SlideShare a Scribd company logo
1 of 2
Download to read offline
KEY FINANCIAL DATA
20172017 Tax Rate Schedule
Taxable income ($) Base amount
of tax ($)
Plus Marginal
tax rate
Of the amount
over ($)
Single
0 to 9,325 + 10.0
9,326 to 37,950 932.50 + 15.0 9,325.00
37,951 to 91,900 5,226.25 + 25.0 37,950.00
91,901 to 191,650 18,713.75 + 28.0 91,900.00
191,651 to 416,700 46,643.75 + 33.0 191,650.00
416,701 to 418,400 120,910.25 + 35.0 416,700.00
Over 418,400 121,505.25 + 39.6 418,400.00
Married filing jointly and surviving spouses
0 to 18,650 + 10.0
18,651 to 75,900 1,865.00 + 15.0 18,650.00
75,901 to 153,100 10,452.50 + 25.0 75,900.00
153,101 to 233,350 29,752.50 + 28.0 153,100.00
233,351 to 416,700 52,222.50 + 33.0 233,350.00
416,701 to 470,700 112,728.00 + 35.0 416,700.00
Over 470,700 131,628.00 + 39.6 470,700.00
Head of household
0 to 13,350 + 10.0
13,351 to 50,800 1,335.00 + 15.0 13,350.00
50,801 to 131,200 6,952.50 + 25.0 50,800.00
131,201 to 212,500 27,052.50 + 28.0 131,200.00
212,501 to 416,700 49,816.50 + 33.0 212,500.00
416,701 to 444,550 117,202.50 + 35.0 416,700.00
Over 444,550 126,950.00 + 39.6 444,550.00
Married filing separately
0 to 9,325 + 10.0
9,326 to 37,950 932.50 + 15.0 9,325.00
37,951 to 76,550 5,226.25 + 25.0 37,950.00
76,551 to 116,675 14,876.25 + 28.0 76,550.00
116,676 to 208,350 26,111.25 + 33.0 116,675.00
208,351 to 235,350 56,364.00 + 35.0 208,350.00
Over 235,350 65,814.00 + 39.6 235,350.00
Estates and trusts
0 to 2,550 + 15.0
2,551 to 6,000 382.50 + 25.0 2,550.00
6,001 to 9,150 1,245.00 + 28.0 6,000.00
9,151 to 12,500 2,127.00 + 33.0 9,150.00
Over 12,500 3,232.50 + 39.6 12,500.00
Tax Deadlines
January 17 – 4th installment of the previous year’s estimated taxes due
April 18 – Tax filing deadline, or request extension to Oct. 16. First install-
ment of 2017 taxes due. Last day to file amended return for 2013. Last day to
contribute to: Roth or traditional IRA for 2016; HSA for 2016; Keogh or SEP for
2016 (unless tax filing deadline has been extended).
June 15 – 2nd installment of estimated taxes due
September 15 – 3rd installment of estimated taxes due
October 16 – Tax returns due for those who requested an extension. Last
day to recharacterize a converted IRA from 2016 if extension was filed or tax
return was filed by April 17. Last day to contribute to SEP or Keogh for 2016 if
extension was filed.
December 31 – Last day to: 1) pay expenses for itemized deductions; 2)
complete transactions for capital gains or losses; 3) establish a Keogh
plan for 2017; 4) establish and fund a solo 401(k) for 2017; 5) complete
2017 contributions to employer-sponsored 401(k) plans; 6) correct excess
contributions to IRAs and qualified plans to avoid penalty.
Gift and Estate Tax Exclusions and Credits
Maximum estate, gift & GST rates 40%
Estate, gift & GST exclusions $5,490,000
Gift tax annual exclusion $14,000
Exclusion on gifts to non-citizen spouse $149,000
Copyright © 2017 Horsesmouth, LLC. All Rights Reserved. Sources: IRS-2016-55, Affordable Care Act, Social Security Administration, Centers for Medicare & Medicaid Services, Misc IRS documents.
Horsesmouth is an independent organization providing unique, unbiased insight into the critical issues facing financial advisors and their clients.
Horsesmouth, LLC is not affiliated with the reprint licensee or any of its affiliates.	 Check with your financial advisor for updates.
Tax Rates on Long-Term Capital Gains and Qualified Dividends
If taxable income falls below the 25% tax bracket 0%
If taxable income falls at or above the 25% tax bracket but below the 39.6% rate 15%
If income falls in the 39.6% tax bracket 20%
3.8% Tax on Lesser of Net Investment Income or Excess of MAGI Over
Married, filing jointly $250,000
Single $200,000
Married, filing separately $125,000
Education Credits & Deductions
Credit/Deduction/
Account
Maximum credit/
deduction
Income phaseouts
begin at AGI of:
American Opportunity
Tax Credit/Hope
$2,500 credit $160,000 joint
$80,000 all others
Lifetime learning credit $2,000 credit $112,000 joint
$56,000 all others
Savings bond
interest tax-free if
used for education
Deduction— limited
to amount of quali-
fied expenses
$117,250 joint
$78,150 all others
Coverdell $2,000 maximum;
not deductible
$190,000 joint
$95,000 all others
Exemption Amounts for Alternative Minimum Tax
Married, filing jointly or surviving spouses $84,500
Single $54,300
Married, filing separately $42,250
Estates and trusts $24,100
28% tax rate applies to income over:
Married, filing separately $93,900
All others $187,800
Exemption amounts phase out at:
Married, filing jointly or surviving spouses $160,900
Single $120,700
Married, filing separately and estates and trusts $80,450
Standard Deductions & Personal Exemption
Filing status Standard
deduction
Personal
exemption
Phaseouts
begin at AGI of:
Married, filing jointly and qualifying
widow(er)s
$12,700 $4,050 $313,800
Single $6,350 $4,050 $261,500
Married, filing separately $6,350 $4,050 $156,900
Head of household $9,350 $4,050 $287,650
Dependent filing own tax return $1,050** None
Additional deductions for non-itemizers
Blind or over 65 Add $1,250
Blind or over 65 and unmarried and not a surviving spouse Add $1,550
** Cannot exceed greater of $1,050 or $350 plus the individual’s earned income
Bradley W. Poock
Senior Vice President
StockCross Financial Services
24100 Calabasas Road
Calabasas, CA 91302
Bradley.Poock@stockcross.com
License #: 4566333Reprint Licensee: Bradley W. Poock
888-226-4018
Social Security
Benefits
Full retirement age (FRA) if born
between 1943 and 1954
66
Estimated maximum monthly benefit $2,687
Retirement earnings exempt amounts $16,920 under FRA
$44,880 during year reach FRA
No limit after FRA
Tax on Social Security benefits: income brackets
Filing status Provisional income* Amount of Social
Security subject
to tax
Married filing jointly Under $32,000
$32,000-$44,000
Over $44,000
0
up to 50%
up to 85%
Single, head of household, qualifying
widow(er), married filing separately
and living apart from spouse
Under $25,000
$25,000-$34,000
Over $34,000
0
up to 50%
up to 85%
Married filing separately and
living with spouse
Over 0 up to 85%
Tax (FICA)
SS tax paid on income
up to $127,200
% withheld Maximum tax
payable
Employer pays 6.2% $7,886.40
Employee pays 6.2% $7,886.40
Self-employed pays 12.4% $15,772.80
Medicare tax
Employer pays 1.45% varies per income
Employee pays 1.45% plus 0.9%
on income over
$200,000 (single)
or $250,000 (joint)
varies per income
Self-employed pays 2.90% plus 0.9%
on income over
$200,000 (single)
or $250,000 (joint)
varies per income
Deductibility of Long-Term Care Premiums on Qualified Policies
Attained age before
close of tax year
Amount of LTC premiums that qualify
as medical expenses in 2017
40 or less $410
41 to 50 $770
51 to 60 $1,530
61 to 70 $4,090
Over 70 $5,110
Health Savings Accounts
Annual limit Maximum
deductible
contribution
Expense limits
(deductibles
and co-pays)
Minimum
annual deductible
Individuals $3,400 $6,550 $1,300
Families $6,750 $13,100 $2,600
Catch-up for 55
and older
$1,000
Medicare Deductibles
Part B deductible $183.00
Part A (inpatient services) deductible for first 60 days of
hospitalization
$1,316.00
Part A deductible for days 61-90 of hospitalization $329/day
Part A deductible for more than 90 days of hospitalization $658/day
Medicare Premiums
2015 MAGI single 2015 MAGI
joint
Part B Premium Part D
income
adjustment
$85,000 or less $170,000 or less $134.00** $0
85,001-107,000 170,001-214,000 $187.50 $13.30
107,001-160,000 214,001-320,000 $267.90 $34.20
160,001-214,000 320,001-428,000 $348.30 $55.20
Above 214,000 Above 428,000 $428.60 $76.20
Uniform Lifetime Table (partial)
Age of IRA
owner or plan
participant
Life
expectancy
(in years)
Age of IRA
owner or plan
participant
Life
expectancy
(in years)
70 27.4 86 14.1
71 26.5 87 13.4
72 25.6 88 12.7
73 24.7 89 12.0
74 23.8 90 11.4
75 22.9 91 10.8
76 22.0 92 10.2
77 21.2 93 9.6
78 20.3 94 9.1
79 19.5 95 8.6
80 18.7 96 8.1
81 17.9 97 7.6
82 17.1 98 7.1
83 16.3 99 6.7
84 15.5 100 6.3
85 14.8 101 5.9
Retirement Plan Contribution Limits
Annual compensation used to determine contribution for most plans $270,000
Defined-contribution plans, basic limit $54,000
Defined-benefit plans, basic limit $215,000
401(k), 403(b), 457(b), Roth 401(k) plans elective deferrals limit $18,000
Catch-up provision for individuals 50 and over, 401(k), 403(b), 457(b),
Roth 401(k) plans
$6,000
SIMPLE plans, elective deferral limit $12,500
SIMPLE plans, catch-up contribution for individuals 50 and over $3,000
Information contained herein is current as of 12/14/16. It is subject to legislative changes and
is not intended to be legal or tax advice. Consult a qualified tax advisor regarding specific
circumstances. This material is furnished “as is” without warranty of any kind. Its accuracy and
completeness is not guaranteed and all warranties expressed or implied are hereby excluded.*Provisional income = adjusted gross income (not incl. Social Security) + tax-exempt interest + 50% of
Social Security benefit
Individual Retirement Accounts
IRA type Contribu-
tion limit
Catch-up
at 50+
Income limits
Traditional
nondeductible
$5,500 $1,000 None
Traditional
deductible
$5,500 $1,000 If active in a plan:
$99,000 - $119,000 joint
$62,000 - $72,000 single, HOH
0 - $10,000 married filing separately
If one spouse is active in a plan:
$186,000 - $196,000 joint
Roth $5,500 $1,000 $186,000 - $196,000 joint
$118,000 - $133,000 single, HOH
0 - $10,000 married filing separately
MyRA $5,500 $1,000 $186,000 - $196,000 joint
$118,000 - $133,000 single
Roth conversion No income limit
Copyright © 2017 Horsesmouth, LLC. All Rights Reserved.	 Check with your financial advisor for updates.
**Average of $109.00 if held harmless

More Related Content

What's hot

2014 ePocketTaxTables
2014 ePocketTaxTables2014 ePocketTaxTables
2014 ePocketTaxTablesJoie Wang
 
McGraw-Hill FC 2011 Tax Guide
McGraw-Hill FC 2011 Tax GuideMcGraw-Hill FC 2011 Tax Guide
McGraw-Hill FC 2011 Tax Guidebetsmiller
 
New York Life - pocket tax tables guide 2015-16
New York Life - pocket tax tables guide 2015-16New York Life - pocket tax tables guide 2015-16
New York Life - pocket tax tables guide 2015-16Cristi Tenhagen
 
Tax Cuts and Jobs Act: Tax Reform Update
Tax Cuts and Jobs Act: Tax Reform UpdateTax Cuts and Jobs Act: Tax Reform Update
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
 
Proactive Year-end Financial and Tax Planning Strategies
Proactive Year-end Financial and Tax Planning StrategiesProactive Year-end Financial and Tax Planning Strategies
Proactive Year-end Financial and Tax Planning StrategiesAICPA
 
IRS Releases 2021 Filing Season Tax Brackets
IRS Releases 2021 Filing Season Tax BracketsIRS Releases 2021 Filing Season Tax Brackets
IRS Releases 2021 Filing Season Tax BracketsTodd Mardis
 
GAMABrief: Preparing for the Capital Gains Tax Hike
GAMABrief: Preparing for the Capital Gains Tax HikeGAMABrief: Preparing for the Capital Gains Tax Hike
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
 
DDunwody 2015 Tax Planning Guide (2)
DDunwody 2015 Tax Planning Guide (2)DDunwody 2015 Tax Planning Guide (2)
DDunwody 2015 Tax Planning Guide (2)David Dunwody
 
Income Tax Savings for Individuals
Income Tax Savings for IndividualsIncome Tax Savings for Individuals
Income Tax Savings for IndividualsDecosimoCPAs
 
2014 AdNet Days - Chris Hoyt Handout
2014 AdNet Days - Chris Hoyt Handout2014 AdNet Days - Chris Hoyt Handout
2014 AdNet Days - Chris Hoyt Handoutlpomara
 
Estate Planning and Gifting in 2012
Estate Planning and Gifting in 2012Estate Planning and Gifting in 2012
Estate Planning and Gifting in 2012SSDlaw
 
Tax Changes 2013 / 2014 and Their Impact
Tax Changes 2013 / 2014 and Their ImpactTax Changes 2013 / 2014 and Their Impact
Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
 
Tax Planning by Isdaner & Company, Philadelphia area certified public account...
Tax Planning by Isdaner & Company, Philadelphia area certified public account...Tax Planning by Isdaner & Company, Philadelphia area certified public account...
Tax Planning by Isdaner & Company, Philadelphia area certified public account...Isdaner & Co. LLC
 
TAG Luncheon: 2012 Tax Update
TAG Luncheon: 2012 Tax UpdateTAG Luncheon: 2012 Tax Update
TAG Luncheon: 2012 Tax UpdateMeg Weber
 
Tax Savings Tips for 2009
Tax Savings Tips for 2009Tax Savings Tips for 2009
Tax Savings Tips for 2009paducahcpa
 
Well Fargo 2010 Tax Planning Tables
Well Fargo 2010 Tax Planning TablesWell Fargo 2010 Tax Planning Tables
Well Fargo 2010 Tax Planning Tablesnypaul61
 
Year-end Financial Planning: Bracket Management
Year-end Financial Planning: Bracket ManagementYear-end Financial Planning: Bracket Management
Year-end Financial Planning: Bracket ManagementAICPA
 
Health Care Reform Tax Update
Health Care Reform Tax UpdateHealth Care Reform Tax Update
Health Care Reform Tax UpdateDecosimoCPAs
 

What's hot (20)

2014 ePocketTaxTables
2014 ePocketTaxTables2014 ePocketTaxTables
2014 ePocketTaxTables
 
income tax in US
income tax in USincome tax in US
income tax in US
 
McGraw-Hill FC 2011 Tax Guide
McGraw-Hill FC 2011 Tax GuideMcGraw-Hill FC 2011 Tax Guide
McGraw-Hill FC 2011 Tax Guide
 
New York Life - pocket tax tables guide 2015-16
New York Life - pocket tax tables guide 2015-16New York Life - pocket tax tables guide 2015-16
New York Life - pocket tax tables guide 2015-16
 
Tax Cuts and Jobs Act: Tax Reform Update
Tax Cuts and Jobs Act: Tax Reform UpdateTax Cuts and Jobs Act: Tax Reform Update
Tax Cuts and Jobs Act: Tax Reform Update
 
Proactive Year-end Financial and Tax Planning Strategies
Proactive Year-end Financial and Tax Planning StrategiesProactive Year-end Financial and Tax Planning Strategies
Proactive Year-end Financial and Tax Planning Strategies
 
2013 Tax Update
2013 Tax Update2013 Tax Update
2013 Tax Update
 
IRS Releases 2021 Filing Season Tax Brackets
IRS Releases 2021 Filing Season Tax BracketsIRS Releases 2021 Filing Season Tax Brackets
IRS Releases 2021 Filing Season Tax Brackets
 
GAMABrief: Preparing for the Capital Gains Tax Hike
GAMABrief: Preparing for the Capital Gains Tax HikeGAMABrief: Preparing for the Capital Gains Tax Hike
GAMABrief: Preparing for the Capital Gains Tax Hike
 
DDunwody 2015 Tax Planning Guide (2)
DDunwody 2015 Tax Planning Guide (2)DDunwody 2015 Tax Planning Guide (2)
DDunwody 2015 Tax Planning Guide (2)
 
Income Tax Savings for Individuals
Income Tax Savings for IndividualsIncome Tax Savings for Individuals
Income Tax Savings for Individuals
 
2014 AdNet Days - Chris Hoyt Handout
2014 AdNet Days - Chris Hoyt Handout2014 AdNet Days - Chris Hoyt Handout
2014 AdNet Days - Chris Hoyt Handout
 
Estate Planning and Gifting in 2012
Estate Planning and Gifting in 2012Estate Planning and Gifting in 2012
Estate Planning and Gifting in 2012
 
Tax Changes 2013 / 2014 and Their Impact
Tax Changes 2013 / 2014 and Their ImpactTax Changes 2013 / 2014 and Their Impact
Tax Changes 2013 / 2014 and Their Impact
 
Tax Planning by Isdaner & Company, Philadelphia area certified public account...
Tax Planning by Isdaner & Company, Philadelphia area certified public account...Tax Planning by Isdaner & Company, Philadelphia area certified public account...
Tax Planning by Isdaner & Company, Philadelphia area certified public account...
 
TAG Luncheon: 2012 Tax Update
TAG Luncheon: 2012 Tax UpdateTAG Luncheon: 2012 Tax Update
TAG Luncheon: 2012 Tax Update
 
Tax Savings Tips for 2009
Tax Savings Tips for 2009Tax Savings Tips for 2009
Tax Savings Tips for 2009
 
Well Fargo 2010 Tax Planning Tables
Well Fargo 2010 Tax Planning TablesWell Fargo 2010 Tax Planning Tables
Well Fargo 2010 Tax Planning Tables
 
Year-end Financial Planning: Bracket Management
Year-end Financial Planning: Bracket ManagementYear-end Financial Planning: Bracket Management
Year-end Financial Planning: Bracket Management
 
Health Care Reform Tax Update
Health Care Reform Tax UpdateHealth Care Reform Tax Update
Health Care Reform Tax Update
 

Viewers also liked (11)

A i5640e
A i5640eA i5640e
A i5640e
 
PRESENTATION
PRESENTATIONPRESENTATION
PRESENTATION
 
jai sai naath
jai sai naathjai sai naath
jai sai naath
 
产品思考
产品思考产品思考
产品思考
 
Adolescentes
AdolescentesAdolescentes
Adolescentes
 
1
11
1
 
Understanding Heights and Datums
Understanding Heights and DatumsUnderstanding Heights and Datums
Understanding Heights and Datums
 
Base participante
Base participanteBase participante
Base participante
 
Clarity from above 8.5.16
Clarity from above 8.5.16Clarity from above 8.5.16
Clarity from above 8.5.16
 
How to Build Fit-for-Purpose Excel Models
How to Build Fit-for-Purpose Excel ModelsHow to Build Fit-for-Purpose Excel Models
How to Build Fit-for-Purpose Excel Models
 
Nuestra institución
Nuestra instituciónNuestra institución
Nuestra institución
 

Similar to KEY 2017 TAX RATES AND DEDUCTION LIMITS

2017 Individual Tax Planning Supplement
2017 Individual Tax Planning Supplement2017 Individual Tax Planning Supplement
2017 Individual Tax Planning SupplementCBIZ, Inc.
 
10 Most Expensive Tax Mistakes
10 Most Expensive Tax Mistakes10 Most Expensive Tax Mistakes
10 Most Expensive Tax MistakesMcLellan Marketing
 
Individual Investing Workshop 3 - Tax Planning
Individual Investing Workshop 3 - Tax PlanningIndividual Investing Workshop 3 - Tax Planning
Individual Investing Workshop 3 - Tax PlanningPhillip Hulme
 
Yra2018 taxchanges8918
Yra2018 taxchanges8918Yra2018 taxchanges8918
Yra2018 taxchanges8918Lynn Toomey
 
CL 5.905-PKA 0116 Tax Ref 2016
CL 5.905-PKA 0116 Tax Ref 2016CL 5.905-PKA 0116 Tax Ref 2016
CL 5.905-PKA 0116 Tax Ref 2016Pradeep K. Audho
 
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
 
US Tax Calculations
US Tax CalculationsUS Tax Calculations
US Tax Calculationsryanq2408
 
The taxing of_social_securitytrainingsite
The taxing of_social_securitytrainingsiteThe taxing of_social_securitytrainingsite
The taxing of_social_securitytrainingsiteLLoyd Lofton L.U.T.C.
 
Issues in Tax and Estate Planning
Issues in Tax and Estate PlanningIssues in Tax and Estate Planning
Issues in Tax and Estate PlanningFPSNM
 
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...IFG Network marcus evans
 
2010 Tax Planning Tables
2010 Tax Planning Tables2010 Tax Planning Tables
2010 Tax Planning Tablescdewolfe
 
Business owner powerpoint 2014 revised
Business owner powerpoint 2014   revisedBusiness owner powerpoint 2014   revised
Business owner powerpoint 2014 revisedCharles Stevens, CTC
 

Similar to KEY 2017 TAX RATES AND DEDUCTION LIMITS (20)

2017 Individual Tax Planning Supplement
2017 Individual Tax Planning Supplement2017 Individual Tax Planning Supplement
2017 Individual Tax Planning Supplement
 
10 Most Expensive Tax Mistakes
10 Most Expensive Tax Mistakes10 Most Expensive Tax Mistakes
10 Most Expensive Tax Mistakes
 
Individual Investing Workshop 3 - Tax Planning
Individual Investing Workshop 3 - Tax PlanningIndividual Investing Workshop 3 - Tax Planning
Individual Investing Workshop 3 - Tax Planning
 
2017 tax reference guide
2017 tax reference guide2017 tax reference guide
2017 tax reference guide
 
Tax Law Changes 2018
Tax Law Changes 2018Tax Law Changes 2018
Tax Law Changes 2018
 
The Taxing Of Social Security
The Taxing Of Social SecurityThe Taxing Of Social Security
The Taxing Of Social Security
 
Yra2018 taxchanges8918
Yra2018 taxchanges8918Yra2018 taxchanges8918
Yra2018 taxchanges8918
 
CL 5.905-PKA 0116 Tax Ref 2016
CL 5.905-PKA 0116 Tax Ref 2016CL 5.905-PKA 0116 Tax Ref 2016
CL 5.905-PKA 0116 Tax Ref 2016
 
2015-year end tax report
2015-year end tax report2015-year end tax report
2015-year end tax report
 
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018
 
US Tax Calculations
US Tax CalculationsUS Tax Calculations
US Tax Calculations
 
The taxing of_social_securitytrainingsite
The taxing of_social_securitytrainingsiteThe taxing of_social_securitytrainingsite
The taxing of_social_securitytrainingsite
 
Issues in Tax and Estate Planning
Issues in Tax and Estate PlanningIssues in Tax and Estate Planning
Issues in Tax and Estate Planning
 
Wealth Management Services for Health Care Professionals
Wealth Management Services for Health Care ProfessionalsWealth Management Services for Health Care Professionals
Wealth Management Services for Health Care Professionals
 
Tax Planning
Tax PlanningTax Planning
Tax Planning
 
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...
 
Tax Reform And You
Tax Reform And YouTax Reform And You
Tax Reform And You
 
Bftu 03 all clw 112703
Bftu 03 all clw 112703Bftu 03 all clw 112703
Bftu 03 all clw 112703
 
2010 Tax Planning Tables
2010 Tax Planning Tables2010 Tax Planning Tables
2010 Tax Planning Tables
 
Business owner powerpoint 2014 revised
Business owner powerpoint 2014   revisedBusiness owner powerpoint 2014   revised
Business owner powerpoint 2014 revised
 

KEY 2017 TAX RATES AND DEDUCTION LIMITS

  • 1. KEY FINANCIAL DATA 20172017 Tax Rate Schedule Taxable income ($) Base amount of tax ($) Plus Marginal tax rate Of the amount over ($) Single 0 to 9,325 + 10.0 9,326 to 37,950 932.50 + 15.0 9,325.00 37,951 to 91,900 5,226.25 + 25.0 37,950.00 91,901 to 191,650 18,713.75 + 28.0 91,900.00 191,651 to 416,700 46,643.75 + 33.0 191,650.00 416,701 to 418,400 120,910.25 + 35.0 416,700.00 Over 418,400 121,505.25 + 39.6 418,400.00 Married filing jointly and surviving spouses 0 to 18,650 + 10.0 18,651 to 75,900 1,865.00 + 15.0 18,650.00 75,901 to 153,100 10,452.50 + 25.0 75,900.00 153,101 to 233,350 29,752.50 + 28.0 153,100.00 233,351 to 416,700 52,222.50 + 33.0 233,350.00 416,701 to 470,700 112,728.00 + 35.0 416,700.00 Over 470,700 131,628.00 + 39.6 470,700.00 Head of household 0 to 13,350 + 10.0 13,351 to 50,800 1,335.00 + 15.0 13,350.00 50,801 to 131,200 6,952.50 + 25.0 50,800.00 131,201 to 212,500 27,052.50 + 28.0 131,200.00 212,501 to 416,700 49,816.50 + 33.0 212,500.00 416,701 to 444,550 117,202.50 + 35.0 416,700.00 Over 444,550 126,950.00 + 39.6 444,550.00 Married filing separately 0 to 9,325 + 10.0 9,326 to 37,950 932.50 + 15.0 9,325.00 37,951 to 76,550 5,226.25 + 25.0 37,950.00 76,551 to 116,675 14,876.25 + 28.0 76,550.00 116,676 to 208,350 26,111.25 + 33.0 116,675.00 208,351 to 235,350 56,364.00 + 35.0 208,350.00 Over 235,350 65,814.00 + 39.6 235,350.00 Estates and trusts 0 to 2,550 + 15.0 2,551 to 6,000 382.50 + 25.0 2,550.00 6,001 to 9,150 1,245.00 + 28.0 6,000.00 9,151 to 12,500 2,127.00 + 33.0 9,150.00 Over 12,500 3,232.50 + 39.6 12,500.00 Tax Deadlines January 17 – 4th installment of the previous year’s estimated taxes due April 18 – Tax filing deadline, or request extension to Oct. 16. First install- ment of 2017 taxes due. Last day to file amended return for 2013. Last day to contribute to: Roth or traditional IRA for 2016; HSA for 2016; Keogh or SEP for 2016 (unless tax filing deadline has been extended). June 15 – 2nd installment of estimated taxes due September 15 – 3rd installment of estimated taxes due October 16 – Tax returns due for those who requested an extension. Last day to recharacterize a converted IRA from 2016 if extension was filed or tax return was filed by April 17. Last day to contribute to SEP or Keogh for 2016 if extension was filed. December 31 – Last day to: 1) pay expenses for itemized deductions; 2) complete transactions for capital gains or losses; 3) establish a Keogh plan for 2017; 4) establish and fund a solo 401(k) for 2017; 5) complete 2017 contributions to employer-sponsored 401(k) plans; 6) correct excess contributions to IRAs and qualified plans to avoid penalty. Gift and Estate Tax Exclusions and Credits Maximum estate, gift & GST rates 40% Estate, gift & GST exclusions $5,490,000 Gift tax annual exclusion $14,000 Exclusion on gifts to non-citizen spouse $149,000 Copyright © 2017 Horsesmouth, LLC. All Rights Reserved. Sources: IRS-2016-55, Affordable Care Act, Social Security Administration, Centers for Medicare & Medicaid Services, Misc IRS documents. Horsesmouth is an independent organization providing unique, unbiased insight into the critical issues facing financial advisors and their clients. Horsesmouth, LLC is not affiliated with the reprint licensee or any of its affiliates. Check with your financial advisor for updates. Tax Rates on Long-Term Capital Gains and Qualified Dividends If taxable income falls below the 25% tax bracket 0% If taxable income falls at or above the 25% tax bracket but below the 39.6% rate 15% If income falls in the 39.6% tax bracket 20% 3.8% Tax on Lesser of Net Investment Income or Excess of MAGI Over Married, filing jointly $250,000 Single $200,000 Married, filing separately $125,000 Education Credits & Deductions Credit/Deduction/ Account Maximum credit/ deduction Income phaseouts begin at AGI of: American Opportunity Tax Credit/Hope $2,500 credit $160,000 joint $80,000 all others Lifetime learning credit $2,000 credit $112,000 joint $56,000 all others Savings bond interest tax-free if used for education Deduction— limited to amount of quali- fied expenses $117,250 joint $78,150 all others Coverdell $2,000 maximum; not deductible $190,000 joint $95,000 all others Exemption Amounts for Alternative Minimum Tax Married, filing jointly or surviving spouses $84,500 Single $54,300 Married, filing separately $42,250 Estates and trusts $24,100 28% tax rate applies to income over: Married, filing separately $93,900 All others $187,800 Exemption amounts phase out at: Married, filing jointly or surviving spouses $160,900 Single $120,700 Married, filing separately and estates and trusts $80,450 Standard Deductions & Personal Exemption Filing status Standard deduction Personal exemption Phaseouts begin at AGI of: Married, filing jointly and qualifying widow(er)s $12,700 $4,050 $313,800 Single $6,350 $4,050 $261,500 Married, filing separately $6,350 $4,050 $156,900 Head of household $9,350 $4,050 $287,650 Dependent filing own tax return $1,050** None Additional deductions for non-itemizers Blind or over 65 Add $1,250 Blind or over 65 and unmarried and not a surviving spouse Add $1,550 ** Cannot exceed greater of $1,050 or $350 plus the individual’s earned income Bradley W. Poock Senior Vice President StockCross Financial Services 24100 Calabasas Road Calabasas, CA 91302 Bradley.Poock@stockcross.com License #: 4566333Reprint Licensee: Bradley W. Poock 888-226-4018
  • 2. Social Security Benefits Full retirement age (FRA) if born between 1943 and 1954 66 Estimated maximum monthly benefit $2,687 Retirement earnings exempt amounts $16,920 under FRA $44,880 during year reach FRA No limit after FRA Tax on Social Security benefits: income brackets Filing status Provisional income* Amount of Social Security subject to tax Married filing jointly Under $32,000 $32,000-$44,000 Over $44,000 0 up to 50% up to 85% Single, head of household, qualifying widow(er), married filing separately and living apart from spouse Under $25,000 $25,000-$34,000 Over $34,000 0 up to 50% up to 85% Married filing separately and living with spouse Over 0 up to 85% Tax (FICA) SS tax paid on income up to $127,200 % withheld Maximum tax payable Employer pays 6.2% $7,886.40 Employee pays 6.2% $7,886.40 Self-employed pays 12.4% $15,772.80 Medicare tax Employer pays 1.45% varies per income Employee pays 1.45% plus 0.9% on income over $200,000 (single) or $250,000 (joint) varies per income Self-employed pays 2.90% plus 0.9% on income over $200,000 (single) or $250,000 (joint) varies per income Deductibility of Long-Term Care Premiums on Qualified Policies Attained age before close of tax year Amount of LTC premiums that qualify as medical expenses in 2017 40 or less $410 41 to 50 $770 51 to 60 $1,530 61 to 70 $4,090 Over 70 $5,110 Health Savings Accounts Annual limit Maximum deductible contribution Expense limits (deductibles and co-pays) Minimum annual deductible Individuals $3,400 $6,550 $1,300 Families $6,750 $13,100 $2,600 Catch-up for 55 and older $1,000 Medicare Deductibles Part B deductible $183.00 Part A (inpatient services) deductible for first 60 days of hospitalization $1,316.00 Part A deductible for days 61-90 of hospitalization $329/day Part A deductible for more than 90 days of hospitalization $658/day Medicare Premiums 2015 MAGI single 2015 MAGI joint Part B Premium Part D income adjustment $85,000 or less $170,000 or less $134.00** $0 85,001-107,000 170,001-214,000 $187.50 $13.30 107,001-160,000 214,001-320,000 $267.90 $34.20 160,001-214,000 320,001-428,000 $348.30 $55.20 Above 214,000 Above 428,000 $428.60 $76.20 Uniform Lifetime Table (partial) Age of IRA owner or plan participant Life expectancy (in years) Age of IRA owner or plan participant Life expectancy (in years) 70 27.4 86 14.1 71 26.5 87 13.4 72 25.6 88 12.7 73 24.7 89 12.0 74 23.8 90 11.4 75 22.9 91 10.8 76 22.0 92 10.2 77 21.2 93 9.6 78 20.3 94 9.1 79 19.5 95 8.6 80 18.7 96 8.1 81 17.9 97 7.6 82 17.1 98 7.1 83 16.3 99 6.7 84 15.5 100 6.3 85 14.8 101 5.9 Retirement Plan Contribution Limits Annual compensation used to determine contribution for most plans $270,000 Defined-contribution plans, basic limit $54,000 Defined-benefit plans, basic limit $215,000 401(k), 403(b), 457(b), Roth 401(k) plans elective deferrals limit $18,000 Catch-up provision for individuals 50 and over, 401(k), 403(b), 457(b), Roth 401(k) plans $6,000 SIMPLE plans, elective deferral limit $12,500 SIMPLE plans, catch-up contribution for individuals 50 and over $3,000 Information contained herein is current as of 12/14/16. It is subject to legislative changes and is not intended to be legal or tax advice. Consult a qualified tax advisor regarding specific circumstances. This material is furnished “as is” without warranty of any kind. Its accuracy and completeness is not guaranteed and all warranties expressed or implied are hereby excluded.*Provisional income = adjusted gross income (not incl. Social Security) + tax-exempt interest + 50% of Social Security benefit Individual Retirement Accounts IRA type Contribu- tion limit Catch-up at 50+ Income limits Traditional nondeductible $5,500 $1,000 None Traditional deductible $5,500 $1,000 If active in a plan: $99,000 - $119,000 joint $62,000 - $72,000 single, HOH 0 - $10,000 married filing separately If one spouse is active in a plan: $186,000 - $196,000 joint Roth $5,500 $1,000 $186,000 - $196,000 joint $118,000 - $133,000 single, HOH 0 - $10,000 married filing separately MyRA $5,500 $1,000 $186,000 - $196,000 joint $118,000 - $133,000 single Roth conversion No income limit Copyright © 2017 Horsesmouth, LLC. All Rights Reserved. Check with your financial advisor for updates. **Average of $109.00 if held harmless