2017 Tax Brackets, Standard Deduction Amounts & More…

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2017 Tax Brackets, Standard Deduction Amounts & More (for taxes due April 15, 2018) Single Taxpayers

 

If taxable income is over— but not over— the tax is:
$0 $9,325 10% of the amount
$9,325 $37,950 $932.50 plus 15% of the amount over $9,325
$37,950 $91,900 $5,226.25 plus 25% of the amount over $37,950
$91,900 $191,650 $18,713.75 plus 28% of the amount over $91,900
$191,650 $416,700 $46,643.75 plus 33% of the amount over $191,650
$416,700 $418,400 $120,910.25 plus 35% of the amount over $416,700
$418,400 no limit $121,505.25 plus 39.6% of the amount over $418,400

Married Filing Jointly and Surviving Spouses:

 

If taxable income is over— but not over— the tax is:
$0 $18,650 10% of the amount
$18,650 $75,900 $1,865 plus 15% of the amount over $18,650
$75,900 $153,100 $10,452.50 plus 25% of the amount over $75,900
$153,100 $233,350 $29,752.50 plus 28% of the amount over $153,100
$233,350 $416,700 $52,222.50 plus 33% of the amount over $233,350
$416,700 $470,700 $112,728.00 plus 35% of the amount over $416,700
$470,700 no limit $131,328.50 plus 39.6% of the amount over $470,700

Head of Household:

 

If taxable income is over— but not over— the tax is:
$0 $13,350 10% of the amount
$13,350 $50,800 $1,335 plus 15% of the amount over $13,350
$50,800 $131,200 $6,952.50 plus 25% of the amount over $50,800
$131,200 $212,500 $27,052.50 plus 28% of the amount over $131,200
$212,500 $416,700 $49,816.50 plus 33% of the amount over $212,500
$416,700 $444,550 $117,202.50 plus 35% of the amount over $416,700
$444,550 no limit $126,950.00 plus 39.6% of the amount over $444,550

Married Filing Separately:

If taxable income is over— but not over— the tax is:
$0 $9,325 10% of the amount
$9,325 $37,950 $932.50 plus 15% of the amount over $9,325
$37,950 $76,550 $5,226.25 plus 25% of the amount over $37,950
$76,550 $116,675 $14,876.25 plus 28% of the amount over $76,550
$116,675 $208,350 $26,111.25 plus 33% of the amount over $116,675
$208,350 $235,350 $56,364.00 plus 35% of the amount over $208,350
$235,350 no limit $65,814.00 plus 39.6% of the amount over $235,350

 

Standard Deductions. The standard deduction rises to $6,350 for single taxpayers and married taxpayers filing separately. The standard deduction is $12,700 for married couples filing jointly and $9,350 for heads of household.

Itemized Deductions. The limitation for itemized deductions – claimed on individual returns for tax year 2017 will begin with incomes of $156,900 or more ($313,800 for married couples filing separately).

Personal Exemptions. The personal exemption amount is $4,050 in 2017. Phase-outs for personal exemption amounts begin with adjusted gross incomes (AGI) of $156,900 for individuals (MFS) and $313,800 for married couples filing jointly; the personal exemptions phase out completely at $218,150 for individual (MFS) taxpayers ($436,300 for married couples filing jointly.)

Alternative Minimum Tax (AMT) Exemptions. The AMT exemption amount for tax year 2017 is $42,250 for individuals (MFS) and $84,500 for married couples filing jointly.

Earned Income Tax Credit (EITC). For 2017, the maximum EITC amount available is $3,400 for taxpayers filing jointly with one child; $5,616 for two children; $6,318 for three or more children and $510 for no children.

Child Tax Credit. For taxable years beginning in 2017, the value used to determine the amount of credit that may be refundable is $3,000 (the credit amount has not changed).

Kiddie Tax. For 2017, the threshold for the kiddie tax – meaning the amount a child can take home without paying any federal income tax – increased to $2,100.

Adoption Credit. For taxable years beginning in 2017, the credit allowed for an adoption of a child with special needs is $13,570; the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $13,570. Phase outs do apply beginning with MAGI in excess of $203,540.

Hope Scholarship Credit. In 2017, the Hope Scholarship Credit cannot exceed $2,500. The amount you can claim is equal to 100% of qualified tuition and related expenses not in excess of $2,000 plus 25% of those expenses in excess of $2,000 but not to exceed $4,000.

Flexible Spending Accounts. The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending accounts (FSA) increased to $2,600 for 2017.

Individual Retirement Account Contributions. The $5,500 limit on IRA contributions remains the same in 2017. If you are 50 years old you may make an extra IRA contribution of $1,000.

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