The
numbers for 2016 in the chart below apply to your 2016 returns, and the numbers
for 2017 should be used in your 2017 tax planning.
2017 2016
Standard
deduction
*
Single $ 6,350 $ 6,300
*
Joint returns and surviving spouses $12,700 $12,600
*
Married filing separately $ 6,350 $ 6,300
*
Head of household $ 9,350 $ 9,300
*
Additional for elderly or blind (married) $ 1,250 $ 1,250
*
Additional for elderly or blind (single) $ 1,550 $ 1,550
Personal
exemption $ 4,050 $ 4,050
“Kiddie
tax” threshold $ 2,100 $ 2,100
“Nanny
tax” threshold $ 2,000 $ 2,000
Social
security tax wage base $127,200 $118,500
Medicare
tax wage base No
limit No limit
Social
security earnings limit
*
Below full retirement age $
16,920 $ 15,720
*
Full retirement age No
limit No limit
Maximum
retirement plan contributions
*
IRA for those under age 50 $ 5,500 $ 5,500
*
IRA for those 50 and over $ 6,500 $ 6,500
*
SIMPLE plan for those under age 50 $12,500 $12,500
*
SIMPLE plan for those 50 and over $15,500 $15,500
*
401(k) plan for those under age 50 $18,000 $18,000
*
401(k) plan for those 50 and over $24,000 $24,000
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