What’s new in 2017
| PROVISION | 2017 | 2016 |
| Personal exemption |
$4,050
|
$4,050
|
Standard deduction
|
$6,350
$12,700 $6,350 $9,350 $1,250 $1,550 |
$6,300
$12,600 $6,300 $9,300 $1,250 $1,550 |
Income at which itemized deductions and personal exemptions start to phase out
|
$261,500 |
$259,400 |
Alternative minimum tax exemption
|
$54,300
$84,500 $42,250 |
$53,900
$83,800 $41,900 |
| Maximum wages subject to social security tax |
$127,200
|
$118,500
|
Social security earnings limit
|
$16,920
No limit |
$15,720
No limit |
| Estate tax top rate |
40%
|
40%
|
| Estate tax exclusion |
$5,490,000
|
$5,450,000
|
| Annual gift tax exclusion (per donee) |
$14,000
|
$14,000
|
HSA contribution limit
|
$3,400
$6,750 $1,000 |
$3,350
$6,750 $1,000 |
|
$5,500
$6,500 $12,500 $15,500 $18,000 $24,000 |
$5,500
$6,500 $12,500 $15,500 $18,000 $24,000 |
| “Kiddie tax” threshold |
$2,100
|
$2,100
|
| “Nanny tax” threshold |
$2,000
|
$2,000
|
As you do your planning for 2017, be aware that Congress may make changes to the tax code. See us prior to making business and financial decisions so that current rules and pending changes can be considered.
© MC 2017
