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
Income
(AGI) phase-out for personal
exemption
and itemized deductions
*
Single Starts
at $261,500 Starts at $259,400
*
Joint returns and surviving spouses Starts
at $313,800 Starts at $311,300
*
Married filing separately Starts
at $156,900 Starts at $155,650
*
Head of household Starts
at $287,650 Starts at $285,350
Health
savings account contribution limit
*
Individual $3,400 $3,350
*
Family $6,750 $6,750
*
Additional for 55 & older $1,000 $1,000
Automobile
standard mileage rate
*
Business 53.5¢ 54¢
*
Medical/moving expense 17¢ 19¢
*
Charitable work 14¢ 14¢
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
Alternative
minimum tax exemption
*
Single $54,300 $53,900
*
Married, joint $84,500 $83,800
*
Married, separate $42,250 $41,900
Section
179 deduction limit $ 510,000 $ 500,000
Section
179 purchase limit $ 2,030,000 $ 2,010,000
