2017 Tax Tables Married Filing Jointly

The 2017 tax tables for married couples filing jointly make the tax filing process easier than ever. With the tax season quickly approaching, it’s important to understand the various changes and exemptions that could potentially affect your filing status and deductions. This year, the IRS has made a few adjustments to the tax tables for married couples filing jointly, so it’s important to familiarize yourself with the new rules.

For married couples filing jointly, the 2017 tax tables provide an easy way to determine how much they owe in taxes. The tax tables are based on total taxable income, filing status, and number of dependents. Depending on the total taxable income, the tax table will provide a range of possible tax rates. In addition to the tax rate, the tables also provide a range of deductions and credits that may be available to married couples filing jointly.

When it comes to deductions and credits, there are several changes married couples filing jointly should be aware of in 2017. For example, the standard deduction has increased from $12,600 to $13,000 for married couples filing jointly. This means that married couples filing jointly can take advantage of a larger deduction when filing their taxes. Additionally, the Earned Income Tax Credit for married couples filing jointly has increased by $1,000 to a maximum of $6,318.

Another significant change for married couples filing jointly is the Alternative Minimum Tax (AMT). The AMT applies to high-income taxpayers who don't qualify for certain deductions and credits. In 2017, the AMT exemption amount for married couples filing jointly has increased to $84,500, up from $83,800 in 2016. This means that more married couples filing jointly can qualify for the AMT exemption, which could significantly reduce their overall tax liability.

In addition to the changes to the standard deduction, EITC, and AMT, there are a variety of other deductions and credits available to married couples filing jointly. These include deductions for medical expenses, charitable contributions, home mortgage interest, and state and local taxes. Married couples filing jointly should familiarize themselves with these deductions and credits before filing their taxes to ensure they get the most out of their return.

Overall, the 2017 tax tables for married couples filing jointly are designed to make the tax filing process easier and more efficient. By understanding the various changes and exemptions, married couples filing jointly can save money and make sure they're not missing out on any potential deductions and credits.

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