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Recent changes affecting withholding include:

  • Reduced tax rates
  • Elimination of personal exemptions
  • Increased standard deductions: $12,000 for singles, $18,000 for heads of households and $24,000 for married couples filing jointly
  • Increased child tax credit: $2,000 per qualifying child and a new $500 credit for other qualifying dependents
  • Changes to itemized deductions

Other notable changes include:

Child tax credit

  • The maximum credit increased to $2,000 per qualifying child.
  • The credit begins phasing out at $400,000 for couples and $200,000 for singles.

Additional child tax credit

  • The maximum additional child tax credit increased to $1,400.
  • The ACTC is a refundable credit for taxpayers who owe little or no federal income tax. 

Other dependents

  • There’s a new $500 credit benefiting taxpayers who care for other dependents.
  • These dependents include qualifying children or qualifying relatives, such as dependent children who are age 17 or older at the end of 2018, or parents or other qualifying relatives supported by the taxpayer.

 

Sources:

https://www.irs.gov/newsroom/have-children-and-other-dependents-check-your-withholding

https://www.irs.gov/newsroom/law-changes-for-2018-affect-withholding

 
 
 
 
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