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Individual Income Tax Guide

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2016 Quick Reference Tables

Quick Reference Tables

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Tax Brackets 2016                                                              Previous Years

Single

If taxable Income is between:

The Tax Is

$0-9,275

10% of taxable income

$9,276 – $37,650

$927.50 + 15% of the excess over $9,275

$37,651 – $91,150

$ 5,183.75 + 25%  of the excess over $37,650

$91,151 – $190,150

$ 18,558.75 + 28% of the excess over $91,150

$190,151 – $413,350

$46,278.75 + 33% of the excess over $190,150

$413,351 – $415,050

$119,934.75 + 35% of the excess over $413,350

$415,051 +

$120,529.75 +39.6% of the excess over $415,150

Married Taxpayers Filing Jointly and Surviving Spouse

If taxable Income is between:

The Tax Is

$0-18,550

10% of taxable income

$18,551 – $75,300

$1,855 + 15% of the excess over $18,550

$75,301 – $151,900

$10,367.50 + 25%  of the excess over $75,300

$151,901 – $230,450

$ 29,517.50 + 28% of the excess over $151,900

$231,451 – $413,350

$51,791.50 + 33% of the excess over $231,450

$413,351 – $466,950

$111,818.50 + 35% of the excess over $413,350

$466,951 +

$130,578.50 +39.6% of the excess over $466,950

Married Taxpayer Filing Separately

If taxable Income is between:

The Tax Is

$0-9,275

10% of taxable income

$9,226 – $37,650

$927.50 + 15% of the excess over $9,275

$37,651 – $75,950

$5,183.75 + 25%  of the excess over $37,650

$75,951 – $115,725

$14,758.75 + 28% of the excess over $75,9500

$115,726 – $206, 675

$25,895.75 + 33% of the excess over $115,725

$206,676 – $233,475

$55,909.25 + 35% of the excess over $ 206,675

$233,475 +

$65,289.25 + 39.6% of the excess over $233,475

Head of Household

If taxable Income is between:

The Tax Is

$0-13,250

10% of taxable income

$13,251 – $50,400

$1,325 + 15% of the excess over $13,150

$50,401 – $130,150

$6,897.50 + 25%  of the excess over $50,200

$130,151 – $210,800

$26,835 + 28% of the excess over $129,600

$210,801 – $413,350

$49,417 + 33% of the excess over $209,850

$413,351 – $441,000

$116,258.50 + 35% of the excess over $411,500

$441,001 +

$125,936 + 39.6% of the excess over $441,000


2016 Quick Reference

Standard Deduction Amounts 2016                                   Previous Years

Filing

Status

Standard

 Amount

Additional

 Amount

Over Age 65*

Additional

 Amount

Legally Blind*

Single

$6,300

$1,550

$1,550

Married Filing Jointly

$12,600

$1,250

$1,250

Surviving Spouse

$12,600

$1,250

$1,250

Married Filing Separately

$6,300

$1,250

$1,250

Head of Household

$9,300

$1,550

$1,550

Dependent

The greater of $1,050, or the dependent's earned income plus $350, but not to exceed the standard deduction for the dependent's filing status ($6,300).

*Where applicable add these amounts to the basic deduction amount. If filing married filing jointly, add applicable amounts for both taxpayers (for example, if a married couple files MFJ, and the husband is over 65 and blind and the wife is over 65, add $3,750 to the basic standard deduction amount of $12,600).

Personal Exemption 2016                                                   Previous Years

Amount Per Exemption

$4,050

Standard Mileage Rates 2016                                            Previous Years


Business

Charity

Moving

Medical

54¢

14¢

19¢

19¢

Phase-out Ranges 2016

Filing Status

Single

Married Filing Jointly

Surviving Spouse

Married Filing Separate

Head of Household

Personal Exemption

$259,400 - $381,900

$311,300 - $433,800

$311,300 - $433,800

$155,650 - $216,900

$285,350 - $407,850

Itemized Deductions*

$259,400

$311,300

$311,300

$155,650

$285,350

American Opportunity Credit

$80,000 -$90,000

$160,000 -$180,000

$80,000 -$90,000

Does not apply

$80,000 - $90,000

Lifetime Learning Credit

$55,000 -$65,000

$111,000 -$131,000

$55,000 -$65,000

Does not apply

$55,000 - $65,000

Student Loan Interest Deduction

$65,000 - $80,000

$130,000 - $160,000

$65,000 - $80,000

Does not apply

$65,000 - $80,000

Traditional IRA

$61,000 - $71,000

$98,000 - $118,000**

$98,000 - $118,000

$0 - $10,000

$61,000 - $71,000

Roth IRA

$117,000 - $132,000

$184,000 -$194,000

$184,000 - $194,000

$0 - $10,000

$117,000 - $132,000

Coverdell ESA

$95,000 - $110,000

$190,000 – 220,000

$95,000 - $110,000

$95,000 - $110,000

$95,000 - $110,000

Saver’s Credit

$18,500 -$30,750

$37,000 - $61,500

$18,500 - $30,750

$18,500 - $30,750

$27,750 -$46,125

Child Tax Credit

$75,000 - $95,000

$110,000 - $130,000

$75,000 - $95,000

$55,000 - $75,000

$75,000 - $95,000

*A taxpayer’s allowable itemized deductions are reduced by three percent of the taxpayer’s AGI over the threshold amount for his or her filing status, up to a maximum reduction of 80% of the allowable itemized deductions.

** This amount is for taxpayers participating in a workplace retirement plan. The phaseout range for a taxpayer filing jointly not participating in a workplace plan with a spouse who is participating in a workplace plan is $184,000 to $194,000.

AMT Exemption Amounts 2016                                         Previous Years

Single

MFJ

Surviving Spouse

MFS

Head of Household

$53,900

$83,800

$83,800

$41,900

$53,900

The AMT exemption is reduced by 25% of the excess of a taxpayer’s alternative minimum taxable income over the threshold for the taxpayer’s filing status.


Earned Income Credit Amounts 2016


Number of Qualifying Children

Item

One

Two

Three +

None

Earned Income Amount

$9,920

$13,930

$13,930

$6,610

Maximum Amount of Credit

$3,373

$5,572

$6,269

$506

Threshold Phase-Out Amount (Single, Surviving Spouse or Head of Household)

$18,190

$18,190

$18,190

$8,270

Completed  Phase-Out Amount (Single, Surviving Spouse or Head of Household)

$39,296

$44,648

$47,955

$14,880

Threshold Phase-Out Amount (Married Filing Jointly)

$23,740

$23,740

$23,740

$13,820

Completed Phase- Out Amount (Married Filing Jointly)

$44,846

$50,198

$53,505

$20,430