26th November 2019

forbes

What is the standard deduction for a child 2017?

The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.

In this way, how much is the child tax credit for 2017?

In 2017, the phase out threshold is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly. For each $1,000 of income above the threshold, your available child tax credit is reduced by $50.

How much do you get back on your taxes for having a child?

The Child Tax Credit is $1,000 per qualifying child. A child must be your dependent and under age 17. The amount of the credit is reduced starting when your adjusted gross income reaches IRS limits. For 2012, the limit for married couples filing jointly was $110,000.

How much do you get when you claim a child on your taxes?

If you have children who are under age 17 at of the end of the calendar year, you can get a tax credit of up to $1,000 per child on your tax return. A tax credit reduces your tax bill dollar-for-dollar, so three qualifying children, for example, can cut what you owe Uncle Sam by $3,000.

What are examples of itemized deductions?

The most common expenses that qualify for itemized deductions include:

Home mortgage interest.
Property, state, and local income taxes.
Investment interest expense.
Medical expenses.
Charitable contributions.
Miscellaneous deductions.

What is the standard deduction for a child?

The standard deduction for an individual for whom an exemption can be claimed on another person's tax return is generally limited to the greater of: $1,050, or. The individual's earned income for the year plus $350 (but not more than the regular standard deduction amount, generally $6,350).

What qualifies you as head of household?

To file as head of household, you must: Pay for more than half of the household expenses. Be considered unmarried for the tax year, and. You must have a qualifying child or dependent.

What is the standard deduction for 2017 for over 65?

Age: If you are age 65 or older, you may increase your standard deduction by $1,550 if you file single or head-of-household. If you are married filing jointly and you OR your spouse is 65 or older, you may increase your standard deduction by $1,250.

What is my standard deduction for 2017?

The standard deduction for single taxpayers and married couples filing separately is $6,350 in 2017, up from $6,300 in 2016; for married couples filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for heads of households, the standard deduction is $9,350 for 2017, up from $9,300.

What are the federal income tax brackets for 2017?

In 2017, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $418,400 and higher for single filers and $470,700 and higher for married couples filing jointly.

What qualifies as an itemized deduction?

Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income tax returns and which decrease their taxable income, and is claimable in place of a standard deduction, if available.

Is there a deduction for being over 65?

In the past, there was an extra exemption when you reached age 65. Now, if you are age 65 or older on the last day of the year and do not itemize deductions, you are en-titled to a higher standard deduction. If you are married, you get an additional $1,200 standard deduction.

What is the personal exemption 2017?

The personal exemption for tax year 2017 remains as it was for 2016: $4,050. 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 2016 exemption amount was $53,900 ($83,800 for married couples filing jointly).

What is the medical deduction for 2017?

The IRS allows you to deduct qualified medical expenses that exceed 7.5% of your adjusted gross income for 2017 and 2018. Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.

Can I claim the standard deduction?

A taxpayer can choose to claim either the standard deduction or itemized deductions, but not both. The dollar amount of the standard deduction is adjusted each year for inflation, and it varies based on your filing status. For example, a “head of household” filer gets a larger standard deduction than a “single” filer.

What income determines your tax bracket?

Married Filing Jointly or Qualifying Widow/Widower

If your taxable income is over…	…but not over	Your tax is…
$0	$17,400	10%
$17,400	$70,700	15%
$70,700	$142,700	25%
$142,700	$217,450	28%

What are the federal tax brackets for 2017?

IRS Income Tax Rates and Brackets for 2017

Tax Rate	2017 Taxable Income	2016 Taxable Income
28%	$91,901 – $191,650	$91,151 – $190,150
33%	$191,651 – $416,700	$190,151 – $413,350
35%	$416,701 – $418,400	$413,351 – $415,050
39.6%	$418,401+	$415,051+

What is the standard deduction for a dependent?

The standard deduction is a dollar amount that reduces the amount of income on which you are taxed and varies according to your filing status; there is also an additional standard deduction for individuals who are blind or age 65 or over. You CANNOT take the standard deduction if you itemize deductions.

What is the difference between a tax credit and a tax deduction?

Tax credits provide a dollar-for dollar reduction of your income tax liability. This means that a $1,000 tax credit saves you $1,000 in taxes. On the other hand, tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket.

What does it mean to itemize on your tax return?

Itemized Deductions. Itemizing your deductions means listing each deduction you qualify for. People do this when the sum of all their deductions is greater than the standard amount. Some things people might itemize include medical expenses, charitable donations and mortgage interest payments.

What is the standard deduction for 2018 for a single person?

As written, the standard deduction amounts will increase to $12,000 for individuals, $18,000 for heads of household, and $24,000 for married couples filing jointly and surviving spouses. If you are age 65 or over, blind or disabled, you can tack on $1,300 to your standard deduction ($1,600 for unmarried taxpayers).

What does it mean to itemize deductions on your taxes?

Itemized Deductions. Itemizing your deductions means listing out each deduction you qualify for. People do this when the sum of all their deductions is greater than the standard amount. Some things people might itemize include medical expenses, large charitable donations and mortgage interest payments.

What does it mean to file as head of household?

Head of Household is a filing status for single or unmarried taxpayers who keep up a home for a Qualifying Person. The Head of Household filing status has some important tax advantages over the Single filing status. Also, Heads of Household must have a higher income than Single filers before they owe income tax.

What is the Earned Income Tax Credit?

The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children.

What is the standard deduction for a child 2017?

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