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
- 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.