MinhT
Expert Alumni

Retirement tax questions

Line 42 of the 2017 form 1040 is for personal exemptions. $8,100 is the exemption for 2 persons.

For 2018, the Tax Cuts and Jobs Act has eliminated personal exemptions. On the other hand, standard deductions have almost been doubled from 2017, the child tax credit has been doubled to $2,000 and there is a new Other dependent of $500.

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