2017 Tax Key Facts

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2017 Tax Key Facts

1. Social Security Taxable Wage Base for 2017 is $127,200

2. Personal Exemption Amount on Individual Tax Returns is $4,050

3. Standard Deduction Amount for 2017:
•Single — $6,350
•Married Filing Joint / Qualifying Widower– $12,700
•Married Filing Separate — $6,350
•Head of Household — $9,350

4. Child Tax Credit for 2017 remains at $1,000

5. Annual Gift Tax Exclusion for 2017 is $14,000

6. Section 179 Depreciation Deduction Limit for 2017 is $500,000

7. IRA (Traditional & Roth) – Maximum Contribution Limit is $5,500
•Age 50 Catch Up — Additional $1,000

8. 401 (K) & 403 (b) Maximum Contribution Limit is $18,000
•Age 50 Catch Up — Additional $6,000

9. Simple Retirement Plans Maximum Contribution Limit is $12,500
•Age 50 Catch Up — Additional $3,000

10. Health Saving Account (HSA) Maximum Deductible Limits
•Self — $3,400
•Family — $6,750
•Age 55 Catch Up — Additional $1,000

Business Mileage Rates:

Jan–Dec  53.5 cents per mile

*Medical & Moving Mileage:

Jan–Dec      17.0 cents per mile

*Charitable Mileage:

 Charitable Miles –14 cents/mile

 

 

*Education/Tuition Credits*American Opportunity Credit

 

$2,500

 

*Lifetime Learning Credit

 

$2,000

*1099-C, Cancellation of Debt Income from the discharge of debt for taxpayers primary residence can be excluded from taxable income through the year 2013.

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