What the New Tax Law Means for Retirees

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The Tax Cuts and Jobs Act – the sweeping tax reform measure signed into law by President Trump in late December 2017 – is good news for most retirees. The most significant benefit for most is the increase in the standard deduction, which nearly doubles in 2018 and beyond. The new standard deduction goes from $6,350 to $12,000 for individual filers, from $9,350 to $18,000 for heads of households, and from $12,700 to $24,000 for married couples filing jointly. What does this mean for retirees? An analysis by H&R Block, using a fictional single taxpayer with no dependents and a…
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