IRS IR-2018-94, Inflation Adjustments published for 2018 Tax Year

By VanEd | April 13, 2018

IR-2018-94, April 13, 2018

WASHINGTON — The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019.

The tax items affected by TCJA for tax year 2018 of greatest interest to most taxpayers include the following dollar amounts:

Certain items had minor adjustments. TCJA requires a different method for adjusting for inflation.

Items unaffected by the TCJA The dollar amounts for the following items described in the inflation adjustment news release issued in Oct. 2017 remain unchanged under the new method for adjusting for inflation required by the TCJA:

This news release replaces IR-2017-178, which provided the inflation adjusted items under the law prior to enactment of the TCJA.

Revenue Procedure 2018-18 provides greater detail on these and other inflation adjusted items affected by the recently enacted tax law. See also Revenue Procedure 2018-22.