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2017 Exemptions and Deductions (Projected)

Personal and dependency exemptions $4,050 each person

Phase-out ranges: when adjusted gross income reaches certain levels, personal and dependency exemptions are phased out, effectively increasing the tax burden. The 2017 phase-out begins at the following threshold amounts.

Single taxpayers $261,500
Married filing jointly (1) $313,800
Married filing separately $156,900
Heads of households $287,650

(1) includes surviving spouses

Standard Deductions: in lieu of itemizing deductions, standard deductions are available when more beneficial than itemized deductions.

Single taxpayers $6,300
Married filing jointly (1) $12,700
Married filing separately $6,350
Heads of households $9,350
Dependents who need to file (but could be up to $6,350 depending on the amount of their earned income) $1,050

Taxpayers who are blind or age 65 and over may obtain an additional standard deduction of $1,250 if married (whether filing jointly or separately) or $1,550 if single or head of household. If a taxpayer is both blind and over age 65, double these amounts.

Reduction of itemized deductions: the allowable amount of itemized deductions will be reduced if adjusted gross income in 2016 is more than:

Single taxpayers $261,500
Married filing jointly (1) $313,800
Married filing separately $156,900
Heads of households $287,650

(1) includes surviving spouses