Tax Cut and Jobs Act (TCJA) | Personal and Elderly Exemptions | Tax Attorney Lexington KY

Personal and Elderly Exemptions

The Tax Cut and Jobs Act (TCJA) is a significant overhaul of the Internal Revenue Code. The ultimate effect on Americans and the economy remain to be seen, but some effects are clear already.

Currently, you can claim a $4,050 personal exemption for yourself, your spouse and each dependent, which lowers your taxable income and resulting taxes. The new law eliminates these personal exemptions, replacing them with the increased standard deduction.

The blind and elderly deduction has been retained in the new law. People age 65 and over (or blind) can claim an additional $1,550 deduction if they file as single or head-of-household. Married couples filing jointly can claim $1,250 if one meets the requirement and $2,500 if both do.

If you’re interested in more information about the TCJA, visit our main informational page here. If you have specific questions about your own tax situation or your business’s, please call Gayheart & Campbell, PLLC at 859-276-6193 or request a consultation here.