There are no personal or dependent exemptions under the new tax law.

Effective January 1, 2018 the standard deduction is:

• $24,000 for married filing jointly

• $18,000 for heads of household

• $12,000 for all other taxpayers

Child tax credit
The new tax law increases the credit to $2,000 per qualifying child and increases the threshold at which the credit begins to phase out to $400,000 for married taxpayers filing joint and $200,000 for other taxpayers. The new rules include a $1,400 refundable child tax credit.

State and local taxes deduction
Under the new rules,individuals can deduct up to $10,000 ($5,000 for married taxpayers filing separately) in state and local income or property taxes.

529 plans
529 plans now allow for up to $10,000 in annual tax-free distributions per beneficiary (regardless of the number of contributing plans) for tuition at elementary and secondary schools, including religious or other private schools.

Alternative minimum tax (AMT)

For tax years starting Jan. 1, 2018, through Dec. 31, 2025, the AMT exemption amount has been increased to $109,400 for married filing jointly taxpayers, $54,700 for married filing separately taxpayers and $70,300 for other taxpayers. The exemption phases out if AGI exceeds $1 million for married taxpayers and $500,000 for all other taxpayers. The exemption will be indexed for inflation.

Mortgage interest deduction
The new law reduces the ceiling of acquisition indebtedness to $750,000, unless the indebtedness was incurred before Dec. 15, 2017, where the limitation is still $1 million. This reduced ceiling is in effect from Jan. 1, 2018, to Dec. 31, 2025.

Home equity interest deduction
The home equity loan interest deduction was repealed through Dec. 31, 2025. Home equity interest that qualifies as acquisition debt (secured by the principal residence and incurred in acquiring, constructing or substantially improving the home) and is less than the $750,000 limit noted previously would still be deductible.

Miscellaneous itemized deductions
The new law suspends all deductions that were subject to the 2% adjusted gross income (AGI) limitation (e.g., tax preparation fees, safe deposit box, etc.).

Pease limitations for high-income taxpayers who itemize their deductions 
The phase-out also goes away through Dec. 31, 2025, under the new law.

Charitable contributions
The new law increases the income-based percentage limit for charitable contributions of cash to public charities to 60%.