Limited interest and dividend income reported on a 1099-INT or 1099-DIV.A simple tax return is Form 1040 only (without any additional schedules).
#Turbotax deluxe for tax year 2017 federal & state + fed efile windows mac free#
TurboTax Free Edition: $0 Federal + $0 State + $0 To File offer is available for simple tax returns only with TurboTax Free Edition.Whether you have a simple or complex tax situation, we've got you covered. Remember, with TurboTax, we'll ask you simple questions about your life and help you fill out all the right tax forms. Itemized deduction phaseout - reduces itemized deductions by 3% of the AGI above the limits (for 2017, that threshold is $313,800 for married couples filing jointly and $287,650 for single filers) to a maximum reduction of 80%.Personal exemption will be fully phased out for individuals with AGI greater than $384,000 and joint filers with AGI greater than $436,300. Personal exemption phaseout - for every $2,500 of AGI above these income limits, the $4,050 (2017) per-person personal exemption will be reduced by 2%.
While not labeled as tax increases by the IRS, the following will increase the amount of taxes due on single filers with (AGI) greater than $250,000 and joint filers with AGI greater than $300,000: 1, 2019, the threshold increases to 10 percent of AGI. For 20, all taxpayers are subject to a decreased threshold of 7.5 percent.īeginning Jan. 31, 2016 for individuals age 65 and older and their spouses. There was a temporary exemption from Jan.
The threshold for unreimbursed medical expenses increased from 7.5 percent to 10 percent of Adjusted Gross Income (AGI) for most taxpayers in 2014. The above requirements for filing Form 8938 do not take the place of the obligation to file an FBAR (Foreign Bank Account Report, Treasury Form TD F 90-22.1) to report a financial interest in or signature authority over a foreign financial account. For joint filers, the limits are $400,000 at year-end, or $600,000 at any time during the year. Single filers need only report accounts exceeding $200,000 at year-end, or $300,000 at any point during the year. citizens living abroad, the reporting limits rise dramatically. For joint filers, the limits rise to $150,000 at any time, and $75,000 at year-end.įor U.S. Foreign holdings exceeding $75,000 at any time during the year must also be reported. residents, you have to file information about your foreign holdings if they exceed $50,000 at year-end, if you're a single filer. "Above that amount, check the IRS reporting limits, which may change from year to year in the future."įor U.S. "If your overseas assets don't exceed $50,000, you don't have to worry about the new rules," says Gonzalez. As of 2012 and beyond, all taxpayers who meet the minimum threshold, which varies by tax-filing and residence status, must comply. During the transitional tax year of 2011, only certain taxpayers had to make foreign disclosures to the IRS. One of the latest tax buzzwords is "offshore accounts," as the IRS has begun taking a closer look at the foreign holdings of American citizens. They don't come every year, but when they do, they translate into additional money in your pocket." The estate and gift tax exclusion rises to $5.49millionĪccording to Jeff Gonzalez, a CPA and the CFO of Los Angeles-based Electric Entertainment, "Inflation adjustments can be a big thing.Annual deductible amounts for Health Savings Accounts increases for individuals to $3,400 but with no change for families.The foreign earned income deduction rises to $102,100.The maximum income limit for the EITC rises to $53,930.The maximum earned income tax credit rises to $6,318.
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