Ethan, age 67, and Abigail, age 64, with good eyesight, are married and file a joint tax return. They have adjusted gross income of $1,200,000 for 2018. They have only $5,000 of itemized deduction, so they claim their standard deduction. How much of their standard deduction is phased out in 2018?

Question

Quizplus · Accepted Answer

In 2018, there is no phase-out of the standard deduction based on income levels. The Tax Cuts and Jobs Act eliminated the phase-out of itemized deductions and increased the standard deduction, which is not subject to phase-out.

Ethan, Age 67, and Abigail, Age 64, with Good Eyesight