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Tax Facts

Indiana County Tax Rates

Tax Facts1

 
 

Deductions, Exemptions, Etc.

 
 

2016

2017

2018

 

FICA Wage Base

 $     118,500

 $    127,200

 $      128,700

 

Medicare Additional Tax Wage Base

   

Single (S)

 $     200,000

 $    200,000

   

Married Filing Jointly (MFJ)

 $     250,000

 $    250,000

   

Standard Deduction

   

Single (S)

 $         6,300

 $        6,350

 $        12,000

 

Married Filing Jointly (MFJ)

 $       12,600

 $      12,700

 $        24,000

 

Head of Household (HOH)

 $         9,300

 $        9,350

 $        18,000

 

Married Filing Separately (MFS)

 $         6,300

 $        6,350

 $        12,000

 

Additional for age 65 or older or blind, each (MFJ, MFS)

 $         1,250

 $        1,250

 $          1,300

 

Additional for age 65 or older or blind, each (S, HOH)

 $         1,550

 $        1,550

 $          1,600

 

Personal Dependent Exemption

 $         4,050

 $        4,050

 N/A

 

Itemized Deduction & Personal Exemption phase-out begins at AGI of:

   

MFJ

 $     311,300

 $    313,800

 N/A

 

S

 $     259,400

 $    287,650

 N/A

 

HOH

 $     285,350

 $    287,650

 N/A

 

MFS

 $     155,650

 $    156,900

 N/A

 

"Kiddie Tax" unearned income threshold

 $         1,050

 $        2,100

 $          2,100

 

Foreign earned income exclusion

 $     101,300

 $    102,100

 $      104,100

 
   

Standard Mileage Rates

 
 

2016

2017

2018

 

Standard Mileage

 $         0.540

 $        0.535

 $          0.545

 

Charity Mileage

 $         0.140

 $        0.140

 $          0.140

 

Medical/Moving Mileage

 $         0.190

 $        0.170

 $          0.180

 

Travel per diem: High Cost Locality

See www.gsa.gov for location specific

 

All Other Localities

 $       185.00

 $      142.00

 $        144.00

 
   

Retirement Plan Contribution Limits

 
 

2016

2017

2018

 

SIMPLE IRA Limit

 $       12,500

 $      12,500

 $        12,500

 

SIMPLE >50 Catch-up

 $         3,000

 $        3,000

 $          3,000

 

401(k) Limit

 $       18,000

 $      18,000

 $        18,500

 

401(k) Catch-up

 $         6,000

 $        6,000

 $          6,000

 

403(b) Limit

 $       18,000

 $      18,000

 $        18,500

 

403(b) Catch-up

 $         6,000

 $        6,000

 $          6,000

 

Regular IRA Limit

 $         5,500

 $        5,500

 $          5,500

 

Regular IRA Catch-up

 $         1,000

 $        1,000

 $          1,000

 

Roth IRA Limit

 $         5,500

 $        5,500

 $          5,500

 

Roth IRA Catch-up

 $         1,000

 $        1,000

 $          1,000

 

Regular IRA Contribution Phase-out Begins at AGI of Active Retirement Plan Participants:

   

MFJ (Participating Spouse)

 $       98,000

 $      99,000

 $      101,000

 

MFJ (Non-participating Spouse)

 $     184,000

 $    186,000

 $      189,000

 

S, HOH

 $       61,000

 $      62,000

 $        63,000

 

MFS

 $               -  

 $             -  

 $                -  

 

Roth IRA Contributions Phase-out Begins at AGI of:

   

MFJ

 $     184,000

 $    186,000

 $      189,000

 

S, HOH

 $     117,000

 $    118,000

 $      120,000

 

MFS

 $               -  

 $             -  

 $                -  

 

Profit Sharing Plan/SEP Contribution Limit

 $       53,000

 $      54,000

 $        55,000

 

Compensation Limit (For Employer Contributions to Profit-sharing Plans)

 $     265,000

 $    270,000

 $      275,000

 
   

Qualified Long Term Care Premium Deduction

 
 

2016

2017

2018

 

40 or <

 $            390

 $           410

 $             420

 

50 or <

 $            730

 $           770

 $             780

 

50 or <

 $         1,460

 $        1,530

 $          1,560

 

70 or <

 $         3,900

 $        4,090

 $          4,160

 

> 70

 $         4,870

 $        5,110

 $          5,200

 

Long Term Care Excludable Per Diem

 $            330

 $           360

 $             360

 
   

Section 179 Deduction

 
 

2016

2017

2018

 

Limit

 $     500,000

 $    500,000

 $   1,000,000

 

Qualifying Property Phase-out Threshold

 $  2,000,000

 $ 2,000,000

 $   2,500,000

 

Depreciation Limit - Autos (1st Year)

 $         3,160

 $        3,160

   

Depreciation Limit - Trucks and Vans (1st Year)

 $         3,560

 $        3,560

   

Depreciation Limit - Autos (1st Year) with Bonus Depreciation

 $       11,160

 $      11,160

   

Depreciation Limit - Trucks and Vans (1st Year) with Bonus Depreciation

 $       11,560

 $      11,560

   
   

Education Deductions, Credits, & Phase-outs

 
 

2016

2017

2018

 

American Opportunity Tax Credit - Maximum Per Student

 $         2,500

 $        2,500

 $          2,500

 

Lifetime Learning Credit - Maximum Credit Per Return

 $         2,000

 $        2,000

 $          2,000

 

Tuition and Fees Deduction

 $         4,000

 -

 -

 

Education Loan Interest

 $         2,500

 $        2,500

 $          2,500

 

American Opportunity Tax Credit Phase-out Begins at AGI of:

   

MFJ

 $     160,000

 $    160,000

 $      160,000

 

S, HOH

 $       80,000

 $      80,000

 $        80,000

 

MFS

 Not Allowed

 Not Allowed

 Not Allowed

 

Lifetime Learning Credit Phase-out Begins at AGI of;

   

MFJ

 $     111,000

 $    112,000

 $      112,000

 

S, HOH

 $       55,000

 $      56,000

 $        56,000

 

MFS

 Not Allowed

 Not Allowed

 Not Allowed

 

Student Loan Interest Deduction Phase-out Begins at AGI of:

   

MFJ

 $     130,000

 $    135,000

 $      135,000

 

S, HOH

 $       65,000

 $      65,000

 $        65,000

 

MFS

 Not Allowed

 Not Allowed

 Not Allowed

 
   

Health Savings Account Limits

 
 

2016

2017

2018

 

Health Savings Accounts (HSA)

       

Self-only Coverage:

   

Contribution Limit

 $         3,350

 $        3,400

 $          3,450

 

Plan Minimum Deductible

 $         1,300

 $        1,300

 $          1,350

 

Plan Out-of-pocket Limit

 $         6,450

 $        6,550

 $          6,650

 

Family Coverage:

       

Contribution Limit

 $         6,750

 $        6,750

 $          6,900

 

Plan Minimum Deductible

 $         2,600

 $        2,600

 $          2,700

 

Plan Out-of-pocket Limit

 $       13,100

 $      13,100

 $        13,300

 

Additional Contribution Limit - Age 55 or Older

 $         1,000

 $        1,000

 $          1,000

 

Flexible Spending Account (FSA) Contribution Limit

 $         2,550

 $        2,600

 $          2,650

 
   

Gift Tax Exclusion

 
 

2016

2017

2018

 

Estate Tax Exclusion

 $  5,450,000

 $ 5,490,000

 $ 11,180,000

 

Gift Tax Annual Exclusion

 $       14,000

 $      14,000

 $        15,000

 
   

Earned Income Credit

 
 

2016

2017

2018

 

AGI must be less than (MFJ)

 

 

No Qualifying Children

 $       20,430

 $      20,600

 $        21,000

 

One Qualifying Child

 $       44,846

 $      45,207

 $        46,102

 

Two Qualifying Children

 $       50,198

 $      50,597

 $        51,598

 

Three or More Qualifying Children

 $       53,505

 $      53,930

 $        54,998

 

Maximum Amount of Credit (All filers except MFS)

   

No Qualifying Children

 $            506

 $           510

 $             519

 

One Qualifying Child

 $         3,373

 $        3,400

 $          3,461

 

Two Qualifying Children

 $         5,572

 $        5,616

 $          5,716

 

Three or More Qualifying Children

 $         6,269

 $        6,318

 $          6,431

 

12018 Numbers are estimates and will not be finalized until 2018.