What's New for 2018
You may need a paycheck checkup. Following tax law changes, you should do a paycheck checkup using the IRS’s Withholding Calculator and, if necessary, complete a new W-4 form. The calculator helps determine the right amount of withholding.
You should check your withholding if you:
Visit IRS.gov/withholding for details.
Standard deduction amount increased. For 2018, the standard deduction amount has been increased for all filers, and the amounts are as follows.
Due to the increase in the standard deduction and reduced usage of itemized deductions, you may want to consider filing a new Form W-4.
Deduction for personal exemptions suspended. For 2018, you can’t claim a personal exemption deduction for yourself, your spouse, or your dependents.
Changes to itemized deductions. For 2018, the following changes have been made to itemized deductions that can be claimed on Schedule A.
Moving expenses no longer deductible. For 2018, you can no longer deduct your moving expenses unless you are a member of the Armed Forces on active duty.
Child tax credit and additional child tax credit. For 2018, the maximum credit increased to $2,000 per qualifying child. The maximum additional child tax credit increased to $1,400. In addition, the income threshold at which the credit begins to phase out is increased to $200,000 ($400,000 if married filing jointly).
Credit for other dependents. A new credit of up to $500 is available for each of your dependents who does not qualify for the child tax credit. In addition, the maximum income threshold at which the credit begins to phase out is increased to $200,000 ($400,000 if married filing jointly).
Social security number (SSN) required for child tax credit. Your child must have an SSN issued before the due date of your 2018 return (including extensions) to be claimed as a qualifying child for the child tax credit or additional child tax credit. If your dependent child has an ITIN, but not an SSN, issued before the due date of your 2018 return (including extensions), you may be able to claim the new credit for other dependents for that child.