2023 Taxes Cheat Sheet - Flipbook - Page 11
2018 UPDATED EDITION:
Retirement Taxes Cheat Sheet
Brackets Before & After Tax Reform - Married
Under the new tax rules, 5 out of 7 tax brackets decreased from the 2017 tax
year. In an effort to simplify filing and reduce itemized deductions, the
”Standard Deduction” increased from $13,000 to $24,000 for married couples
filing jointly. To offset the increased standard deduction, the personal
exemption was increased and several itemized deductions were reduced or
eliminated. Each year, the marginal tax rate will be determined by the
“Chained CPI”, to help adjust bracket breakpoints based on inflation.
Source: Tax Foundation Website.
“Preliminary Details and Analysis of the Tax Cuts and Jobs Act”.
https://files.taxfoundation.org/20171220113959/TaxFoundation-SR241-TCJA-3.pdf
Last Accessed November 1, 2018.
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