Form 1040 Update for 2017

State & Local Sales Tax Deduction claimed as itemized deductions is extended indefinitely.

Mortgage Insurance Premiums claimed as deductible interest as an itemized deductions is extended through 2017.

Personal Exemption is $4,050 but phased-out if your Adjusted Gross Income (AGI) is between:

  • Married Filing Jointly $313,800 to $436,300
  • Individuals $261,500 to $384,000

Standard Deduction:

  • Married Filing Jointly $12,700 (Blind or over 65 add $1,250)
  • Head of Household $9,350
  • Individuals $6,350 (Blind or over 65 add $1,550)

The American Opportunity Credit (AOTC) is extended indefinitely.

  • The credit is $2,500 per student
  • It is available for 4 years of postsecondary education
  • The credit is a 40% refundable credit
  • The phase-out range is:
    • Single Filers $80,000 to $90,000
    • Joint Filers $160,000 to $180,000

Qualified Tuition and Related Expense Deduction (up to $4,000 can be deducted) is extended through 2017.

Teacher's Classroom Expense Deduction of $250 is extended indefinitely.