How Will Recent Tax Plans Impact You?

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James

Single, No Kids

$30,000

This taxpayer takes the standard deduction and had $2,600 of pre-tax 401(k) contributions.

Jason

Single, 2 Kids

$52,000

This taxpayer takes the standard deduction and had $4,000 of pre-tax 401(k) contributions.

Amber

Single, No Kids

$75,000

This taxpayer takes the standard deduction and had $5,500 of pre-tax 401(k) contributions.

Kavya & Nick

Married, 2 Kids

$85,000

These taxpayers take the standard deduction and had $5,500 of pre-tax 401(k) contributions.

Sophie & Chad

Married, 2 Kids

$165,000

These taxpayers claimed about $26,000 worth of itemized deductions and had $20,000 of pre-tax 401(k) contributions.

Soren & Linea

Married, 3 Kids

$200,000

These taxpayers earned half their income via a pass-through business which qualifies for the new 20-percent deduction and claimed about $30,000 worth of other itemized deductions. They also had $19,000 of pre-tax 401(k) contributions.

Laura & Seth

Married, 2 Kids

$2,000,000

These taxpayers claimed about $220,000 worth of itemized deductions and had $18,500 of pre-tax 401(k) contributions.

Joe & Ethan

Married, Retired

$48,000

This taxpayer takes the standard deduction and had $2,600 of pre-tax 401(k) contributions.