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Standard deduction. For 2017, the standard deduction has in-creased to $6,350 if single; $12,700 if married filing jointly or qualifying widow(er); $6,350 if mar-ried filing separate returns; and $9,350 if head of household. Mailing your return. If you live in Connecticut, the District of Colum-bia, Maryland, Pennsylvania,
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Table 1. 2017 Filing Requirements Chart for Most Taxpayers IF your filing status is... AND at the end of 2017 you were...* THEN file a return if your gross income was at least...** single under 65 $10,400 65 or older $11,950 head of household under 65 $13,400 65 or older $14,950 married, filing jointly*** under 65 (both spouses) $20,800
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This booklet only contains Tax Tables from the Instructions for Form 1040. Forms 1040A and 1040EZ filers may also use these tables to figure their tax.
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Section 63 (c) (2) of the Code provides the standard deduction for use in filing individual income tax returns. Near the end of each year, the IRS issues a revenue procedure containing inflation-adjusted standard deductions for the following tax year. Below are the inflation-adjusted standard deduction amounts by year dating back to 1992.
- Asset Location: Stocks vs. Bonds
- Asset Location Among Stocks
- Asset Location Among Bonds
- Other Asset Location Notes
Stocks are usually more tax-efficient than bonds (i.e., they’re less bad to have in taxable than bonds are, usually). That’s because dividends and long-term capital gains are usually taxed at lower tax rates than bond interest. However, the tax efficiency of stocks relative to bonds depends not only on tax rates but also on yields (i.e., how muchin...
Stocks with lower dividend yields are more tax-efficient than stocks with higher dividend yields (because again, the less income something pays, the more tax-efficient it is). So if your stock holdings are split between “growth” and “value,” growth is generally the better of the two to hold in taxable. REITs are a particularly undesirable holding i...
As noted above, muni bonds may be the best choice for somebody who has to hold bonds in a taxable account. Among taxable bonds, Treasury bonds are exempt from state income tax, which makes them somewhat more tax-efficient if you live in a state with income tax. Also, the safer a bond is, the lower its yield will be, and therefore the more tax-effic...
When you own a mutual fund in a taxable account, each year you have to pay tax on your share of the capital gains that the fund realized whenever it sold anything over the course of the year. As a result, the more frequently a fund sells its holdings, the more capital gains you’ll have to pay tax on each year. Point being, funds with low portfolio ...
The head of household filing status allows you to choose the standard deduction even if your spouse chooses to itemize deductions. See Head of Household, later, for more information.
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Feb 16, 2024 · OVERVIEW. The Head of Household Filing Status typically allows for a more generous tax situation to unmarried taxpayers who maintain a home for a qualifying person, such as a child or family relative. TABLE OF CONTENTS. What is the Head of Household filing status? What are the advantages to filing as Head of Household?
