- Tax Foundation 2017 Tax Brackets
- Charitable .14 per mile, .14 for 2018
- Moving .17 per mile, .18 for 2018
- Medical .17 per mile, .18 for 2018
- Business-related .535 per mile, .545 for 2018
- Depreciation component .25 per mile, .25 for 2018
2017 Phaseouts & Income Limits
- Foreign Earned Income Exclusion: 102,100
- Itemized Deductions: Single 261,500, MfJ 313,800
- Personal Exemption §151 : 4,050 for income under 261,500
- Standard Deduction §63 : Single 6,350, MfJ 12,700
- 25% Tax Bracket starts at: Single 37,950, MfJ 75,900
- 39.6% "Top Rate" starts at: Single 418,400, MfJ 470,700
- 15% Capital Gains start at: Single 37,950, MfJ 75,900
- 20% Capital Gains start at: Single 418,400, MfJ 470,700
- plus 3.8% Medicare surtax (NIIT) on lessor of Net Investment Income or MAGI Single > 200,000, MfJ > 250,000
- Tax on "§1250 gain" depreciation recapture: 25%
- Capital gains tax rate on collectibles: (gold, coins, art, antiques) & Qualified Small Business Stock §1202 : 28%
- Wage Limit for FICA Tax: 127,200
- Monthly transit and parking benefits: 255
2017 Child Related Phaseouts
- Adoption Credit Income: 203,540
- Adoption credit amount: 13,570
- Child Tax Credit Income: Single 75,000, MfJ 110,000
- Kiddie Tax exemption §1(g)(4): 2,100
- EITC is Zero @ AGI:
- with 3+ children: Single 48,340, MfJ 53,930
- with 2 children: Single 45,007, MfJ 50,597
- with 1 child: Single 39,617, MfJ 45,207
- with no children: Single 15,051, MfJ 20,600
- EITC Investment Income limit: 3,450
- EITC max credit (Single or MfJ):
- with 3+ children: 6,318
- with 2 children: 5,616
- with 1 child: 3,400
- with no children: 510
- Child Tax Credit (per child under age 17; max refundable: 3 kids): 1,000
2017 Medical & Health Care Related Phaseouts & Limits
- Flexible Spending Account Contributions: 2,600
- FSA unused carryover amount : 500
- HSA Contributions: Single plan 3,400, Family plan 6,750, Age 55+ catch-up 1,000
2017 Gift & Estate Limits
- Annual Exclusion: 14,000
- §529 Plan Gifts: 70,000
- Unified Gift & Estate (Lifetime) Exemption: Single 5,490,000, MfJ 10,980,000
- Gift & Estate tax rates: 40%
2017 Education Related Phaseouts & Limits
- Lifetime Learning Credits: Single 56,000, MfJ 112,000
- American Opportunity Credit: Single 80,000, MfJ 160,000
- Savings Bond Interest exclusion for education: Single 77,500, MfJ 116,300
- American Opportunity Tax Credit (AOTC) (modified HOPE Credit) per Student (1st 4-years of college) (40% refundable: 1,000): 2,500
- Lifetime Learning Credit (20% of 1st $10K tuition) per family: 2,000
2017 Retirement Related Phaseouts & Limits
- Simple Plan contribution limit: 12,500, Age 50+ catch-up: 3,000
- 401-K, 403b, 457 & SAR-SEP contribution limit: 18,000, Age 50+ catch-up: 6,000
- Solo 401-K/SEP/Profit-Sharing total contribution (§415) limit: (profit sharing limited to 25% of comp): 54,000, Age 50+ catch-up: 6,000
- IRA & Roth contribution limit: 5,500, Age 50+ catch-up: 1,000
- Roth compensation: Single 118,000, MfJ 186,000
- Traditional IRA compensation, if covered by a plan: Single 62,000, MfJ 99,000 186,000 (one spouse covered)
- Traditional IRA (non-deductible) compensation: No limit
2017 AMT Exemption Amount & Income Phaseouts Begin
- AMT Exemption: Single 54,300, MfJ 84,000
- AMT Exemption phaseout: Single 120,700, MfJ 160,900
- 28% AMT rate starts at AMTI: Single 93,900, MfJ 187,800
2017 Property exempt from levy §6334(a)(2):
- Furniture & Personal Effects: 9,200
- Tools/Books: 4,600
2017 Attorney fee award limitation (per hour) §7430(c)(1)(B)(iii): 200/hour
2017 §179 Property:
- Maximum deduction year placed in service: 510,000
- Phase-out threshold (Total equipment purchased): 2,030,000
- TCJA allows 100% first-year "Bonus Depreciation" in Year-1 for qualifying assets placed in-service between September 28, 2017, and December 31, 2022.
Please copy & distribute freely. This information is provided for general information and educational purposes only. It is based upon publicly available information from sources believed to be reliable. No assurance to accuracy or completeness can be made, and information may change at any time and without notice.
