2017 Tax Information
Filing Requirements
| Filing Status | Age | Income |
| Single | under 65 | $10,400 |
| 65 or older | $11,950 | |
| Head of Household | under 65 | $13,400 |
| 65 or older | $14,950 | |
| Married, filing jointly | under 65 (both spouses) | $20,800 |
| 65 or older (one spouse) | $22,050 | |
| 65 or older (both spouses) | $23,300 | |
| Married, filing separately | any age | $4,050 |
| Qualifying widow(er) with dependent child |
under 65 | $16,750 |
| 65 or older | $18,000 |
Standard Deductions
| Filing Status | Amount |
| Single | $6,350 |
| Married filing joint returns/Qualifying Widow(er) | $12,700 |
| Head of household | $9,350 |
| Married, filing separate return | $6,350 |
| Dependent standard deduction minimum | $1,050 or Earned income + $350 (but not more than the regular standard deduction amount, generally $6,350). |
Exemptions
| Personal and Dependent Amount | $4,000 |
Limit on Itemized Deductions
| Casualty Loss (AGI Threshold) | Max. 20,000 (10,000 MFS) |
| Medical Deduction (AGI Threshold) | 10% |
| Miscellaneous Itemized (AGI Deduction Floor) | 2% |
Capital Gains Rate (Assets held more than 12 mos.)
| For taxpayersin higher brackets | 15% |
| For taxpayers in the 10% or 15% bracket | 0% |
| High Rate:$232,425-MFS/$464,850-MFJ/$439,000-HOH | 20% |
| Net Investment Income | 3.8% |
| Recaptured gain on real estate (Sec. 1250 gain) | 25% |
| Dividends, qualified (Post-December 31, 2002) | 15% |
Transportation & Travel
| Fringe Benefit: Employer-provided passes and vehicles | $255/mo. |
| Fringe Benefit: Qualified parking limit | $255/mo. |
| Business Mileage Rate | $0.53 1/2 cents per mile |
| Charitable Mileage Rate | $0.14 |
| Medical and Moving Mileage Rate | $0.17 cents per mile |
| Depreciation component of Standard Mileage Rate | $0.25 |
| High Cost Per Diem Travel Rate | $284 |
| Low Cost Per Diem Travel Rate | $191 |
Retirement Pension Plans
| Maximum Annual Benefit for Defined Benefit Plan | $215,000 |
| Maximum Annual Contribution Defined Contribution Plan | $54,000 |
| IRA Deduction Limit (In general) | $5,500 |
| IRA Deduction Age 50 Catch Up | $1,000 |
| Simple IRA Base Contribution | $12,500 |
| Simple IRA Age 50 Catch Up | $3,000 |
| 401(k) Maximum Exclusion (In general) | $18,000 |
| 401(k) Age 50 Catch Up | $6,000 |
Gift Taxes
| Annual Gift Tax Exclusion | $14,000 |
Payroll Taxes
| Social Security (Self-employed) | 12.4% |
| Social Security Wages Tax Up To | $127,200 |
| Medicare Rate (Self-employed) | 2.9% |
| Social Security Rate(Employee/Employer) | 6.2% |
| FUTA Wage Base Taxable Earnings | $7,000 |
Education Provisions
| American Opportunity Tax Credit/Hope Scholarship Credit | Up to $2,500/up to 40% is refundable |
| Lifetime Learning Credit – all years of post-secondary education and for courses to acquire or improve job skills | Up to $2,000 |
| Coverdell Education Savings Account Contribution | $2,000 |
| Higher Education Deduction | $4,000 |
| Student Loan Interest Deduction | $2,500 |
| U.S. Savings Bond Interest Exclusion (phase-out range): | |
| Married, filing joint return | $115,750 – $145,750 |
| Single, Head of Household | $77,200 – $92,000 |
| Married filing separate return | $0 |
| Teacher’s Classroom Expense Deduction | $250 |
Key Penalty Rates
| Failure to File Return | 5% per month (max 25%) of unpaid tax due |
| Failure to Pay Tax | 0.5% per month (max 25%) of unpaid tax due |
| Substantial Understatement of Tax (greater than $5,000 or 10% of the proper tax) |
20% of the underpayment attributable to the understatement |
Home Sale Gain Exclusion
| Joint Filers | $500,000 |
| Single Filers | $250,000 |
Federal Tax Rates
| 10% bracket ends at- |
15% bracket ends at- |
25% bracket ends at- |
28% bracket ends at- |
33% bracket ends at- |
35% bracket ends at- |
|
| Married filing separately | $9,325 | $37,950 | $76,550 | $116,675 | $208,350 | $235,350 |
| Single | $9,325 | $37,950 | $91,900 | $191,650 | $416,700 | $418,400 |
| Head of Household | $13,350 | $50,800 | $131,200 | $212,500 | $416,700 | $444,550 |
| Married filing jointly or Qualifying widow(er) | $18,650 | $75,900 | $153,100 | $233,350 | $416,700 | $470,700 |
Earned Income Credit (EIC) – Maximum amounts available
| With 1 qualifying child | $3,400 |
| With 2 qualifying children | $5,616 |
| With 3 or more qualifying children | $6,318 |
| No qualifying child | $510 |
Maximum Earnings Before EIC Eliminated for Single, HOH, Qualifying Widow(er)
| With no children | $15,010 |
| With one child | $39,617 |
| With two children | $45,007 |
| With three or more children | $48,340 |
Maximum Earnings Before EIC Eliminated for Married Filing Joint
| With no children | $20,600 |
| With one child | $45,207 |
| With two children | $50,597 |
| With three children | $53,930 |
