2017
Minimum Filing Requirements
and Exemption/Deduction Amounts*
Filing Status | Under 65 | Over 65 | Standard Deduction | Exemption | Over 65 or Blind Additional |
Single | $ 10,400 | $ 11,950 | $6,350 | $3,900 | $ 1,500 |
Head Of Household | $13,400 | $14,950 | $9,300 | $3,900 | $1,500 |
Married Filing Jointly | $20,800 | $23,300 | $12,700 | $3,900 | $1,200 |
Married Filing Separately | $4,050 | $4,050 | $6,350 | $3,900 | $1,200 |
Qualified Widow(er) | $18,000 | $18,000 | $12,700 | $3,900 | $1,200 |
note:* certain personal tax situations may alter amounts shown
Other Helpful 2017 Information
Earnings Ceiling for Social Security for 2017 * Under Full Retirement Age * At Full Retirement Age * Over Full Retirement Age | $15,480 $41,400 $Unlimited |
Self-Employed Insurance Deduction | 100% |
Earned Income Credit Maximum | No Child $ 510 (1) Child $3,400 ( 2) or more $5,616 ( 3) or more $6,318 |
Education Credits | Hope Credit Maximum $2,500, Lifetime Credit maximum $2,000, College Tuition & Fees Deduction $4,000 Maximum |
Child Tax Credit Maximum | $1,000 |
Standard Business Auto Rate Avg. Charitable Rate Medical / Moving Rate Avg. | Jan 1 - Jun 30 0.565 0.14 0.24 Jul 1 - Dec 31 0.575 0.14 0.235 |
Child's Unearned Income Limit | $2,000 |
Estate Tax Exclusion | $5,490,000 |
Gift Limit | $14,000 |
Adoption Credit | $13,570 |
IRA/Roth over 50 Limit | $6,500 |
Qualified Tuition Plan Gift Contribution Limit | $14,000 |
Retirement Contributions 2017 | under age 50 over age 50 Traditional IRA/Roth $ 6,500 $ 6,500 401-K & 403-B Plans $17,500 $23,000 Simple IRA Plans $ 12,000 $ 14,500 SEP Plans 25% of earned maximum compensation limit of $54,000 |
IMPORTANT TAX ARTICLES
| TAX COURT CASES Earned Income Tax Credit Issue |