my retirement account.
Thus, seniors are given the shaft in this new tax bill.
JY
Its not controversial here. NOT ONE DEWMOCRAT voted to give me a tax cut, NOT ONE. They will be remembered next November. With friends like that we don’t need an enema. (I did not misspell that word) And people vote for these morons??
I cannot say it any more distinct than that.