In 2017, I had $10.8K in itemized deductions plus a $4,080 Exemption (line 42) for a total of $14.8K. This year I'm just getting the $12K standard deduction.

[elro61]

Did the $4,080 Exemption go away for 2018? It seems like my deduction is reduced. This is the first time I'm using Turbo Tax. Thanks for your help!

[BMcCalpin · Accepted solution]

Yes, at the end of 2017, Congress passed and the President signed the Tax Cut and Jobs Act, which made a number of changes including reducing many itemized deductions and eliminating the personal exemption.

At the same time, the Standard Deduction was nearly doubled - for individuals, it went to $12,000.

Please look at this IRS link for more information on the changes in tax law as a result of the Act - https://www.irs.gov/newsroom/individuals