Federal Tax Database
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Individual Deductions and Credits |
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2017 | 2018 | 2019 | 2020 | 2021 |
| Standard Deduction, Joint Return And Surviving Spouse | $12,700 | $24,000 | $24,400 | $24,800 | $25,100 |
| Standard Deduction, Head of Household | $9,350 | $18,000 | $18,350 | $18,650 | $18,800 |
| Standard Deduction, Single | $6,350 | $12,000 | $12,200 | $12,400 | $12,550 |
| Standard Deduction, Married Filing Separate | $6,350 | $12,000 | $12,200 | $12,400 | $12,550 |
| Personal exemption | $4,050 | N/A | N/A | N/A | N/A |
| Taxpayer Claimed As A Dependent | $1,050 | N/A | N/A | N/A | N/A |
| Additional Standard Deduction For Blindness or Age, Single | $1,550 | $1,600 | $1,650 | $1,600 | $1,700 |
| Additional Standard Deduction For Blindness or Age, Married | $1,250 | $1,300 | $1,300 | $1,300 | $1,300 |
| Itemized Deduction Income Threshold (deductions reduced by 3% of amount your adjusted gross income exceeds threshold) |
Single $261,500 MFJ $313,800 MFS $156,900 HOH $287,650 |
N/A | N/A | N/A | N/A |
| Maximum IRA Deduction | $5,500 | $5,500 | $6,000 | $5,500 | $6,000 |
| Additional IRA Deduction For Age 50 and Over | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Hope Scholarship Credit Per Eligible Student | |||||
| American Opportunity Tax Credit Per Eligible Student | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 |
| Lifetime Learning Credit | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Maximum Contribution To Education Savings Account (previously Education IRA) | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Child Tax Credit Under 6 | $1,000 | $1,000 | $2,000 | $2,000 | $3,600 |
| Child Tax Credit Ages 6-17 | $1,000 | $1,000 | $2,000 | $2,000 | $3,000 |
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Business Deductions |
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2017 | 2018 | 2019 | 2020 | 2021 |
| Section 179 Deduction | $500,000 | $1 mil | $1,020,000 | $1,040,000 | $1,050,000l |
| Phaseout Amount
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$2 mil | $2.5 mil | $2.55 mil | $2.59 mil | $2.62 mil |
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Capital Gain and Dividend Tax Rates |
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2017 | 2018 | 2019 | 2020 | 2021 |
| Tax Rate On Qualified Dividends and Capital Gains | 15% | 15%* | 15%* | 15%* | 15%* |
| Dividend and Capital Gain Tax Rate For High Income Taxpayers (Income in the 39.6% marginal tax bracket) | 20% | 20%* | 20%* | 20%* | 20%* |
| Tax Rate On Dividends For Low Income Taxpayers (10% and 15% Brackets) | 0% | 0%* | 0%* | 0%* | 0%* |
| * 0% rate applies to
incomes below $39,375 single, $78,750 MFJ and $52,750 HH. 15%
rate applies to incomes between $39,376-$434,550 single,
$78,751-$488,850 MFJ and $52,751-$461,700 HH. 20% rate applies
to incomes exceeding $434,550 single, $488,850 MFJ and $461,700 HH. |
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Auto And Transportation Allowances |
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2017 | 2018 | 2019 | 2020 | 2021 |
| Business Mileage Rate | .535 | .545 | .58 | .575 | .56 |
| Medical/Moving Mileage Rate | .17 | .18 | .20 | .17 | .16 |
| Charity Mileage Rate | .14 | .14 | .14 | .14 | .14 |
| Vehicle/Transit Pass Limit | $255 | $260 | $265 | $270 | $270 |
| Qualified Parking Limit | $255 | $260 | $265 | $270 | $270 |
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Inclusion Amount For Leased Autos (smbiz.com)
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Federal Income Tax Schedules |
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IRS 2017 Individual Tax Table |
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| 2017 Individual Tax Rate Schedules | |||||
| 2000-2017 Corporate Tax Rates | |||||
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Social Security and Self-Employment Tax |
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2017 | 2018 | 2019 | 2020 | 2021 |
| FICA Taxable Maximum Earnings | $127,200 | $128,400 | $132,900 | $137,700 | $142,800 |
| FICA Tax Rate On Employee | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% |
| Tax on Self-Employment Earnings | 12.4% | 12.4% | 12.4% | 12.4% | 12.4% |
| Medicare Taxable Maximum Earnings | No Limit | No Limit | No Limit | No Limit | No Limit |
| Medicare Tax Rate on Employee | 1.45%** | 1.45%** | 1.45%** | 1.45%** | 1.45%** |
| Medicare Tax on Self-Employment Earnings | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% |
| Social Security Earnings Cap - Recipients Under 65 | $16,920 | $17,040 | $17,640 | $17,640 | $18,960 |
| Social Security Earnings Cap - Recipients 65-69 * | No Limit | No Limit | No Limit | No Limit | No Limit |
| Social Security Earnings Cap - Recipients Over 70 | No Limit | No Limit | No Limit | No Limit | No Limit |
| For More Social Security Limits : SSA.gov | |||||
| * While the earnings cap
was dropped for persons over 65 as of January 1, 2000, there remains
an earnings cap of ($37,680 in 2009) during the
retiree's 65th year for those months prior to the actual birthday. **Beginning in 2013, there is an additional .9% Medicare tax on single taxpayers earning more than $200,000 and joint filers earning more than $250,000. |
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Retirement Plan Amounts |
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2017 | 2018 | 2019 | 2020 | 2021 |
| Limit on 401(k) Elective Deferrals | $18,000 | $18,500 | $19,000 | $19,500 | $19,500 |
| Allowable Catch-Up Contribution For Employees 50 and Over | $6,000 | $6,000 | $6,000 | $6,500 | $6,500 |
| Compensation Limit Under 401(a)(17), 404(I) and 408(k)(3)(C) | $270,000 | $275,000 | $280,000 | $285,000 | $290,000 |
| Deferral Limit Under A SIMPLE Plan | $12,500 | $12,500 | $13,000 | $13,500 | $13,500 |
| SIMPLE Plan Deferral Limit - Age 50 | $15,500 | $15,500 | $16,000 | $16,500 | $16,500 |
| Limit on Annual Benefit From A Defined Benefit Plan | $215,000 | $220,000 | $225,000 | $225,000 | $230,000 |
| Earnings Definition of Highly Compensated Employee | $120,000 | $120,000 | $125,000 | $130,000 | $130,000 |
| Limit on Deductible Contributions to Defined Contribution Plans | $54,000 | $55,000 | $56,000 | $57,000 | $58,000 |
| Compensation Limit To Trigger a SEP | $600 | $600 | $600 | $600 | $600 |
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Estate And Gift Amounts |
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2017 | 2018 | 2019 | 2020 | 2021 |
| Annual Gift Exclusion | $14,000 | $15,000 | $15,000 | $15,000 | $15,000 |
| Lifetime Gift Exclusion |
$5.49 million |
$11.18 million |
$11.4 million |
$11.58 million |
$11.7 million |
| Estate Tax Exclusion |
$5.49 million |
$11.18 million |
$11.4 million |
$11.58 million |
$11.7 million |
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