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Various Adjustments of Tax Numbers for 2017

Filing statuses: S=single, HH=head of household, MFS=married filing separately, MFJ=married filing joint, QW=qualifying widow(er);
Most references to AGI mean modified adjusted gross income for that deduction.
Maximum Salary Deferrals: $18,000 for 401(k), 403(b), 501(c), 457 plans; / $12,500 for SIMPLE
'catch-up'contribution limits for age 50+: (additional $6,000 / $3,000 for SIMPLE)
$53,000 for SEP-IRA
Traditional IRA Contributions Limit: $5,500 (up to amount of earned income for the year)
  additional catch-up $1,000 for age 50+

Traditional IRA Contributions Deduction AGI Phaseout:
(when also eligible to contribute
to a retirement plan at work)
MFJ, QW:  $99,000-$119,000
S, HH:  $62,000-$72,000
MFS:  0-$10,000 (living apart all year, see S)
And when taxpayer not plan-eligible, but spouse covered by a plan, MFJ: $186,000-$196,000

Roth IRA Contributions AGI Phaseout:
MFJ:  $186,000-$196,000
S, HH:  $118,000-$133,000
MFS:  0-$10,000 (living apart all year, see S)

Retirement Savings Credit ('Saver's Credit') AGI phaseout:
MFJ:  $62,000
HH:  $46,500
S, QW, MFS:  $31,000
Social Security: Before retirement age, can earn up to $16,920 without repaying benefits.
  Benefits reduced $1 for each $2 earned over limit
Preceding months in year of reaching retirement age: $44,880.
  Benefits reduced $1 for each $3 earned over limit
On/after retirement month, no limit.

Earnings subject to SS tax:
  Employee: $127,200 (maximum $7,886.40 w/h)
  Household help: cash wages over $2,000
Health Savings Account: Maximum HSA contribution $3,400 individual coverage / $6,750 family coverage.
  additional catch-up $1,000 for age 55+
Educational Credit:  (MFS ineligible) American Opportunity Credit: 100% of first $2,000, 25% of next $2,000 tuition (all 4 years college)
   AGI phaseout: $80,000-$90,000 (individual); $160,000-$180,000 (MFJ)
Lifetime Learning Credit: 20% of up to $10,000 tuition (any year college+)
   AGI phaseout: $56,000-$66,000 (individual); $112,000-$132,000 (MFJ)
Student Loan Interest:  (MFS ineligible) Up to $2,500
AGI phaseout: $65,000-$80,000 (individual); $130,000-$160,000 (MFJ)

Earned Income Credit:  (MFS ineligible)
Earned income starting at:
$6,610 (no child), $9,920 (one child), $13,930 (two/more children)

Earned income/modified AGI phaseout range:
(All phaseout ranges increased by $5,590 if MFJ)
One qualifying child:  $18,340-$39,617  (maximum credit $3,400)
Two qualifying children:  $18,340-$45,007  (maximum credit $5,616)
Three/more qualifying children:  $18,340-$48,340  (maximum credit $6,318)
Qualifying without child: $8,340-$15,010   (maximum credit $510)
(disqualified if investment income over $3,450, any filing status)
Adoption Credit: Up to $13,570 (phaseout $203,540-$243,540)
'Kiddie Tax' Child under 18/full-time student under 24, with interest/dividends over $2,100
Standard Mileage Rates:   Business:  53.5¢  (Depreciation adjustment: 25¢)
  Charity:  14¢
  Medical/Moving:  17¢
Itemized Deduction phaseout: Phaseout starts at AGI of $313,800 (MFJ), $287,650 (HH), $261,500 (S), $156,900 (MFS)
Personal Exemption AGI phaseout: $313,800-$436,300  (MFJ, QW)
$287,650-$410,150  (HH)
$261,500-$384,000  (S)
$156,900-$218,150  (MFS)
Section 179 Expense: per tangible personal property: $25,000; overall total $510,000
phaseout starts at $2,030,000 placed in service
Depreciation Limit (with/without bonus depreciation): Passenger auto limit, first year business: $3,160 / 11,160; Trucks, vans: $3,560 / $11,560
Capital Gain Tax: Long-term (holding over a year):
20% for the taxpayers in the highest 39.6% bracket
15% for taxpayers in other brackets, 0% for those in the 15%/10% brackets
Gift Tax Exclusion/ Estate Exclusion: $14,000 / $5,490,000
Foreign Income Exclusion: $102,100

See the original 'NEW TAX LAWS' menu for historical changes.




2017 Standard Deductions/Personal Exemption New for 2017