2017 Standard Deductions & Exemptions*
Taxpayers who do not itemize their deductions are entitled to a standard deduction. The amount of the standard deduction varies according to the taxpayer's filing status.
|2017 Standard Deduction|
|Married, Filing Jointly||$12,700|
|Married, Filing Separately||$6,350|
|Head of Household||$9,350|
|Blind or over 65 and married add:||$1,250|
|Blind or over 65 and single/head of household add:||$1,550|
Individuals are entitled to a personal exemption amount.
|2017 Exemption Amount|
|2017 Personal Exemption||$4,050|
|Itemized Deduction/Personal Exemption Phaseout|
|Married, Filing Jointly||$313,800|
|Married, Filing Separately||$156,900|
|Head of Household||$287,650|
*Source: www.IRS.gov. Information provided in this Tax Information Guide is general in nature and is not meant to offer tax advice. You should consult your own tax advisor for more complete information.