What Will My Tax Return Be 2017? (TOP 5 Tips)

Is a tax return required?

  • A tax return is necessary when their earned income is more than their standard deduction. The standard deduction for single dependents who are under age 65 and not blind is the greater of: $1,100 in 2020 Or the sum of $350 + the person’s earned income, up to the standard deduction for an unclaimed single taxpayer which is $12,400 in 2020.

How do I find my tax return from 2017?

Taxpayers who are missing forms W-2, 1098, 1099 or 5498 for the years 2017, 2018 or 2019 should request copies from their employer, bank, or other payer. Taxpayers who are unable to get missing forms can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool.

Can I still get a refund for 2017?

You had until May 17, 2021 to file a claim these refunds. Unfortunately, it is now too late to claim a refund for a 2017 IRS and/or state tax return and you may have missed out on a refund that was due to you! Still, it is recommended to file the return regardless.

Can I still file my 2017 tax return in 2020?

The timely tax filing and e-file deadlines for all previous tax years – 2020, 2019, and beyond – have passed. At this point, you can only prepare and mail in the paper tax forms to the IRS and/or state tax agencies. If you were owed a tax refund for 2017 or earlier, you can no longer claim this refund.

How can I estimate my tax refund?

Simple Summary. Every year, your refund is calculated as the amount withheld for federal income tax, minus your total federal income tax for the year.

Can I see my tax return online?

Taxpayers may also obtain a tax transcript online from the IRS. Use Get Transcript Online to immediately view the AGI. Select the “Tax Return Transcript” and use only the “Adjusted Gross Income” line entry. Use Get Transcript by Mail or call 800-908-9946.

Can you get IRS refund after 3 years?

In most cases, an original return claiming a refund must be filed within three years of its due date for the IRS to issue a refund. Generally, after the three-year window closes, the IRS can neither send a refund for the specific tax year.

Can I still file my 2017 taxes in 2021?

The IRS estimates 1.3 million taxpayers did not file a 2017 tax return to claim tax refunds worth more than $1.3 billion. The three-year window of opportunity to claim a 2017 tax refund closes May 17, 2021, for most taxpayers.

How far back can the IRS go for unfiled taxes?

The IRS can go back to any unfiled year and assess a tax deficiency, along with penalties. However, in practice, the IRS rarely goes past the past six years for non-filing enforcement. Also, most delinquent return and SFR enforcement actions are completed within 3 years after the due date of the return.

What if I never get my tax refund?

If you haven’t received your tax refund after at least 21 days of filing online or six weeks of mailing your paper return, go to a local IRS office or call the federal agency (check out our list of IRS phone numbers that could get you help faster).

Can you file 2017 taxes online?

You can still file 2017 tax returns Even though the deadline has passed, you can file your 2017 taxes online in a few simple steps. Our online income tax software uses the 2017 IRS tax code, calculations, and forms. File your 2014, 2015, 2016, 2017, 2018, 2019, and 2020 tax returns.

What happens if you don’t file taxes for 5 years?

Failure to file or failure to pay tax could also be a crime. The IRS recognizes several crimes related to evading the assessment and payment of taxes. Under the Internal Revenue Code § 7201, any willful attempt to evade taxes can be punished by up to 5 years in prison and $250,000 in fines.

Can I still file my 2016 taxes in 2021?

Yee today announced an extension to May 17, 2021, for individual California taxpayers to claim a refund for tax year 2016. With the postponement, individual taxpayers who are due a refund may now file their return for the 2016 tax year no later than May 17, 2021, to claim their money.

What was the 3rd stimulus check amount?

Payment amounts are different. Most families received $1,400 per person, including all dependents claimed on their tax return. Typically, this means a single person with no dependents received $1,400, while married filers with two dependents received $5,600.

When was the 3rd stimulus check sent out?

The third stimulus check was sent out to eligible American families starting back in March 2021 as part of the American Rescue Plan Act. 1

What was the third stimulus check amount?

The third payment provided eligible individual taxpayers for a check of up to $1,400, while couples filing jointly could receive a maximum of $2,800. 4

This Tax Calculator Let’s You Calculate Your 2017 IRS Tax Return

With the help of our Tax Calculator, you can compute your 2017 IRS Taxes. You will no longer be able to electronically file your 2017 tax return. 2017 Tax Forms are available on eFile.com, and you may complete and sign them there. Then you may download, print, and submit them to the Internal Revenue Service; look for your 2017 state forms. Because the deadline for claiming a 2017 Tax Year Refund passed on April 15, 2021, you will no longer be able to do so. Learn more about unclaimed tax refunds by visiting our website.

Not many people are aware that they may only file online if they are submitting their taxes for the current tax year.

The deadlines for filing tax returns and e-filing tax returns for the 2017 tax year have passed.

At this time, the only thing you can do is create and submit in paper 2017 Tax Forms to the Internal Revenue Service.

Regardless of whether you have behind taxes to pay for 2017, it is preferable to submit a Tax Return rather than not filing anything and paying as much in taxes as you are able.

TurboTax ® is a trademark of Intuit, Inc.

HRB Innovations, Inc.

Tax Returns for 2017. Estimate, Calculate your Return. Forms

The ability to e-File your 2017 Federal or State Tax Return is no longer available anywhere. Instructions on how to submit an IRS or state tax return for 2017 are provided in the next section. If you were anticipating a tax refund from your 2017 income tax return, you will no longer be able to claim your 2017 Tax Refundas. This is valid for three years from the date of the first payment. Prepare and electronically file your current-year taxes by April 15 of the year after the tax year in question.

Tax Tip: Even if you are unable to pay any taxes, file something!

Check out our current page of tax planning tools to assist you in preparing your return.

Tax Year 2017 Tools

Find solutions to your most pressing personal tax problems without having to go through pages and pages of lengthy and intricate tax documentation. Calculate your 2017 income tax return today to find out how much money you would have received in a federal tax refund or if you would have owed money in taxes. You’re not sure who qualifies as a dependant, are you? You may find out by using the DEPENDucator tool provided below. This tool will also calculate any tax credits that you may be eligible for.

  1. Determine if you are due a federal tax refund or whether you owe the Internal Revenue Service taxes.
  2. Find out if your child is considered a dependency on your income.
  3. Find out if they are eligible to be claimed as a dependant.
  4. Having trouble determining whether or not you need to file a 2017 tax return?
  5. Find out if you qualify for the Head of Household Filing Status in 2017 by completing the form below.
  6. You don’t have any children?
  7. Check out the “EICucator” tax calculator on eFile.com to discover whether you qualify for a refund!

eFile.com accounts are free, and you may use them to e-file your current year tax return online each tax season. This is only applicable to tax returns that are now due! Forms, calculators, payments, and penalties from the previous year

  • Obtaining tax documents for past due taxes
  • Tax calculators for both past and future tax years are available. All of the prior year’s return materials
  • What to do if you don’t have enough money to pay your taxes

TurboTax ® is a trademark of Intuit, Inc. and is used under license. HRB Innovations, Inc. owns the trademark H R Block ®, which is a registered trademark of the company.

What taxpayers need to know about getting their unclaimed 2017 tax refunds

Tax Tip 2021-48 issued by the Internal Revenue Service on April 12, 2021. The Internal Revenue Service informs people that they may be owed money. Taxpayers who failed to submit a 2017 Form 1040 federal income tax return and are entitled a refund are projected to number 1.3 million.

Here are some things taxpayers should know about these unclaimed refunds:

  • To be eligible for a refund, taxpayers must submit their 2017 tax return with the Internal Revenue Service by the deadline, which is Monday, May 17. If a taxpayer who is eligible for a refund does not file a return, the law permits them three years to claim the refund. It is possible that the money will be returned to the U.S. Treasury if the person does not submit a tax return within three years. The three-year window for filing 2017 tax returns concludes on May 17, 2021
  • The law requires taxpayers to properly address and ship their tax returns to the Internal Revenue Service. It must be postmarked before the end of May to be considered. The Internal Revenue Service (IRS) may keep the 2017 refunds of taxpayers who have not filed tax returns for the years 2018 and 2019. The unclaimed money will be applied to any sums still outstanding to the IRS or a state taxing authority. Alternatively, the money may be used to pay back overdue child support or to pay off past-due federal bills, such as student loans. Failure to file a tax return might result in the loss of more than simply a tax refund for the individual. Many low- and moderate-wage workers may be eligible for the earned income tax credit if they meet certain criteria. A total of $6,318 was refunded to eligible customers in 2017. Individuals and families with earnings below specific criteria are eligible for the Earned Income Tax Credit (EITC). The 2017 thresholds were as follows:
  • $48,340 for people with three or more qualifying children
  • $53,930 if married filing jointly
  • $45,007 for people with two qualifying children
  • $50,597 if married filing jointly
  • $39,617 for people with one qualifying child
  • $45,207 if married filing jointly
  • $15,010 for people without qualifying children
  • $20,600 if married filing jointly
  • $20
  • On theForms, Instructions, and Publicationspage of IRS.gov or by calling toll-free 800-TAX-FORM (800-829-3676), you may get current and past year tax forms. For the tax years 2017, 2018, and 2019, taxpayers who are missing forms W-2, 1099, or 5498 should contact their employer, bank, or other payer to obtain duplicates of the documents. In the event that you are unable to get the missing forms, you can request a free wage and income transcript at IRS.gov by completing the Get Transcript Online form. In order to file their tax return, taxpayers might make use of the information included in the transcript.

Date and time this page was last reviewed or updated: 18-May-2021

2017 Tax Brackets

See the New Tax Brackets page. Every year, the Internal Revenue Service (IRS) updates more than 40 tax rules to account for inflation. This is done in order to avoid what is known as “bracket creep.” This is the situation in which persons are forced into higher income tax brackets or have the value of their credits and deductions decreased as a result of inflation, rather than seeing a rise in their real income. The Consumer Price Index (CPI) is used by the Internal Revenue Service (IRS) to determine inflation for the previous year, and income thresholds, deduction amounts, and credit values are adjusted appropriately.

Estimated Income Tax Brackets and Rates

All tax brackets and all filers will have their income limitations updated for inflation in 2017, and the following amounts will be used to calculate these limits (Table 1). Taxpayers with taxable income of $418,400 or more for single filers and $470,700 or more for married couples filing jointly will be hammered by the highest marginal income tax rate of 39.6 percent, which is 39.6 percent for married couples filing jointly.

Table 1. Single Taxable Income Tax Brackets and Rates, 2017
Rate Taxable Income Bracket Tax Owed
10% $0 to $9,325 10% of Taxable Income
15% $9,325 to $37,950 $932.50 plus 15% of the excess over $9,325
25% $37,950 to $91,900 $5,226.25 plus 25% of the excess over $37,950
28% $91,900 to $191,650 $18,713.75 plus 28% of the excess over $91,900
33% $191,650 to $416,700 $46,643.75 plus 33% of the excess over $191,650
35% $416,700 to $418,400 $120,910.25 plus 35% of the excess over $416,700
39.60% $418,400+ $121,505.25 plus 39.6% of the excess over $418,400
Table 2. Married Filing Joint Taxable Income Tax Brackets and Rates, 2017
Rate Taxable Income Bracket Tax Owed
10% $0 to $18,650 10% of taxable income
15% $18,650 to $75,900 $1,865 plus 15% of the excess over $18,650
25% $75,900 to $153,100 $10,452.50 plus 25% of the excess over $75,900
28% $153,100 to $233,350 $29,752.50 plus 28% of the excess over $153,100
33% $233,350 to $416,700 $52,222.50 plus 33% of the excess over $233,350
35% $416,700 to $470,700 $112,728 plus 35% of the excess over $416,700
39.60% $470,700+ $131,628 plus 39.6% of the excess over $470,700
Table 3. Head of Household Taxable Income Tax Brackets and Rates, 2017
Rate Taxable Income Bracket Tax Owed
10% $0 to $13,350 10% of taxable income
15% $13,350 to $50,800 $1,335 plus 15% of the excess over $13,350
25% $50,800 to $131,200 $6,952.50 plus 25% of the excess over $50,800
28% $131,200 to $212,500 $27,052.50 plus 28% of the excess over $131,200
33% $212,500 to $416,700 $49,816.50 plus 33% of the excess over $212,500
35% $416,700 to $444,500 $117,202.50 plus 35% of the excess over $416,701
39.60% $444,550+ $126,950 plus 39.6% of the excess over $444,550
Source: IRS.
See also:  How To Do Tax Return?

Standard Deductionand Personal Exemption

The standard deduction for solo filers will increase by $50, while the standard deduction for married couples filing jointly will increase by $100. (Table 4). The personal exemption for 2017 stays at $4,050, the same as in previous years.

Table 4. 2017 Standard Deduction and Personal Exemption
Filing Status Deduction Amount
Single $6,350
Married Filing Jointly $12,700
Head of Household $9,350
Personal Exemption $4,050
Source: IRS.

PEP and Pease

PEP and Pease are two provisions in the tax law that raise taxable income for high-income individuals by increasing their deductions and credits. A taxpayer’s adjusted gross income must reach a certain level before the personal exemption and Pease (named after former U.S. House Representative Donald Pease) phases out the value of most itemized deductions. Pease and PEP are both acronyms for phaseout of the personal exemption and phaseout of the value of most itemized deductions, respectively.

Personal exemptions will be phased out at $384,000 for single filers and $436,300 for married couples filing jointly (both increases from 2016), indicating that taxpayers having AGI in excess of these levels will no longer be eligible for personal exemptions.

Table 5. 2017 Pease Limitations on Itemized Deductions
Filing Status Income
Single $261,500
Married Filing Jointly $313,800
Head of Household $287,650
Married Filing Separately $156,900
Source: IRS.
Filing Status Phaseout Begins Phaseout Complete
Single $261,500 $384,000
Married Filing Jointly $313,800 $436,300
Head of Household $287,650 $410,150
Married Filing Separately $156,900 $218,150
Source: IRS.

Alternative Minimum Tax

AMT stands for Alternative Minimum Tax, and it was instituted in the 1960s in order to discourage high-income people from evading federal income taxes. Because of this parallel tax income system, high-income people must compute their tax bill twice: once under the conventional income tax system and again under the alternative minimum tax (AMT). The taxpayer is then required to pay the greater of the two amounts. The Alternative Minimum Taxable Income (AMT) is a different definition of taxable income than the standard definition (AMTI).

High-income taxpayers, on the other hand, will see this exemption dwindle down over time.

The AMT is imposed at two different rates: 26 percent and 28 percent on the adjusted gross income. The AMT exemption level for solo filers in 2017 is $54,300, while the exemption amount for married couples filing jointly is $84,500. (Table 7).

Filing Status Exemption Amount
Single $54,300
Married Filing Jointly $84,500
Married Filing Separately $42,250
TrustsEstates $24,100
Source: IRS.

In 2017, the AMT rate of 28 percent applies to excess AMTI of $187,800 for all taxpayers ($93,900 for unmarried people) beyond the threshold of $187,800. When a taxpayer’s AMT income reaches a specific level, the AMT exemptions phase down at a rate of 25 cents per dollar earned, according to current law. In 2017, the exemption will begin to phase out at $120,700 in AMTI for single filers and $160,900 in AMTI for married taxpayers filing jointly (see Table 8 for more information on this).

Table 8. 2017 Alternative Minimum Tax Exemption Phaseout Thresholds
Filing Status Threshold
Single $120,700
Married Filing Jointly $160,900
Married Filing Separately, Estates and Trusts $80,450

Earned IncomeTax Credit

The maximum Earned Income Tax Credit for single filers, heads of household filers, and joint filers in 2017 is $510 if the filer does not have any children (Table 9). The credit is $3,400 for a single kid, $5,616 for a couple with two children, and $6,318 for a family of three or more. All of the aforementioned gains are only marginal increases over the previous year.

Filing Status No Children One Child Two Children Three or More Children
Single or Head of Household Income at Max Credit $6,670 $10,000 $14,040 $14,040
Maximum Credit $510 $3,400 $5,616 $6,318
Phaseout Begins $8,340 $18,340 $18,340 $18,340
Phaseout Ends (Credit Equals Zero) $15,010 $39,617 $45,007 $48,340
Married Filing Jointly Income at Max Credit $6,670 $10,000 $14,040 $14,040
Maximum Credit $510 $3,400 $5,616 $6,318
Phaseout Begins $13,930 $23,930 $23,930 $23,930
Phaseout Ends (Credit Equals Zero) $20,600 $45,207 $50,597 $53,930
Source: IRS.

2021 Tax Brackets and Other Tax Changes

Every year, the Internal Revenue Service (IRS) makes adjustments to tax rates, allowances, and thresholds. These values are applicable to the sections of the tax code that are adjusted for inflation on a yearly basis. Individual taxpayers’ top marginal tax rate will remain at 37 percent for tax returns filed in the 2021 and 2022 tax years, but the standard deduction, tax bracket ranges, additional deductions, and phase-outs will all be higher than they were in the previous years.

Key Takeaways

  • Every year, the Internal Revenue Service (IRS) adjusts tax rates, allowances, and thresholds by adjusting them for inflation. A standard deduction can be used to lower your taxable income
  • However, if you are above the age of 65 and/or blind, you can claim an extra deduction. The tax brackets vary from 10 percent to 37 percent of your income. Various individual tax credits are available, including the earned income tax credit and the eligible adoption expenditures tax credit, among others. Contributions to a retirement account are subject to restrictions and might help you lower your taxable income.

Standard Deduction

The standard deduction is a set dollar amount that taxpayers can utilize to lower their taxable income when they file their yearly tax returns with the Internal Revenue Service.

2021 Standard Deductions

The following deduction has been established by the IRS for 2021:

  • Single filers are entitled to $12,550
  • Married couples filing separately are entitled to $12,550
  • Heads of household are entitled to $18,800
  • Married couples filing jointly are entitled to $25,100
  • Surviving spouses are entitled to $25,100.

A person over the age of 65 or who is blind is entitled to an extra standard deduction of $1,350. If the individual is not married and does not have a surviving spouse, the compensation is $1,700. It is not possible to take more than the standard deduction if you are claiming someone as a dependant on your tax return. The standard deduction cannot exceed $1,100, or $350 plus the individual’s earned income (as long as it does not exceed $12,550), whichever is larger.

2022 Standard Deductions

The IRS has set the following deduction for 2022:

  • Single filers are entitled to $12,950
  • Married couples filing separately are entitled to $12,950
  • Heads of household are entitled to $19,400
  • Married couples filing jointly are entitled to $25,900
  • Surviving spouses are entitled to $25,900.

Individuals who are over the age of 65 or who are blind are entitled to an extra standard deduction of $1,400. Individuals who are unmarried and who do not have surviving spouses had their benefit increased to $1,750 from $1,500. A dependent’s standard deduction is either $1,150 or $400 plus the individual’s earned income (as long as it is not more than $12,950), whichever is larger, when claiming the dependent.

Tax Rates and Brackets

As previously stated, the top tax level continues to be 37 percent. Ten percent, twelve percent, twenty percent, twenty-four percent, thirty-two-percent, and thirty-five percent are the additional tax brackets established by the Internal Revenue Service.

This implies that the top 37 percent of earners fall into the 37 percent bracket, while the bottom 10 percent fall into the 10 percent bracket. The following two charts show the tax rates and brackets that will be in effect in 2021 and 2022.

2021 Tax Brackets
Rate Married Joint Return Single Individual Head of Household Married Separate Return
10% $19,900 or less $9,950 or less $14,200 or less $9,950 or less
12% Over $ 19,900 Over $9,950 Over $14,200 Over $9,950
22% Over $ 81,050 Over $40,525 Over $54,200 Over $40,525
24% Over $172,750 Over $86,375 Over $86,350 Over $ 86,375
32% Over $329,850 Over $164,925 Over $164,900 Over $164,925
35% Over $418,850 Over $209,425 Over $209,400 Over $209,425
37% Over $628,300 Over $523,600 Over $523,600 Over $314,150
2022 Tax Brackets
Rate Married Joint Return Single Individual Head of Household Married Separate Return
10% $20,550 or less $10,275 or less $14,650 or less $10,275 or less
12% Over $20,550 Over $10,275 Over $14,650 Over $10,275
22% Over $83,550 Over $41,775 Over $55,900 Over $41,775
24% Over $178,150 Over $89,075 Over $89,050 Over $ 89,075
32% Over $340,100 Over $170,050 Over $170,050 Over $170,050
35% Over $431,900 Over $215,950 Over $215,950 Over $215,950
37% Over $647,850 Over $539,900 Over $539,900 Over $323,925

According to the 2017 Tax Cuts and Jobs Act, there are no personal exemptions available.

Capital Gains

Capital gains rates are lower than the rate applied to regular income by a taxpayer. However, they are dependent on the taxpayer’s taxable income as well as his or her filing status. It is applicable to both the normal income tax as well as the alternative minimum tax to use the maximum adjusted capital gains rates (AMT). For married couples filing joint returns in 2021, the maximum zero rate amount on adjusted net capital gains will be $80,800, and for married couples filing separate returns, the maximum zero rate amount will be $40,400.

These sums will grow for the tax year 2022 in the following ways:

  • The head of a household receives $55,800, while single filers receive $41,675. Married couples filing jointly receive $83,350, while married couples filing separately receive $41,675.

The 15 percent tax amount is applied to adjusted net capital gains in the following categories:

  • Joint returns of up to $501,600 for 2021 and $517,200 for 2022
  • Separate returns of up to $250,800 for 2021 and $258,600 for 2022 for married persons
  • Joint returns of up to $501,600 for 2021 and $517,200 for 2022 For 2021 and 2022, head of household returns of up to $473,750 and $488,500 respectively
  • Single individual returns of up to $445,850 and $459,750 respectively

The appropriate capital gains rate is set at 20 percent for any income amounts that exceed the aforementioned ceilings and floor levels.

Individual Tax Credits

It is also necessary to make adjustments for inflation in the maximum amount of the earned income credit (EIC) for low-income taxpayers as well as the taxable income levels for the thresholds and ceilings of the credit. If you have three or more children, the maximum credit for each kid is $6,728 in 2021 and $6,935 in 2022. Couples filing jointly will see their credit phased out starting at $25,470 in adjusted gross income (or earned income, if greater) in 2021 and $26,260 in 2022 if their combined income is more than $25,470.

  • If the aggregate amount of investment income, such as income from interest, dividends, net capital gains, or other passive activities, exceeds $10,000 and $10,300 in 2021 and 2022, respectively, no earned income credit is granted.
  • With the exception of select full-time students, the age range has been widened so that those without children can claim the credit as early as age 19, rather than age 25.
  • The age restriction of 65 years has been removed.
  • The amount of the earned-income tax credit for childless households has also been enhanced to $1,502 for the tax year 2021, which is the first time this has happened.

Child Tax Credit

TheChild Tax Credit for 2021 has been modified as part of President Biden’s American Rescue Plan. It climbed to as high as $3,000 per kid (or $3,600 for children under the age of five). The minimum age for eligible youngsters has also been raised to 17 years old (from 16). It was decided to cap the maximum refundable part of the child credit for each kid under the age of 17 at $1,400 per child. Now, in 2021, the credit will be entirely refundable in full for that amount. In the year 2022, the sum is $1,500.

Families that were eligible for the Child Tax Credit but did not receive any advance payments can claim the entire amount of the Child Tax Credit on their federal income tax return for the year 2021.

In the case of a modified adjusted gross income (MAGI) that exceeds a specified threshold, the credit is lowered to $2,000 per kid. For the year 2021, the restriction is as follows:

  • The maximum amount is $150,000 for married couples filing jointly, $112,500 for heads of household, and $75,000 for single filers.

In addition, President Biden’s bill abolished the condition that parents earn a certain amount of money to qualify for the Child Tax Credit. Before, families with incomes of less than $2,500 per year were ineligible, and credits were determined depending on how far they were from that threshold, at a rate of 15 cents per kid for every dollar of income beyond $2,500. This extension of the Child Tax Credit, as well as the monthly advance payments, will only be in effect until January 1, 2021. The IRS Child Tax Credit Update Portal offers the option of receiving credit in a lump amount if you opt out of receiving credit in installments.

Qualified Adoption Expenses

According to the IRS, the credit for eligible adoption expenditures and the special credit for the adoption of a child with special needs will each be worth $14,440 in 2021 and $14,890 in 2022 respectively. The amount of qualifying adoption expenditures that can be deducted from an employee’s taxable income if they are paid or reimbursed under an employment plan will be increased to the same level as before.

Lifetime Learning Credit

In 2021, the lifetime learning credit (LLC) for qualified educational expenses for the taxpayer, spouse, or dependent phases out between the taxpayer’s adjusted gross income (AGI) of $59,000 and $69,000 for single returns and between the taxpayer’s AGI of $119,000 and $139,000 for joint returns, a maximum of $2,000 per return.

Foreign Earned Income Exclusion

The Internal Revenue Service has set the overseas earned income exclusion at $108,700 in 2021. By 2022, this sum will have increased to $112,000.

Alternative Minimum Tax

The alternative minimum taxable income (AMT), which is defined as ordinary taxable income with some tax advantages added back, that exceeds an exemption threshold is subject to the AMT. The exemption levels for the years 2021 and 2022 are as follows:

  • $114,600 and $118,100 for joint returns
  • $73,600 and $75,900 for unmarried people
  • $57,300 and $59,050 for married couples filing separate taxes
  • $114,600 and $118,100 for married couples filing separate returns

These exemption levels are phased down between the following dates:

  • Unmarried individuals’ joint returns will be worth $1,047,200 in 2021 and $1,505,600 in 2022, respectively
  • Married individuals’ joint returns will be worth $1,079,800 in 2021 and $1,552,200 in 2022
  • Married individuals’ separate returns will be worth $523,600 in 2021 and $539,900 in 2022
  • And unmarried individuals’ separate returns will be worth $523,600 and $818,000 in 2021 and $539,900 and $843,
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AMTI is subject to an AMT rate of 28 percent up to a maximum AMTI of $199,900 and $206,100 for returns of married couples and single people for tax years 2021 and 2022 (99,500 and $103,050 for married couples filing separately for the same tax year).

Increased Allowances: Fringe Benefits, MSAs, and Estates

It has been fixed at $270 per month for eligible transportation and qualified parking fringes in the year 2021 and $280 per month in the year 2022. During the fiscal years 2021 and 2022, the maximum salary reduction for contributions to health flexible spending accounts (FSAs) is $2,750 and $2,850, respectively. The highest amount of unused funds for cafeteria plans that can be carried forward is $550 for 2021 and $570 for 2022. Participants in medical savings accounts (MSAs) are subject to the following thresholds and ceilings:

  • Self-coverage costs between $2,400 and $3,600, with a maximum out-of-pocket expense of $4,800 in 2021
  • Family coverage costs between $4,800 and $7,150, with a maximum out-of-pocket expense of $8,750 in 2021
  • Self-coverage costs between $2,450 and $3,700, with a maximum out-of-pocket expense of $4,950 in 2022
  • And family coverage costs between $2,450 and $3,700, with a

The exemption limit for estate taxation for a decedent who passes away in 2021 has been established at $11.7 million.

As a result, the total sum has increased to $12.06 million. The yearly gift tax exception will be $15,000 in 2021 and $16,000 in 2022, respectively.

Retirement Plans

The Internal Revenue Service also establishes limits on retirement plan contributions, as well as phase-out ranges. Exclusions from income for employee contributions to company retirement plans (401(k)s, 403(b)s, 457 plans, and the federal government’s Thrift Savings Plan) have been set at $19,500 in 2021 and $20,500 in 2022. Employees over the age of 50 are eligible for a catch-up contribution of $6,500 each year for the next two years. It has been decided that the maximum amount that can be contributed to SIMPLE retirement plans will be $13,500 in 2021 and $14,000 in 2022.

Individual Retirement Accounts (IRAs)

Contributions to individual retirement accounts (IRAs) are tax deductible up to a maximum of $6,000 in each of the years 2021 and 2022. People over the age of 50 can make an extra $1,000 contribution each year. The phase-out thresholds for the deduction, on the other hand, have been raised. While participating in a corporate retirement plan, either the taxpayer or their spouse may have their deduction decreased or phased down until the deduction is terminated. The phaseout periods for 2021 are as follows:

  • For single persons and heads of household with adjusted gross incomes between $66,000 and $76,000, and between $105,000 and $125,000 for joint returns, the deduction phase out occurs when the individual’s adjusted gross income falls between $66,000 and $76,000. In the case of an IRA donor who is not an active member in another plan, but whose spouse is an active participant in another plan, the phaseout varies from $198,000 to $208,000
  • And There is no change for a married active contributor who files a separate return, and the phaseout range will stay at $0 to $10,000.

The phaseout periods for 2022 are as follows:

  • Unless a person is an active member in an employment retirement plan, the deduction phase out for persons with adjusted gross incomes between $68,000 and $78,000 for singles and heads of households, or between $109,000 and $129,000 for married couples filing jointly. Phaseout varies from $204,000 to $214,000 for an individual who makes an IRA contribution but does not participate actively in another plan, but whose spouse makes an IRA contribution and is not a participant in another plan. There is no change for a married active contributor who files a separate return, and the phaseout range will stay at $0 to $10,000.

In the case of a taxpayer who is neither a participant in an employment retirement plan nor his or her spouse, IRA phaseouts do not apply.

Roth IRAs

For combined returns, the phaseout for Roth IRA contributions is $125,000 to $140,000 for single taxpayers and heads of household in 2021, and $198,000 to $208,000 for single taxpayers and heads of household in 2022. The Roth IRA phaseout for a married individual’s separate return will remain at $0 to $10,000 for the remainder of the tax year. 2022 phaseout ranges are $129,000 to $144,000 for single taxpayers and heads of household, and $204,000 to $214,000 for joint returns in the year 2022 The Roth IRA phaseout for a married individual filing a separate return continues at $0 to $10,000 for the remainder of the year.

Saver’s Credit

Individuals with low incomes who make contributions to 401(k), 403(b), SIMPLE, SEP, or certain 457 plans, or who contribute to traditional and Roth IRAs, are eligible to claim a non-refundable tax credit in addition to any other exemptions or deductions that may be available to them. Taxpayers who are married and file joint returns are allowed to claim a credit for payments of up to $4000 at the following rates:

  • With adjusted gross income (AGI) up to $39,500 in 2021 and $41,000 in 2022
  • 20% with AGI up to $43,000 in 2021 and $44,000 in 2022
  • 10% with AGI up to $66,000 in 2021 and $68,000 in 2022

Heads of families are eligible to claim a credit for up to $2000 in contributions at the following rates:

  • In 2021 and 2022, 50 percent of the population will have an AGI of up to $29,625 and $30,750, respectively
  • 20 percent will have an AGI of up to $32,250 in 2021 and $33,000 in 2022
  • And 10 percent will have an AGI of up to $48,500 in 2021 and $51,000 in 2022.

Other taxpayers may claim a credit for up to $2000 in donations at a rate equal to the following:

  • In 2021, 50 percent of the population will have AGI up to $19,750 in 2020 and $20,500 in 2022
  • 20 percent will have AGI up to $21,500 in 2021 and $22,000 in 2022
  • And ten percent will have AGI up to $33,000 in 2021 and $34,000 in 2022.

Individual Income

Unlike other states, South Carolina has a simple income tax structure that is consistent with federal income tax regulations. There are just a few alterations required for South Carolina to accept the adjustments, exemptions, and deductions permitted on your federal tax return.

It is necessary to start with your federal taxable income in order to determine your state income tax due. Individual income tax rates range from 0% to a maximum of 7 percent of taxable income, with the lowest rate being 0%. The tax brackets are updated for inflation on a yearly basis.

Filing Tips

Get your affairs in order before you file! Are you hoping for a refund? Take the high road! If you anticipate receiving a refund, make sure to select direct deposit when you file your tax return. It is the quickest, most convenient, and most secure method of receiving your return.

Tips for Choosing a Tax Preparer

The form includes a list of the postal addresses for tax returns. Please be sure to use the correct address, which includes the whole zip code.

​ Refunds or no tax due (SC1040/SC1040NR) ​All balances due Estimated Tax (SC1040ES), Extension (SC4868) or Voucher (SC1040V) ​ Correspondence
SC1040 Processing Center PO Box 101100 Columbia, SC 29211-0100 ​Taxable Processing Center PO Box 101105 Columbia, SC 29211-0105 ​South Carolina Department of Revenue IIT Voucher PO Box 100123 Columbia, SC 29202 ​South Carolina Department of Revenue Income Tax PO Box 125 Columbia, SC 29214-0400

2017 Online 1040 Income Tax Calculator

Enter your filing status, income, deductions, and credits, and we’ll calculate an estimate of your total tax liability for you. We may also estimate your tax refund or the amount of money you may owe the IRS in April based on your estimated tax withholding for the calendar year. This calculator is for those who need to file their 2017 taxes by the deadline of April 15, 2018. We also have a tax year 2018 and 2019 calculator available. Please use our most recent 1040 calculator to see how much you will owe in April.

Need Extra Funds to Cover Your Tax Obligations?

You may use our rate table to discover a local lender or to compare home equity offers with other loan alternatives in your region, and you can also use it to find a lender in your area. You can pick between home equity lines of credit (HELOCs) and home equity loans with terms ranging from 5, 10, 15, 20, and 30 years.

A Guide To The 1040 Tax FormFrequent Tax Questions

If you get out your pencils and your tax forms and sit down to look them through, you are almost certain to feel bewildered and frustrated. One has to wonder who could have come up with this jumble of information for the typical individual. The entire process is complex and time-consuming. After all, there are several reasons why so many individuals despise the prospect of sitting down and filing their taxes. The fact that you have to pay taxes is only a small portion of what is so aggravating.

That is the 1040 tax return form.

We will look at the following features of taxes and this form in relation to one another:

  • When it comes to filing taxes, what information is required
  • What Are Some Common Tax Deductions
  • What Are Some Common Tax Deductions
  • 1040 versus 1040EZ
  • Tax Preparation Services That Are Popular
  • Instructions on How to Get a Tax Refund
  • How to Make Restitution for Back Taxes
  • How to Request a Protracted Extension

What Information Is Required For Filing?

Now that the new year has arrived, you are finally ready to sit down and go through your tax returns with a critical eye. If you are reading this towards the end of January or the beginning of February, it is possible that you have already gotten a W-2 form from your employer in the mail. Form W-2G is a yearly statement that includes all of your salaries earned, as well as the taxes withheld from those payments during the year. HOLD ON TO THIS FORM FOR TEN MINUTES! In the future, it will be required for you to file your tax returns.

You can easily follow the directions on the other forms while filling out this one because it is all neatly written out in orderly boxes.

Keep in mind that it is your responsibility as a taxpayer to file your taxes on time. This is true even if you do not anticipate to get a refund in the near future. Each year, you have until April 15th to file your taxes.

Common Tax Deductions

Tax deductions are a wonderful thing to have. By claiming certain approved deductions from your payment, you can reduce the amount you owe (or the amount you should have put in) by a specified amount. It isn’t even anything that is kept a well guarded secret. In reality, the Internal Revenue Service (IRS) lists some of the tax deductions that you can claim on its own website. Others deductions are more common than others, while some are more unusual. The fact is that the tax code is constructed in such a manner that some deductions are only available to a larger number of people than others.

  • Up to $750,000 in mortgage debt
  • Student loan interest paid
  • Charitable contributions
  • Earned Income Tax Credit
  • Medical or dental expenses
  • Up to $10,000 in state and local taxes (SALT)
  • And other qualifying expenses.

There are a number of deductions that can be claimed from your taxable income if any of these scenarios apply to your case. You will want to be certain that you are receiving the greatest amount of benefit possible from these reductions in your tax liability as a result of this.

1040 vs 1040EZ

It would be wonderful if the “EZ” in 1040EZ stood for “easily completed.” Unfortunately, the letters do not stand for anything like that. Instead, they exist solely to relate to the section of the tax code that the specific form is intended to reference. In order to understand the differences between a conventional 1040 form and a 1040EZ form, everyone should set aside some time to research the topic. The 1040EZ tax form is designed to be a quick and easy way to file your taxes for the majority of individual taxpayers.

A 1040 form is a little more difficult to complete.

Everyone has a tax scenario, so there is no reason to be embarrassed about filling out a more sophisticated form if you believe it would be effective in your particular circumstance.

Popular Tax Preparation Services

The tax preparation sector is thriving right now. Tax forms, as previously said, are exceedingly confusing to a large number of people, particularly those who are self-employed. Some people find it more convenient to consult with a tax expert who can assist them in filing their taxes in a timely and efficient manner. In the event that they don’t want to hire a professional to do it for them, they may at the very least use tax preparation software, which will reduce part of the effort. TurboTax, TaxAct, and H R Block At Home are just a few of the popular software solutions available.

This approach will still necessitate some of your time and attention, as you will be required to enter information into the computer software from the forms that have been supplied to you.

Using the old-fashioned pencil and paper technique would still need you to mail in your tax returns, which would significantly lengthen the process.

Some of those locations are available throughout the year to assist you with your tax questions, regardless of when you visit with your queries. You may reach out to them by phone or arrange an appointment with them online whenever it is most convenient for you.

How To Get A Refund

If filing taxes is a chore, at the very least receiving a refund is a pleasant surprise. The problem is that a lot of folks aren’t sure how to go about it. Everything begins with their previous employment. They must speak with their employer about the way their tax filing status is currently configured at this time. It is highly possible that your employer required you to complete tax filing status documentation when you initially started working for them. Even if you don’t recall doing it, it might have a significant influence on whether or not you receive a refund and how much you receive.

  • It is significant that there is such a disparity in the amount of taxes taken out between the two.
  • If they are married or have children, they can claim even more dependents on their tax return.
  • On the other side, if they declare fewer dependents, the amount of money taken out will increase.
  • It all comes down to whether you want to have that money deposited into your bank account with each weekly paycheck or whether you are OK with the concept of receiving it as a single amount around tax season.
See also:  How Can I Get My 2015 Tax Return? (TOP 5 Tips)

How To Pay Backed Taxes

Backed taxes are a very serious matter that should not be taken lightly. If you have failed to file your taxes properly and have not paid the amount that you were expected to, you can be sure that the IRS is aware of your failure and will pursue you for the money that you owe. Don’t be surprised if you open your mailbox one day and discover a letter from the Internal Revenue Service showing the difference between the amount they claim you owe and the amount you actually paid. It is possible to contest the amount of money that the Internal Revenue Service claims you owe.

That being said, if you believe that they are true in their estimates of how much you owe, it is time to proceed with making a payment to them.

Most certainly, if they had the ability to do so, they would have done so by now.

Individual taxpayers can utilize Form 9465 to take care of the partial payment system that they have established with the Internal Revenue Service. These payments should be made on time and in full in order to keep you on good terms with the Internal Revenue Service (IRS).

How To File An Extension

For a number of reasons, individuals may choose to ask for an extension on their tax obligations. The reason for this may be that they are serving in a conflict zone or that they would be out of the nation during the time period when the taxes would be due. They could also be involved in a sophisticated business partnership with a partner who has fallen ill just before tax time. People who are unable to pay their taxes when they are due are also a possibility. They might be able to pay them at a later date if they are given a little more time to do so.

It is entirely up to the discretion of the Internal Revenue Service whether or not to grant a tax payment extension.

Therefore, individuals who believe they may be required to pay at a later date should take the necessary steps to submit the extension using Form 4868.

If there is something about your tax situation that you are unsure about, always get expert tax guidance.

Homeowners May Want to Refinance While Rates Are Low

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Trump Tax Brackets: Did My Tax Rate Change?

December 2017 marked the one-year anniversary of President Donald Trump’s signature of legislation that significantly changed the United States tax system. The bill established new income tax rates, which altered the amount of tax that many Americans were required to pay. The majority of the changes took effect on January 1, 2018, and did not have an impact on your tax return until the 2018 tax year, which you submitted in 2019. Examine the tax rates for 2022 and compare them to the brackets for 2021 and 2017 to understand how the Trump tax plan would have impacted your personal income tax return.

What Are the Trump Tax Brackets?

As a result of the higher tax rates going into effect in 2018, many employees saw adjustments to their paychecks. But the new tax brackets, rates, and general tax regulations implemented by the Trump Administration will expire at the end of the fiscal year 2025. The tax brackets from the Trump tax proposal are depicted in the chart below. If you know your yearly income, you can figure out your tax bracket and determine what your tax rate will be in 2022 based on that information. It’s important to remember that federal income tax is not levied at a fixed rate.

Instead, federal income taxes are marginal, which means that your tax rate is only applied to the percentage of your income that falls squarely within the tax band in which you are now enrolled. All other sources of income are subject to lower tax rates.

2022 Federal Income Tax Brackets
Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household
10% $0 – $10,275 $0 – $20,550 $0 – $10,275 $0 – $14,650
12% $10,276 – $41,775 $20,551 – $83,550 $10,276 – $41,775 $14,651 – $55,900
22% $41,776 – $89,075 $83,551 – $178,150 $41,776 – $89,075 $55,901 – $89,050
24% $89,076 – $170,050 $178,151 – $340,100 $89,076 – $170,050 $89,051 – $170,050
32% $170,051 – $215,950 $340,101 – $431,900 $170,051 – $215,950 $170,051 – $215,950
35% $215,951 – $539,900 $431,901 – $647,850 $215,951 – $323,925 $215,951 – $539,900
37% $539,900+ $647,850+ $323,925+ $539,900+

Now, compare the tax brackets for 2022 with the tax brackets for 2020 listed below. It should be noted that the brackets are updated for inflation from year to year. Because of this, you may find yourself in a different tax rate in 2022 than you were in for the previous year (2021). Furthermore, it is possible that you may pay a different tax rate on a portion of your income on your 2022 tax return because of this.

2021 Federal Income Tax Brackets
Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household
10% $0 – $9,875 $0 – $19,750 $0 – $9,875 $0 – $14,100
12% $9,876 – $40,125 $19,751 – $80,250 $9,876 – $40,125 $14,101 – $53,700
22% $40,126 – $85,525 $80,251 – $171,050 $40,126 – $85,525 $53,701 – $85,500
24% $85,526 – $163,300 $171,051 – $326,600 $85,526 – $163,300 $85,501 – $163,300
32% $163,301 – $207,350 $326,601 – $414,700 $163,301 – $207,350 $163,301 – $207,350
35% $207,351 – $518,400 $414,701 – $622,050 $207,351 – $311,025 $207,351 – $518,400
37% $518,400+ $622,050+ $311,025+ $518,400+

In addition, for the purpose of comparison, the figure below depicts the tax brackets for 2017. Knowing your annual income allows you to understand how the new plan affects your tax rate in comparison to the old one. Here’s how it’s broken down:

2017 Federal Income Tax Brackets (Pre-Trump Tax Laws)
Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household
10% $0 – $9,325 $0 – 18,650 $0 – $9,325 $0 – $13,350
15% $9,326 – $37,950 $18,651 – $75,900 $9,326 – $37,950 $13,351 – $50,800
25% $37,951 – $91,900 $75,901 – $153,100 $37,951 – $76,550 $50,801 – $131,200
28% $91,901 – $191,650 $153,101 – $233,350 $76,551 – $116,675 $131,301 – $212,500
33% $191,651 – $416,700 $233,351 – $416,700 $116,676 – $208,350 $212,501 – $416,700
35% $416,701 – $418,400 $416,701 – $470,700 $208,351 – $235,350 $416,701 – $444,550
39.6% $418,400+ $470,700+ $235,350+ $444,550+

How Did the Tax Brackets Change?

The most significant changes occurred for people in the center of the chart as a result of the new Trump tax proposal. In 2017, a married couple with a combined total income less deductions of $250,000 would have paid a 33 percent tax rate on their earnings. The maximum tax rate they will charge is only 24 percent in 2018, 2019, and beyond. As a result, there was a very considerable discrepancy between intake and take-home income. Those with lower incomes may also benefit from a reduction in taxes.

In 2018, 2019, and beyond, that percentage is expected to decline to 12 percent.

When it was previously in effect, the highest tax bracket carried a 39.6 percent rate and applied to single individuals earning more than $418,401 and married couples filing jointly earning more than $470,000 in taxable income.

Other significant tax reform reforms brought forth by Trump include:

  • In addition, the standard deduction has nearly doubled, rising from $12,700 in 2017 to $25,900 in 2022 for married couples filing jointly
  • From $6,350 in 2017 to $12,950 in 2022 for single taxpayers and married individuals filing separately
  • And from $9,350 in 2017 to $19,400 in 2022 for heads of household. The personal exemption has been phased out entirely. Depending on your circumstances, you might claim a $4,050 tax deduction for yourself and each eligible dependent in your household. For eligible medical costs, a lower threshold has been established. Those that surpass 7.5 percent of your adjusted gross income (AGI) are tax deductible. In 2017, taxpayers under the age of 65 were only allowed to deduct costs that exceeded 10% of their adjusted gross income (AGI). However, if the amount of your itemized deductions does not surpass Trump’s greater standard deduction, you will not be able to take advantage of it. The maximum child tax credit has been increased from $1,000 to $2,000 for each qualified kid under the age of 17 and made it available to higher-income families. As part of President Biden’s American Rescue Plan, the tax credit for children over the age of six was increased to $3,000 per child and $3,600 for children under the age of six in 2021. Additionally, the estate and gift tax exemption was increased by more than double, from $5.49 million in 2017 to $12.06 million in 2022. When we talk about lifetime gifts and bequests at death, we’re referring to the maximum amount you may donate before paying a 40% tax.

Individual tax provisions are set to expire at the end of the 2025 fiscal year. As a result, when you file in 2026, your rates will revert to what they were before to Trump’s 2018 revisions.

How Tax Rates Work

It’s important to remember that the tax rates are marginal. The tax rate that applies to your total income is only applicable to the income that falls into that tax bracket. Consider this scenario: if you’re single and have taxable income of $300,000 in 2021, only the income you receive after $207,351 will be subject to the 35 percent federal income tax rate displayed on the relevant federal income tax table above. The lower rates are applicable to income in the appropriate categories of the income distribution.

Just because your total income falls into a new tax bracket does not indicate that all of your money is subject to that rate of taxation.

Bottom Line

According to the Internal Revenue Service, tax refunds will average $2,775 in 2021. This is an increase of 11.2 percent over the previous year, when the average return was worth $2,495 per investor. The Joint Committee on Taxation and the Congressional Budget Office estimated in 2017 that President Donald Trump’s tax plan might add more than $1 trillion to the national debt by 2027, despite the fact that many Americans are benefiting from tax cuts, depending on their specific circumstances. According to Trump, his tax proposal was one of the most significant tax code overhauls seen in decades, cutting individual tax rates while increasing standard deductions, as well as decreasing the threshold for medical expenditure deductions, among other improvements.

Keep in mind that tax bands are adjusted for inflation on an annual basis.

As a result, you may be subject to a different tax rate on a portion of your income than for the rest.

If you’re curious how the tax changes will influence your individual tax position, you may use the income tax calculator on SmartAsset to find out. It will assist you in determining how much you should anticipate to spend under the new plan.

Tax Season Tips

  • Working with a financial advisor who specializes in tax preparation can help you save money on your taxes. Finding a good financial advisor does not have to be a difficult process. Your financial adviser links you with up to three other financial advisors in your region using SmartAsset’s free service, and you may interview your advisor matches at no cost to determine which one is the best fit for you. If you’re ready to locate a financial adviser who can assist you in achieving your financial objectives, get started right away. Figure out how to submit your taxes as soon as possible. For young adults paying their own taxes for the first time, understanding the tax code is particularly vital. It can’t hurt to brush up on the mechanics of going through this yearly routine, regardless of how you plan on doing it. A filing service that accepts electronic documents might also help to accelerate the procedure. TurboTaxi is one of the most popular tax-filing programs, and it routinely receives great scores for its usability and customer service. You may use SmartAsset’s tax return calculator to determine if you will receive a refund or whether you will be required to pay a check to the government. This can be beneficial to your household’s financial situation. Furthermore, it prepares you for what you may encounter when you really file your paperwork.

iStock.com/Kameleon007, iStock.com/hamzaturkkol, and iStock.com/wutwhanfoto are among the photographers that contributed to this image. Ben Geier, CEPF® (Certified Environmental Professional). Ben Geier is a financial journalist with over a decade of experience who presently works as a retirement and investment consultant for SmartAsset. His writing has featured on Fortune, Mic.com, and CNNMoney, among other publications. Ben received his bachelor’s degree from Northwestern University and is currently enrolled as a part-time student at City University of New York Graduate Center.

Ben enjoys watching hockey, listening to music, and experimenting in the kitchen when he isn’t helping others understand their finances.

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