Adoption credit

Adoption credit20162017
Maximum credit$13,460$13,570
Phaseout threshold amount$201,920$203,540
Completed phaseout amount after$241,920$243,540

Alternative Minimum Tax (AMT)

Maximum AMT exemption amount20162017
Married filing jointly or surviving spouse$83,800$84,500
Single or head of household$53,900$54,300
Married filing separately$41,900$42,250
AMT income exemption phaseout threshold20162017
Married filing jointly or surviving spouse$159,700$160,900
Single or head of household$119,700$120,700
Married filing separately$79,850$80,450
AMT tax rate (26% rate applies to AMTI at or below amount; 28% applies to AMTI above amount)20162017
All taxpayers except married filing separately$186,300$187,800
Married filing separately$93,150$93,900

Charitable deductions

Use of auto20162017
Deductible standard mileage rate$0.14$0.14
Charitable fundraising “insubstantial benefit” limitation20162017
Low-cost article (re: unrelated business income)$10.60$10.70
Gifts to donor in return for contribution20162017
Token gift maximum cost1$10.60$10.70
Minimum contribution amount1$53.00$53.50
2% threshold amount2$106$107

1 Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum

2 Charitable contribution is fully deductible if the benefit received by the donor doesn’t exceed the lesser of the threshold amount or 2% of the amount of the contribution

Child tax credit

Amount of credit20162017
Maximum credit per qualifying child$1,000$1,000
Phaseout — credit reduced by $50 for each $1,000 or fraction thereof of MAGI over:20162017
Married Filing Jointly$110,000$110,000
Married Filing Separately$55,000$55,000
Refundability — up to specified percentage of earned income in excess of specified amount20162017

Classroom expenses of elementary and secondary school teachers

Classroom expense deduction20162017
Maximum above-the-line deduction$250$250

Earned income tax credit (EITC)

Investment income limit20162017
Excessive investment income limit (“disqualified income limit”)$3,400$3,450

Maximum amount of EITC per number of children20162017
0 children$506$510
1 child$3,373$3,400
2 children$5,572$5,616
3 or more children$6,269$6,318
Maximum amount of earned income on which EITC is based (earned income over this amount but under the threshold phaseout amount will not change the amount of the credit received)20162017
0 children$6,610$6,670
1 child$9,920$10,000
2 or more children$13,930$14,040
Threshold phaseout amount for joint filers per number of children20162017
0 children$13,820$13,930
1 child$23,740$23,930
2 children$23,740$23,930
3 or more children$23,740$23,930
Threshold phaseout amount for other filers per number of children20162017
0 children$8,270$8,340
1 child$18,190$18,340
2 children$18,190$18,340
3 or more children$18,190$18,340
Completed phaseout amount for joint filers per number of children20162017
0 children$20,430$20,600
1 child$44,846$45,207
2 children$50,198$50,597
3 or more children$53,505$53,930

Completed phaseout amount for other filers per number of children20162017
0 children$14,880$15,010
1 child$39,296$39,617
2 children$44,648$45,007
3 or more children$47,955$48,340


Covered expatriate20162017
An individual with “average annual net income tax” of more than this amount for the five taxable years ending before his or her loss of citizenship is a covered expatriate for the purposes of IRC §877A(g)(1)$161,000$162,000
IRC §877A(3) exclusion amount$693,000$699,000

Foreign earned income

Amount excluded from income20162017
Exclusion amount$101,300$102,100

Itemized deductions

Phaseout threshold20162017
Married filing jointly$311,300$313,800
Head of household$285,350$287,650
Married filing separately$155,650$156,900

Kiddie tax

Unearned income limit20162017
Amount exempt from tax$1,050$1,050
Additional amount taxed at child’s rate$1,050$1,050
Unearned income over this amount taxed at parent’s rate$2,100$2,100

Parent’s election20162017
Election to include child’s income on parent’s return — child’s gross income requirement$1,050 – $10,500$1,050 – $10,500
AMT exemption for child subject to kiddie taxLesser of $7,400 + child’s earned income or $53,900Lesser of $7,500 + child’s earned income or $54,300

Medicare tax (additional payroll tax and unearned income contribution tax)

Payroll tax20162017
Additional Medicare payroll tax (and self-employment tax) percentage rate0.90%0.90%
Applies to wages/self-employment income exceeding20162017
Married filing jointly$250,000$250,000
Married filing separately$125,000$125,000
Tax on unearned income20162017
Unearned income Medicare contribution tax rate3.80%3.80%
Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding20162017
Married filing jointly$250,000$250,000
Married filing separately$125,000$125,000

Nanny tax

Compensation threshold20162017
Domestic employee coverage threshold$2,000$2,000

Personal exemption amount

Personal exemption amount$4,050$4,050
Married filing jointly20162017
Phaseout threshold amount$311,300$313,800
Completed phaseout amount after$433,800$436,300
Head of household20162017
Phaseout threshold amount$285,350$287,650
Completed phaseout amount after$407,850$410,150
Phaseout threshold amount$259,400$261,500
Completed phaseout amount after$381,900$384,000
Married filing separately20162017
Phaseout threshold amount$155,650$156,900
Completed phaseout amount after$216,900$218,150

“Saver’s Credit”

Elective Deferrals and IRA Contributions by Certain Individuals20162017
Maximum credit amount$1,000$1,000
Applicable percentage of 50% applies to AGI20162017
Joint Return$0 – $37,000$0 – $37,000
Head of Household$0 – $27,750$0 – $27,750
Other$0 – $18,500$0 – $18,500
Applicable percentage of 20% applies to AGI20162017
Joint Return$37,001 – $40,000$37,001 – $40,000
Head of Household$27,751 – $30,000$27,751 – $30,000
Other$18,501 – $20,000$18,501 – $20,000
Applicable percentage of 10% applies to AGI20162017
Joint Return$40,001 – $61,500$40,001 – $62,000
Head of Household$30,001 – $46,125$30,001 – $46,500
Other$20,001 – $30,750$20,001 – $31,000
Applicable percentage of 0% applies to AGI20162017
Joint ReturnOver $61,500Over $62,000
Head of HouseholdOver $46,125Over $46,500
OtherOver $30,750Over $31,000

Standard deductions

Married filing jointly or surviving spouse$12,600$12,700
Head of household$9,300$9,350
Married filing separately$6,300$6,350
DependentGreater of $1,050 or $350 + earned incomeGreater of $1,050 or $350 + earned income
Additional deduction for aged or blind (single or head of household)$1,550$1,550
Additional deduction for aged or blind (all other filing statuses)$1,250$1,250

Standard mileage rates

Applicable rates20162017
Use of auto for business purposes (cents per mile)$0.54$0.535
Use of auto for medical purposes (cents per mile)$0.19$0.17
Use of auto for moving purposes (cents per mile)$0.19$0.17

Refer a friendTo find out more click here

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax and legal professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of PA. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2017.