The individual income tax filing season for state and federal returns opened this week. Here are some key changes when filing for 2019 tax year.
Matches the federal standard deduction amount
$12,200 single/married filing separate
$18,350 head of household
$24,400 married filing joint
Removes personal and dependent exemption amounts.
Provides $100 child tax credit per dependent under 17 years of age and $25 for dependents 17 and older.
The credit is phased out for Federal adjusted gross income (AGI) greater than $200,000 single/married filing separate and head of household, $400,000 married filed joint.
Allows the increase of the standard deduction by 25% of the charitable donations that would have been claimed as an itemized deduction.