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What’s new in 2017

PROVISION 2017 2016
Personal exemption
$4,050
$4,050
Standard deduction

  • Single
  • Joint returns and surviving spouses
  • Married filing separately
  • Head of household
  • Additional for elderly or blind (married)
  • Additional for elderly or blind (single)
$6,350
$12,700
$6,350
$9,350
$1,250
$1,550
$6,300
$12,600
$6,300
$9,300
$1,250
$1,550
Income at which itemized deductions and personal exemptions start to phase out

  • Single
  • Joint returns and surviving spouses
  • Married filing separately
  • Head of household

$261,500
$313,800
$156,900
$287,650

$259,400
$311,300
$155,650
$285,350

Alternative minimum tax exemption

  • Single
  • Married, joint
  • Married, separate
$54,300
$84,500
$42,250
$53,900
$83,800
$41,900
Maximum wages subject to
social security tax
$127,200
$118,500
Social security earnings limit

  • Under full retirement age
  • Full retirement age
$16,920
No limit
$15,720
No limit
Estate tax top rate
40%
40%
Estate tax exclusion
$5,490,000
$5,450,000
Annual gift tax exclusion (per donee)
$14,000
$14,000
HSA contribution limit

  • Single
  • Family
  • Additional for 55 or older
$3,400
$6,750
$1,000
$3,350
$6,750
$1,000
  • IRA for those under age 50
  • IRA for those 50 and over
  • SIMPLE plan for those under age 50
  • SIMPLE plan for those 50 and over
  • 401(k) plan for those under age 50
  • 401(k) plan for those 50 and over
$5,500
$6,500
$12,500
$15,500
$18,000
$24,000
$5,500
$6,500
$12,500
$15,500
$18,000
$24,000
“Kiddie tax” threshold
$2,100
$2,100
“Nanny tax” threshold
$2,000
$2,000

As you do your planning for 2017, be aware that Congress may make changes to the tax code. See us prior to making business and financial decisions so that current rules and pending changes can be considered.

© MC 2017

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