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
Business
Deductions
2017
2018
2019
2020
2021
Section 179 Deduction
$500,000
$1
mil
$1,020,000
$1,040,000
$1,050,000l
Phaseout Amount
$2 mil
$2.5 mil
$2.55 mil
$2.59 mil
$2.62 mil
Capital Gain and Dividend
Tax Rates
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.
* 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.
Retirement
Plan Amounts
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
Estate
And Gift Amounts
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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