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Jan 17, 2018 

2017 Updates

Standard Deduction has gone up! YAY

Married filing jointly went up $100 ( 2016- $12,600 2017 - $12,700)

Single and Married filing separately went up $50 (2016 - $6,300 2017 - $6,350)

Head of household went up $ 50 ( 2016 - $9,300 2017 - $9,350)

Personal Exemption remains the same. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). It phases out completely at $384,000 ($436,300 for married couples filing jointly.)

Tax Rate

Affects single taxpayers whose income exceeds $418,400 ($470,700 for married taxpayers filing jointly) the rate is 39.6%, up from $415,050 and 466,950, respectively. The other marginal rates - 10, 15, 25, 33 and 35 percent - and the related income tax thresholds for the tax year 2017 are described in the revenue procedure.

EIC ( Earned Income Credit)

2017 EIC maximum amount is $6,318 for taxpayers filing jointly who have three or more children, up from a total of $6,269 for the tax year 2016. The revenue procedure has income thresholds and phaseouts.

AMT (Alternative Minimum Tax)

AMT exemption amount for the tax year 2017 is $54,300 and begins to phase out at $120,700 ($84,500, for married couples filing jointly). For the tax year 2017, the 28 percent tax rate applies to taxpayers with taxable incomes above $187,800 ($93,900 for married individuals filing separately).