The standard deduction is increased:
- If Single or Married File Separately then $12,200 Previously it was $12000
- If Married File Jointly then $24,400 previously it was $24000
- The Head of Household is $18,350 previously it was $18000
The personal exemption is excluded:
It is eliminated in the tax reforms of 2019. Previously personal exemption was $4,050.
Child Tax Credit
The Child Tax Credit is increased:
The new limit is $2,000, whereas in the previous period the allowed value was $1,000. Additionally, a new $500 credit for non-child dependents is introduced.