DEDUCTIONS
- Standard Deductions:
- $14,600 Single/Married Filing Separately
- $21,900 Head of Household
- $29,200 Married Filing Jointly
- Itemized Deductions:
- Medical Costs or Prescriptions & After-Tax Insurance Premiums, limited to 7.5% of AGI
- Sales Tax, Income Tax, or General Sales Tax Deduction (greater of)
- Auto or Boat Purchases Sales Tax
- Property Taxes on main home and second home
- Auto Registration and other taxes
- Home Mortgage Interest and Points
- Charitable Contributions (Cash and Non-Cash)
- States may allow additional types of deductions
CREDITS
- Child Tax Credit (CTC):
- Up to $2,000 per child under age 17
- Child and Dependent Care Tax Credit:
- $3,000 for one child and $6,000 for multiple dependents, non-refundable
- Electric Vehicle Credit
- $7,500 Credit, rebate or discount
- Must meet income limits
- Must attest you are purchasing the vehicle for your own use in the USA
- Check FuelEconomy.gov to find out whether the vehicle you’re considering will allow you to take the credit
- Earned Income Credit:
- Investment Income Limit for EIC: $11,600 or less
| Children or Relatives Claimed |
Filing as single, head of household, married filing separately, or widowed |
Filing as married filing jointly |
Maximum Credit |
Caveat |
| 0 |
$18,591 |
$25,511 |
$632 |
Between age 25 and 65 only |
| 1 |
$49,084 |
$56,004 |
$4,213 |
|
| 2 |
$55,768 |
$62,688 |
$6,960 |
|
| 3 |
$59,899 |
$66,819 |
$7,830 |
|
- Premium Tax Credit (Marketplace Insurance only):
- If you had marketplace insurance, you will receive Form 1095-A.
- This form is required to be provided with your tax data for preparing your tax return. Please ensure you provide this form to us.
- If you are married and you file your tax return married filing separately, you will not be eligible for the premium tax credit unless you are a victim of domestic abuse and spousal abandonment and can meet certain criteria. Details regarding this relief are in the instructions for Form 8962 and Publication 974.
- Federal Poverty Level for Premium Tax Credit:
-
| $15,060 Single |
$31,200 Family of 3 |
$41,960 Family of 6 |
| $20,440 Family of 1 |
$36,580 Family of 4 |
$47,340 Family of 7 |
| $25,820 Family of 2 |
$36,580 Family of 5 |
$52,720 Family of 8 |
RETIREMENT
- Retirement Plan Contributions:
- 401(k) & 403(b)
- $23,000 Maximum Contribution
- $7,500 Additional Contribution for Those Over Age 50
- IRA
- $7,000 Maximum Contribution Below Age 50
- $8,000 Maximum Contribution Over Age 50
MISC
- Form 1099-K:
- $5,000 Threshold to receive Form 1099-K
- While the IRS says you shouldn’t receive Form 1099-K for personal transfers, experts say it’s possible, and the error may require you to contact the issuer or make adjustments to your tax return.
- Federal Income Tax Brackets:
Tip: If viewing on a phone, turn it sideways to get a full view of this table...
| Rate |
Single |
Married
Filing
Jointly |
Married
Filing
Separately |
Head of
Household |
| 10% |
$0 to $11,600 |
$0 to $23,200 |
$0 to $11,600 |
$0 to $16,550 |
| 12% |
$11,601 to $47,150 |
$23,201 to $94,300 |
$11,601 to $47,150 |
$16,551 to $63,100 |
| 22% |
$47,151 to $100,525 |
$94,301 to $201,050 |
$47,151 to $100,525 |
$63,101 to $100,500 |
| 24% |
$100,526 to $191,950 |
$201,051 to $383,900 |
$100,526 to $191,950 |
$100,501 to $191,950 |
| 32% |
$191,951 to $243,725 |
$383,901 to $487,450 |
$191,951 to $243,725 |
$191,951 to $243,700 |
| 35% |
$243,726 to $609,350 |
$487,451 to $731,200 |
$243,726 to $365,600 |
$243,701 to $609,350 |
| 37% |
$609,351 or more |
$731,201 or more |
$365,601 or more |
$609,351 or more |
- Capital Gains Tax Brackets:
Tip: If viewing on a phone, turn it sideways to get a full view of this table...
| Tax Rate |
Single |
Married
Filing
Jointly |
Married
Filing
Separately |
Head of
Household |
| 0% |
$0 to $47,025 |
$0 to $94,050 |
$0 to $47,025 |
$0 to $63,000 |
| 15% |
$47,026 to $518,900 |
$94,051 to $583,750 |
$47,026 to $291,850 |
$63,001 to $551,350 |
| 20% |
$518,901 or more |
$583,751 or more |
$291,851 or more |
$551,351 or more |
