2017 Federal Income Tax Brackets, Deductions, and Exemption Limits

Update: These 2017 tax brackets apply to 2017 tax returns filed in early 2018. For the 2018 tax brackets, click here.

The end of the year is upon us, and this means that you’re probably starting to think about the 2016 tax season. You know, the start of the new year, when we begin preparing our taxes from the calendar year (2016) that just ended.

Well, the IRS decided to throw you a curveball this week by releasing the 2017 tax rates, brackets, and deductions. This is great if you want to start planning for the next calendar year (as you should!). But it also has the potential to be confusing when you’re filling out your tax returns in a few short weeks.

Learn More About Tax Related Calculations

When looking at these numbers, please keep in mind that they cover tax year 2017. You will use these numbers throughout calendar year 2017, when doing things such as determining your withholdings. However, you will not use these numbers for filing taxes until the first quarter of 2018. When filing your 2016 taxes (which you’ll do sometime between January and April 2017), you should reference the 2016 Federal Income Tax page.

2016 Income Tax Brackets FBAs happens almost every year, the numbers are adjusted to account for inflation. That means that they are slightly more taxpayer-friendly than they were for 2016. But at the same time, you won’t see any dramatic changes either. Inflation remains on the low end of the historic spectrum, so the adjustments in the tax numbers are barely perceptible.

2017 Personal Exemption and Phase-out

For 2017, the personal exemption will be the same as it was in 2016, which was $4,050 per person.

However, keep in mind that the personal exemption phases out for high income taxpayers. This phase-out is based on the following income levels:

Filing Status:AGI – Beginning of Phase-Out:AGI – Completed Phase-Out:
Married filing jointly and surviving spouses$313,800$436,300
Heads of households$287,650$410,150
Unmarried individuals, other than surviving spouses and heads of households$261,500$384,000
Married individuals filing separately$155,650$216,900

2017 Standard Deduction and Phase-out

2016 Income Tax BracketsFor 2017, the personal exemption limits are as follows:

  • Married filing jointly and surviving spouses: $12,700
  • Heads of household: $9,350
  • Single, or married filing separately: $6,350

These numbers are up a bit from 2016, with a bump of $50-100 each.

Just as is the case with personal exemptions, the IRS also imposes a limit on itemized deductions based on your income, as follows:

  • Married filing jointly and surviving spouses: $313,800
  • Heads of household: $287,650
  • Single: $261,500
  • Married filing separately: $156,900

2017 Tax Rate Tables

Below are the tax rates for 2017. Remember, the income ranges do not apply to your gross income. Rather, they apply to your taxable income only. That’s your gross income from all sources, less retirement contributions, alimony, certain education expenses, personal exemptions, standard or itemized deductions, and various other deductions.

Married Individuals Filing Joint Returns and Surviving Spouses:

If Taxable Income Is…The Tax Is…
Not over $18,65010% of the taxable income
Over $18,650 but not over $75,900$1,865 plus 15% of the excess over $18,650
Over $75,900 but not over $153,100$10,452.50 plus 25% of
the excess over $75,900
Over $153,100 but not over $233,350$29,752.50 plus 28% of
the excess over $153,100
Over $233,350 but not over $416,700$52,222.50 plus 33% of the excess over $233,350
Over $416,700 but not over $470,700$112,728 plus 35% of the excess over $416,700
Over $470,700$131,628 plus 39.6% of
the excess over $470,700

Heads of Households:

If Taxable Income Is…The Tax Is…
Not over $13,35010% of the taxable income
Over $13,350 but not over $50,800$1,335 plus 15% of the excess over $13,350
Over $50,800 but not over $131,200$6,952.50 plus 25% of the excess over $50,800
Over $131,200 but not over $212,500$27,052.50 plus 28% of the excess over $131,200
Over $212,500 but not over $416,700$49,816.50 plus 33% of the excess over $212,500
Over $416,700 not over $444,550$117,202.50 plus 35% of the excess over $416,700
Over $444,550$126,950 plus 39.6% of the excess over $444,550

Unmarried Individuals (other than Surviving Spouses and Heads of Household):

If Taxable Income Is…The Tax Is…
Not over $9,32510% of the taxable income
Over $9,325 but not over $37,950$932.50 plus 15% of the excess over $9,325
Over $37,950 but not over $91,900$5,226.25 plus 25% of the excess over $37,950
Over $91,900 but not over $191,650$18,713.75 plus 28% of the excess over $91,900
Over $191,650 but not over $416,700$46,643.75 plus 33% of the excess over $191,650
Over $416,700 but not over $418,400$120,910.25 plus 35% of the excess over $416,700
Over $418,400$121,505.25 plus 39.6% of the excess over $418,400

Married Individuals Filing Separate Returns:

If Taxable Income Is…The Tax Is…
Not over $9,32510% of the taxable income
Over $9,325 but not over $37,950$932.50 plus 15% of the excess over $9,325
Over $37,950 but not over $76,550$5,226.25 plus 25% of the excess over $37,950
Over $76,550 but not over $116,675$14,876.25 plus 28% of the excess over $76,550
Over $116,675 but not over $208,350$26,111.25 plus 33% of the excess over $116,675
Over $208,350 but not over $235,350$56,364 plus 35% of the excess over $208,350
Over $235,350$65,814 plus 39.6% of the excess over $235,350

Once again, please keep in mind that all numbers shown here are for calendar year 2017, and will not apply to filing your 2016 income tax return this spring. For the rates that apply for 2016, please see our post from January of this year, covering the 2016 Federal Income Tax Brackets.

(All information summarized from IRS Revenue Procedure 2016-55)

Topics: Taxes
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7 Responses to “2017 Federal Income Tax Brackets, Deductions, and Exemption Limits”

    • Stephanie Colestock
      Stephanie Colestock

      Art,

      Your mAGI determines your Roth IRA eligibility. The limits are:
      – Less than $193,000 for married filing jointly or qualifying widow(er)s
      – Less than $131,000 for single, married filing separately (+ did not live with your spouse at any point in the year), or head of household
      – Less than $10,000 for married filing separately (+ lived with your spouse at any point in the year)

      Best, Stephanie

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