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Tax Resources

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