2017 IRS INFLATION ADJUSTMENTS

The IRS has announced many of the 2017 annual inflation adjustments.  Some numbers remain unchanged.  Below are the 2017 Standard Deduction and Personal Exemption amounts and the tax rate schedules.

 

I am working on a compilation of “What’s New For 2017”, and will let you know when it is available for download.

 

THE STANDARD DEDUCTION

 

•  Single and Married Filing Separate = $6,350

•  Married Filing Joint and Qualifying Widow(er) = $12,700

•  Head of Household = $9,350

 

The Standard Deduction for a dependent is the greater of (1) $1,050, or (2) the sum of $350 and the individual's earned income (up to $6,350).

 

The additional Standard Deduction amount for the age 65 or older or blind is $1,250 for married individuals and $1,550 for Single and Head of Household.

 

PERSONAL EXEMPTION

 

The personal exemption is $4,050.

TAX RATE SCHEDULES     

Tax    Rate	Single	Married Filing Joint       Qualifying Widow(er)	Married Filing   Separate	Head of Household
10%	Up to $9,325	Up to $18,650	Up to $9,325	Up to $13,350
15%	$9,326–$37,950	$18,651–$75,900	$9,326–$37,950	$13,351–$50,800
25%	$37,951–$91,900	$75,901–$153,100	$37,951–$76,550	$50,801–$131,200
28%	$91,901–$191,650	$153,101–$233,350	$76,551–$116,675	$131,201–$212,500
33%	$191,651–$416,700	$233,351–$416,700	$116,676–$208,350	$212,501–$416,700
35%	$416,701–$418,400	$416,701–$470,700	$208,351–$235,350	$416,701–$444,550
39.6%	Over $418,400	Over $470,700	Over $235,350	Over $444,550

TTFN