NON-STANDARD DEDUCTIONS

non exempt shuns for privileged filers... (Lords of the frequent fliers who never file)

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https://www.irs.com/articles/2016-federal-tax-rates-personal-exemptions-and-standard-deductions

2016 Federal Tax Rates, Personal Exemptions, and Standard Deductions IRS Tax Brackets & Deduction Amounts for Tax Year 2016

This article gives you the tax rates and related numbers that you will need to prepare your 2016 income tax return. In general, 2016 individual tax returns are due by Monday, April 17, 2017.

If you are looking for 2015 tax rates, you can find them HERE. 2016 Income Tax Brackets

The Federal income tax has 7 brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%. The amount of tax you owe depends on your income level and filing status.

It’s important to understand that moving into a higher tax bracket does not mean that all of your income will be taxed at a higher rate. Instead, only the money that you earn within a particular bracket is subject to that particular tax rate.

Single

Taxable Income Tax Rate

$0—$9,275 10%

$9,276—$37,650 $927.50 plus 15% of the amount over $9,275

$37,651—$91,150 $5,183.75 plus 25% of the amount over $37,650

$91,151—$190,150 $18,558.75 plus 28% of the amount over $91,150

$190,151—$ 413,350 $46,278.75 plus 33% of the amount over $190,150

$413,351—$415,050 $119,934.75 plus 35% of the amount over $413,350

$415,051 or more $120,529.75 plus 39.6% of the amount over $415,050

Married Filing Jointly or Qualifying Widow(er)

Taxable Income Tax Rate

$0—$18,550 10%

$18,551—$75,300 $1,855 plus 15% of the amount over $18,550

$75,301—$151,900 $10,367.50 plus 25% of the amount over $75,300

$151,901—$231,450 $29,517.50 plus 28% of the amount over $151,900

$231,451—$413,350 $51,791.50 plus 33% of the amount over $231,450

$413,351—$466,950 $111,818.50 plus 35% of the amount over $413,350

$466,951 or more $130,578.50 plus 39.6% of the amount over $466,950

Married Filing Separately

Taxable Income Tax Rate

$0—$9,275 10%

$9,276—$37,650 $927.50 plus 15% of the amount over $9,275

$37,651—$75,950 $5,183.75 plus 25% of the amount over $37,650

$75,951—$115,725 $14,758.75 plus 28% of the amount over $75,950

$115,726—$206,675 $25,895.75 plus 33% of the amount over $115,725

$206,676—$233,475 $55,909.25 plus 35% of the amount over $206,675

$233,476 or more $65,289.25 plus 39.6% of the amount over $233,475

Head of Household

Taxable Income Tax Rate

$0—$13,250 10%

$13,251—$50,400 $1,325 plus 15% of the amount over $13,250

$50,401—$130,150 $6,897.50 plus 25% of the amount over $50,400

$130,151—$210,800 $26,835 plus 28% of the amount over $130,150

$210,801—$413,350 $49,417 plus 33% of the amount over $210,800

$413,351—$441,000 $116,258.50 plus 35% of the amount over $413,350

$441,001 or more $125,936 plus 39.6% of the amount over $441,000

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2016 Personal Exemption Amounts

For tax year 2016, the personal exemption amount is $4,050 (compared to $4,000 in 2015).

You are allowed to claim one personal exemption for yourself and one for your spouse (if married). However, if somebody else can list you as a dependent on their tax return, you are not permitted to claim a personal exemption for yourself.

The personal exemption amount “phases out” for taxpayers with higher incomes. The Personal Exemption Phaseout (PEP) thresholds are as follows:

Filing Status PEP Threshold Starts PEP Threshold Ends

Single $259,400 $381,900

Married Filing Jointly $311,300 $433,800

Married Filing Separately $155,650 $216,900

Head of Household $285,350 $407,850

2016 Standard Deduction Amounts

There are two main types of tax deductions: the standard deduction and itemized deductions. You can claim one type of deduction on your tax return, but not both.

For example, if you claim the standard deduction, you cannot itemize deductions – and vice versa (if you itemize deductions, you cannot claim the standard deduction). You are allowed to use whichever type of deduction results in the lowest tax.

The standard deduction is subtracted from your Adjusted Gross Income (AGI), thereby reducing your taxable income. For tax year 2016, the standard deduction amounts are as follows:

Filing Status Standard Deduction

Single $6,300

Married Filing Jointly $12,600

Married Filing Separately $6,300

Head of Household $9,300

Qualifying Widow(er) $12,600

Note that there is an additional standard deduction for elderly or blind taxpayers, which is $1,250 for tax year 2016. The additional standard deduction amount increases to $1,550 if the individual is also unmarried and not a qualifying widow(er)

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NOTE THE PSA FOR PROSTATE PROBLEMS LINKED TO THE IRS???

Minimum Income Required to File Federal Taxes Filing taxes, even if not required, may result in a refund.

Filing taxes, even if not required, may result in a refund. More Articles

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The requirement to file federal taxes hinges not only on your income, but also the source of it. This applies to your salary or wages, and also to income from other sources, such as investments and the sale of property. Before you decide whether or not to file, consult a tax professional. You may qualify for a refund that you'll miss if you don't file a return. Sponsored link Efiling Taxes Made Easy Start e filing Now, Free and Easy. Get Your Income Tax Refund Faster. www.efile.com?/? Income Limits

The minimum income for filing federal taxes depends on your marital status, age, whether you have children and whether you can be claimed as a dependent on someone else’s return. In 2011, for example, if you were single and under age 65, you would have to file taxes if you earned over $9,500, but you could earn up to $10,950 without filing if you were over 65. If you are a dependent on someone else’s taxes and you earn more than $5,800, you also may have to file taxes. If you are self-employed, the limit is much lower because no federal income tax, Social Security or Medicare contributions have been withheld from your pay. For 2011, any self-employed person who earned more than $400 had to file taxes. These limits change each year, so consult IRS Publication 501 for the requirements for the year in which you're filing. Recapture Tax

If you received a federally subsidized loan after Dec. 31, 1990, to help with the purchase of your home, you must file federal taxes in the year that you sell it or transfer it to someone else. The federal government may require you to pay back some or all of the subsidy you received. This is called “recapture tax.” If you refinance your mortgage, however, you are not required to file federal taxes and you are not subject to recapture tax. Other Reasons You Must File

In addition to your salary or wages, other sources of income may trigger the requirement to file a federal tax return. For example, if you sell your home, you may be subject to capital gains tax, and you must file a return to make this determination. Also, if you make an early withdrawal from a tax-deferred retirement plan, such as an individual retirement account (IRA), you must file. If you earn tips that you did not report to an employer, this income has not been subject to federal tax, Social Security or Medicare withholding, so you must file a return to report it and pay any taxes due. Reasons to File Even if You Don’t Have To

It may be tempting not to file a return if you don't have to, but this strategy could cost you money. For example, if you and your spouse earned less than $19,190, you may qualify for the Earned Income Tax Credit, which could result in a refund of some of the federal taxes withheld from your pay. If you adopted a child, you probably qualify for the Adoption Tax Credit, and if you purchased a home, you may qualify for the First-Time Homebuyer Credit. Other credits are available for educational courses and medical insurance payments. These special credits reduce your taxes, but you must file a return to claim them. Sponsored links Homeowners Must Read This Congress Gives Homeowners Who Owe Less Than $300-625k, Once-In-A-Lifetime Mortgage Bailout lowermybills.com The Truth About Annuities Get the real story from a firm that doesn't sell annuities! www.fi.com E-File Taxes for Free File Your IRS Taxes Online - Free. Free IRS E-File at E-File.com ®. irs.e-file.com

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