Quick Reference Charts Revised 03-01-18 QRC - 1
Table of Contents Federal Tax Information... 3 Federal AGI Phase-Out Ranges... 6 Retirement Plans, IRAs & Employee Benefits... 7 QRC - 2
Beginning of 15*/12% Bracket (10% below) Beginning of 25*/22% Bracket Beginning of 28*/24% Bracket (below at 10% for ) Beginning of 33*/32% Bracket Beginning of 35% Bracket Beginning of 39.6*/37% Bracket 15% LTCG & Qualifying Dividend Tax Rate Beginning (0% below) 20% LTCG & Qualifying Dividend Tax Rate Beginning Kiddie Tax Exemption from kiddie tax (unearned income limits) Parents can elect to include on own return if child s income is between Federal Tax Information 2017* 2016* $19,050 $9,525 $13,600 $9,525 $77,400 $38,700 $51,800 $38,700 $165,000 $82,500 $82,500 $82,500 $315,000 $157,500 $157,500 $157,500 $400,000 $9,150 $600,000 $500,000 $500,000 $300,000 $12,500 $77,200 $38,600 $51,700 $38,600 $2,600 $479,000 $425,800 $452,400 $239,500 $12,700 $18,650 $9,325 $13,350 $9,325 $0 $75,900 $50,800 $153,100 $91,900 $131,200 $76,550 $6,000 $233,350 $191,650 $212,500 $116,675 $9,150 $416,700 $416,700 $416,700 $208,350 $470,700 $418,400 $444,550 $235,350 $12,500 $75,900 $50,800 $470,700 $418,400 $444,550 $235,350 $12,500 $18,550 $9,275 $13,250 $9,275 $0 $75,900 $50,800 $151,900 $91,150 $130,150 $75,950 $5,950 $231,450 $190,150 $210,800 $115,725 $9,050 $413,350 $413,350 $413,350 $206,675 $466,950 $415,050 $441,000 $233,475 $12,400 $75,900 $50,800 $466,950 $415,050 $441,000 $233,475 $12,400 QRC - 3 $2,100 $2,100 $1,050 - $10,500 $2,100 $1,050 - $10,500
Alternative Minimum Tax (AMT) Exemption Married Filing Joint & Surviving Spouse or Head of Household Married Filing Separate Estates and Non-grantor Trusts Child subject to kiddie tax (this amount + earned income) AMT Beginning 28% Rate (26% below this threshold) Married Filing Joint, Surviving Spouse,, HOH Married Filing Separate 2017* 2016* $109,400 $70,300 $54,700 $24,600 $7,600 $84,500 $54,300 $42,250 $24,100 $7,500 $83,800 $53,900 $41,900 $23,900 $7,400 $191,100 $187,800 $186,300 $95,550 $93,900 $93,150 Educator (K-12 grades) expenses $250 $250 $250 Child Tax Credit Child-dependent credit Non-child dependent credit Refundable threshold for earned income above Maximum child dependent credit refundable $2,000 $500 $2,500 $1,400 $1,000 $3,000 $1,000 $1,000 $3,000 $1,000 Personal/Dependent Exemption $4,050 $4,050 Standard Deduction Joint or Qualifying Widow(er) (MFJ) Head of Household (HOH) Married Filing Separately (MFS) Additional for Elderly/Blind Married Additional for Elderly/Blind Unmarried Taxpayer Claimed as Dependent Gift and Estate Tax Estate & Gift Tax Exclusion Estate & Gift Maximum Tax Rate Gift Tax Annual Exclusion $24,000 $12,000 $18,000 $12,000 $1,300 $1,600 > $1,050 or $350 + earned income $11,180,000 + 40% $15,000 $12,700 $6,350 $9,350 $6,350 $1,250 $1,550 > $1,050 or $350 + earned income $5,490,000 + 40% $14,000 $12,600 $6,300 $9,300 $6,300 $1,250 $1,550 > $1,050 or $350 + earned income $5,450,000 + 40% $14,000 + The estate & gift tax exclusion amount is adjusted for the amount of any deceased spouse unused exclusion amount. FICA/SE Tax Max Earnings OASDI Maximum Earnings (12.4%) HI Maximum Earnings (2.9%) $128,400 $127,200 $118,500 Additional 0.9% Medicare Tax Earned Income & Wages Threshold Married Filing Joint (MFJ) & Head of Household (HOH) Married Filing Separate (MFS) 3.8% Net Investment Income Tax MAGI Threshold Married Filing Joint (MFJ) & Head of Household (HOH) Married Filing Separate (MFS) Earnings Ceiling for Social Security Below Full Retirement Age * In Year of Full Retirement Age ** $17,040/year $45,360/year $16,920/year $44,880/year $15,720/year $41,880/year Full Retirement Age * The SSA will deduct $1 from the taxpayer s benefits for each $2 that the taxpayer earned above the limit. ** The SSA will deduct $1 from the taxpayer s benefits for each $3 that the taxpayer earned above the limit until the month that the taxpayer turns the full retirement age (i.e., age 67 for anyone born in 1960 or later). QRC - 4
Auto Standard Mileage Allowances (per mile) Business (depreciation component) Charity work Medical Moving Depreciation Limits - Autos First Year without/with 168(k) bonus depreciation * Second Year Third Year 2017* 2016* $0.545 ($.25) $0.14 $0.18 $10,000/$18,000 $16,000 $9,600 $5,760 $0.535 ($.25) $0.14 $0.17 $0.17 $3,160/$11,160 $5,100 $3,050 $1,875 $0.54 ($.24) $0.14 $0.19 $0.19 $3,160/$11,160 $5,100 $3,050 $1,875 Fourth Year & Thereafter * In the case of a passenger automobile acquired by the taxpayer before September 28, 2017, and placed in service by the taxpayer after September 27, 2017, the first year increased by $8,000 shall be substituted with $6,400 in the case of an automobile placed in service during and $4,800 in the case of an automobile placed in service during 2019. Depreciation Limits - Light Trucks and Vans First Year without/with 168(k) bonus depreciation Second Year Third Year Fourth Year & Thereafter 179 Deduction Limits Annual Deduction Limit Maximum Equipment Purchase Phase-Out Threshold Heavy SUV Maximum Deduction $1,000,000 $2,500,000 $25,000 $3,560/$11,560 $5,700 $3,450 $2,075 $510,000 $2,030,000 $25,000 $3,560/$11,560 $5,700 $3,350 $2,075 $500,000 $2,010,000 $25,000 QRC - 5
Federal AGI Phase-Out Ranges AGI/MAGI Phase-Out Ranges Description MFJ / HOH MFS Adoption Credit/Exclusion Phase-out 1 2016 ($13,460 credit) 2017 ($13,570 credit) ($13,810 credit) AMT Exemption Phase-Out Range 3 2016 ($83,800/$53,900/$41,900 exemption) 2017 ($84,500/$54,300/$42,250 exemption) ($109,400/$70,300/$54,700 exemption) Child Credit Phase-out Starts (not adjusted) 1, 2017 & prior Itemized Deduction Phase-Out Starts (AGI >) 2016 2017 Personal Exemption Phase-Out Range 2016 2017 $201,920 - $241,920 $203,540 - $243,540 $207,140 - $247,140 $159,700 - $494,400 $160,900 - $498,900 $1,000,000 - $1,437,600 $110,000 $400,000 $311,300 $313,800 $311,300-433,800 $313,800-436,300 $201,920 - $241,920 $203,540 - $243,540 $207,140 - $247,140 $119,700 - $335,300 $120,700 - $337,900 $500,000 - $781,200 $75,000 $259,400/$285,350 $261,500/$287,650 $259,400-381,800/ $285,350-407,850 $261,500-384,000/ $287,650-410,150 /exclusion /exclusion /exclusion $79,850 - $247,450 $80,450 - $249,450 $500,000 - $718,800 $55,000 $155,650 $156,900 $155,650-216,900 $156,900-218,150 Coverdell Education Savings Accounts 1 $190,000 - $220,000 $95,000 - $110,000 $95,000 - $110,000 Dependent Care Credit (35% to 20% expenses) $15,000 - $43,000 $15,000 - $43,000 Student Loan Interest Deduction 1 2016 2017 $130,000 - $160,000 $135,000 - $165,000 $135,000 - $165,000 $65,000 - $80,000 $65,000 - $80,000 $65,000 - $80,000 Elderly/Disabled Credits 4,6 $10,000 - $25,000 $7,500 - $17,500 $5,000 - $12,500 American Opportunity (Hope) Credit 1 2016 ($2,500 per student) 2017 ($2,500 per student) ($2,500 per student) Lifetime Learning Credit 1 2016 ($2,000 per tax return) 2017 ($2,000 per tax return) ($2,000 per tax return) U.S. savings bond interest exclusion 1 2016 2017 Tuition deduction (2009 2016) $4,000 deduction $2,000 deduction After 2016 $160,000 - $180,000 $160,000 - $180,000 $160,000 - $180,000 $111,000 - $131,000 $112,000 - $132,000 $114,000 - $134,000 $116,300 - $146,300 $117,250 - $147,250 $119,300 - $149,300 $130,000 $160,000 $80,000 - $90,000 $80,000 - $90,000 $80,000 - $90,000 $55,000 - $65,000 $56,000 - $66,000 $57,000 - $67,000 $77,550 - $92,550 $78,150 - $93,150 $79,550 - $94,550 $65,000 $80,000 Footnotes 1. Modifications to AGI apply depending on the applicable Code sections. 2. Future year increases are specifically provided in the statute. 3. Phase-out is based on AMTI rather than AGI. 4. Applies only to MFS taxpayers that lived apart during the entire year. 5. Phase-out depends on the number of qualifying children in the family. 6. Married individuals normally must file MFJ to get the credit even though a MFS phase-out range is shown. No exclusion No exclusion No exclusion QRC - 6
Retirement Plans, IRAs & Employee Benefits 2017 2016 Compensation Limit [ 401(a)(17)] $275,000 $270,000 $265,000 Defined Benefit Plan Annual Benefit Limit $220,000 $215,000 $210,000 Defined Contribution Plan Annual Contribution Limit (including SEPs) $55,000 $54,000 $53,000 SEP Compensation Threshold $600 $600 $600 401(k), 403(b), 457 & SARSEPs Annual Deferral Limit $18,500 $18,000 $18,000 Catch-up Contribution age 50 or older $6,000 $6,000 $6,000 SIMPLE Plan Annual Deferral Limit $12,500 $12,500 $12,500 Catch-up Contribution age 50 or older $3,000 $3,000 $3,000 IRA (Traditional & Roth combined limit) Annual Contribution Limit $5,500 $5,500 $5,500 Catch-up Contribution age 50 or older $1,000 $1,000 $1,000 Highly Compensated Employee Compensation Threshold $120,000 $120,000 $120,000 Key Employee in Top Heavy Plan $175,000 $175,000 $170,000 Control Employee Compensation Limit Auto commuting rule 1.61-21(f)(5)(i) Employee under 1.61-21(f)(5)(iii) $110,000 $220,000 $105,000 $215,000 $105,000 $215,000 Traditional IRA Deduction AGI Phase-Out for Active Participating Taxpayers Married Filing Joint (MFJ) active participating spouse non-active participating spouse & Head of Household (HOH) Married Filing Separate (MFS) $101,000 - $121,000 $189,000 - $199,000 $63,000 - $73,000 $0 - $10,000 $99,000 - $119,000 $186,000 - $196,000 $62,000 - $72,000 $0 - $10,000 $98,000 - $118,000 $184,000 - $194,000 $61,000 - $71,000 $0 - $10,000 Roth IRA Contribution Eligibility AGI Married Filing Joint $189,000 - $199,000 $186,000 - $196,000 $184,000 - $194,000 & Head of Household $120,000 - $135,000 $118,000 - $133,000 $117,000 - $132,000 Married Filing Separate $0 - $10,000 $0 - $10,000 $0 - $10,000 MAGI Limit for Conversion to Roth IRA Married Filing Joint, & HOH No limit No limit No limit Married Filing Separate No limit No limit No limit Health FSA Contribution Limit $2,650 $2,600 Archer Medical Savings Accounts (MSAs) Self-Coverage Only Deductible between $2,300 - $3,450 $2,250 - $3,350 $2,250 - $3,350 Maximum out-of-pocket expenses $4,550 $4,500 $4,450 Maximum MSA Contribution (65%) $2,242.50 $2,177.50 $2,177.50 Family Coverage Deductible between $4,550 - $6,850 $4,500 - $6,750 $4,450 - $6,700 Maximum out-of-pocket expenses $8,400 $8,250 $8,150 Maximum MSA Contribution (75%) $5,137.50 $5,062.50 $5,025 QRC - 7
2017 2016 Health Savings Accounts (HSAs) Health Insurance Plan Minimum Deductible Self-Coverage $1,350 $1,300 $1,300 Family Coverage $2,700 $2,600 $2,600 Maximum Out-of-Pocket Medical Expenses Self-Coverage $6,650 $6,550 $6,550 Family Coverage $13,300 $13,100 $13,100 Maximum HSA Contribution Self-Coverage $3,450 $3,400 $3,350 Family Coverage $6,850 $6,750 $6,750 Catch-up HSA Contributions age 55 or older $1,000 $1,000 $1,000 Eligibility for Contributions to Coverdell Education Savings Accounts (ESA) Married Filing Joint $190,000 220,000 $190,000 220,000 $190,000 220,000 & Head of Household $95,000 110,000 $95,000 110,000 $95,000 110,000 Married Filing Separate $95,000 110,000 $95,000 110,000 $95,000 110,000 Qualified Transportation Fringes (i.e., transit pass, commuter highway vehicle & $260/month $255/month $255/month qualified parking) Low-Cost Locality Per Diem Substantiation Lodging Meals & Incidentals (M&IE) High-Cost Locality Per Diem Substantiation Lodging Meals & Incidentals (M&IE) $191 $134 $57 $284 $216 $189 $132 $57 $282 $214 $185 $128 $57 $275 $207 Incidentals Only (traveling away from home) $5 $5 $5 Transportation Workers Within the CONUS Outside the CONUS $63 $63 $63 Eligible Long-Term Care Per Diem $360 $360 $340 Eligible Long-Term Care Premiums Age 40 & under Age 41 50 Age 51 60 Age 61 70 Over age 70 $420 $780 $1,560 $4,160 $5,200 $410 $770 $1,530 $4,090 $5,110 $390 $730 $1,460 $3,900 $4,870 Small business health insurance credit ( 45R) wage phase-out beginning $26,600 $26,200 $25,900 Qualified Small Employer HRA Maximums Eligible employee Families $5,050 $10,250 $4,950 $10,000 QRC - 8