What was the maximum AMT exemption for 2016?
The AMT exemption amount for 2016 is $53,900 for singles and $83,800 for married couples filing jointly (Table 5). Source: Author’s Calculations. 2016’s maximum Earned Income Tax Credit for singles, heads of households, and joint filers is $506, if the filer has no children (Table 6).
What are the federal income tax rates for 2016?
Estimated Income Tax Brackets and Rates. In 2016, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). The top marginal income tax rate of 39.6 percent will hit taxpayers with taxable income of $415,050 and higher for single filers. and $466,950 and higher for married filers.
What was the maximum earned income tax credit for 2016?
Earned Income Tax Credit. 2016’s maximum Earned Income Tax Credit for singles, heads of households, and joint filers is $506, if the filer has no children (Table 6). The credit is $3,373 for one child, $5,572 for two children, and $6,268 for three or more children.
Is there any way to file taxes for 2016?
You can still file 2016 tax returns. Even though the deadline has passed, you can file your 2016 taxes online in a few simple steps. Our online income tax software uses the 2016 IRS tax code, calculations, and forms. File late taxes today with our Maximum Refund Guarantee. All available prior years.
What was the tax rate per mile in 2016?
19 cents per mile driven for medical or moving purposes in 2016, down from 23 cents in 2015. The 2017 rate is 17 cents. 14 cents per mile driven in service of charitable organizations. This rate is set by law and is unchanged.
Which is the federal tax form for 2016?
Start with the Federal 2016 Tax Calculators when estimating and preparing your 2016 Tax Return. Need to change or amend a 2016 Federal Income Tax Return or State Return? Download IRS Tax Amendment Form 1040X and mail it in any time. Do you owe 2016 Taxes to the IRS? If so, estimate potential late filing and/or late payment penalties .
Is the standard deduction going to increase in 2016?
The standard deduction for single and married couples filing jointly will not increase in 2016 (Table 2). For taxpayers filing as head of household, it will increase by $50 from $9,250 to $9,300. The personal exemption for 2016 will be $4,050. Source: Author’s Calculations.