IRS Annual Inflation Adjustments for 2017
Posted By: Jennifer O'Neill // Jun 6, 2017
The IRS issued the annual inflation adjustments for 2017.These provisions are used to file tax year 2017 returns in 2018.
The personal exemption stayed at $4,050 for 2017. The standard deduction for married taxpayers filing joint returns increases slightly to $12,700, $100 more than in 2015 and 2016. It also increases slightly for single taxpayers and married taxpayers filing separately to $6,350. The standard deduction increases for heads of household, from $9,300 to $9,350.
For more information on the inflation adjustments or for any other tax advice, contact IRS Help at 1-800-IRS-HELP (800-477-4357).
Submitted by Sandee Strachan