For 2017, the threshold for the kiddie tax - meaning the amount of unearned net income that a child can take home without paying any federal income tax - is $1,050. The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24. The AMT exemption amounts are as follows: In years past, the AMT was subject to a last-minute scramble by Congress to “patch” the exemption but as part of the American Taxpayer Relief Act of 2012 (ATRA), the AMT exemption amounts are permanently adjusted for inflation - that's why you now see it in this list. It phases out completely at $384,000 ($436,300 for married couples filing jointly). However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $261,500 ($313,800 for married couples filing jointly). The personal exemption amount for 2017 is $4,050, the same as 2016. Taxpayers over the age of 65 could use the 7.5% floor through 2016: in 2017, the favored tax rate disappears and all taxpayers are subject to the 10% floor. Keep in mind that the floor for medical expenses in 2017 is 10% of adjusted gross income (AGI) for all taxpayers. (You can read more about the Pease limitations and how they affect affluent taxpayers here.) They do not apply to medical expenses, investment expenses, gambling losses, and certain theft and casualty losses. Pease limitations apply to charitable donations, the home mortgage interest deduction, state and local tax deductions and miscellaneous itemized deductions.

80% of the amount of itemized deductions otherwise allowable for the tax year.

3% of AGI above the applicable threshold or.If the Pease limitations apply, the total of all your itemized deductions is reduced by the lesser of: Don Pease (D-OH) may cap or phase out certain deductions for high-income taxpayers. The additional standard deduction amount is increased to $1,550 if the individual is also unmarried and not a surviving spouse.įor 2017, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of (a) $1,050 or (b) $350 + the dependent's earned income.įor those taxpayers who itemize their deductions, the Pease limitations, named after former Rep. For 2017, the additional standard deduction amount for the aged or the blind is $1,250.

Irs.gov tax table for 2016