Changes for 2018 tax law. (as of 5 Feb 2018) 1. child tax credit maximum for 1 child is $2000 2. The refundable portion equals 15 percent of earnings over $2,500 up to $1,400. 3. 2018 a new phaseout CTC starts with agi >$400,000 for joint returns and $200,000 for all other taxpayers. It phases out at $500,000 for joint returns, and $250,000 for all other taxpayers. 4. The credit is further modified to temporarily provide for a $500 nonrefundable credit for qualifying dependents other than qualifying children. this credit does not have a phase out but it becomes 0 at $500,000 for joint returns,and $250,000 for all other taxpayers. 5. The basic standard deduction is $12,000 (single), $18,000 (hoh), and $24,000 (joint). 6. The exemption amount is $0. 7. AMT exemptions are $70,300 (hoh+single), $109,400 (joint), and $54,700(separate). The phase-out thresholds are $1,000,000 for married and $500,000 for all other taxpayers 8. Maximum rates on capital gains and qualified dividends: The xyz tax table does not have 15% bracket. Thus, for 2018, the 15% breakpoint is $77,200 for joint returns and surviving spouses (one-half of this amount for married taxpayers filing separately), $51,700 for heads of households and $38,600 for other unmarried individuals. The 20-percent breakpoint is $479,000 for joint returns and surviving spouses (one-half of this amount for married taxpayers filing separately), $452,400 for heads of household, $425,800 for other unmarried individuals. 9. There is a $10,000 deduction cap on the combined value of SALT and property taxes beginning in tax year 2018. Personal property taxes are no longer deductible. This cap is also in use for the AMT. 10. new xyz tax table 11. [Not modeled in online taxsim or taxsim27.ado] Schedule C pass-through income qualifies for 20% deduction. That deduction does not affect AGI, but does lower taxable income. 12. Itemized deductions do not phase-out 2018+