The 2017 tax updates for Silver and TOTAL are available now. The latest version includes updated income taxes, estate taxes, retirement plan contribution limits and Social Security estimates for 2017.
The new year brings new tax rules. This year marks the fourth year in a row of straightforward tax changes primarily made up of minor adjustments due to indexing for inflation. Income tax brackets were adjusted slightly upwards.
The 0.3% cost-of-living index was not enough to cause adjustments for most items. The personal exemption did not change, remaining at $4,050 for 2017. The standard deduction amounts were increased by $100 for married filing jointly filers for 2017. The AMT exemption amount was increased from $83,800 to $84,500 for married filing jointly filers in 2017. The estate tax exemption grew by $40,000 per person to $5,490,000.
Retirement plan contribution limits are unchanged for most plans, including 401(k), 401(b), IRA and Roth IRA plans. Catch-up provisions for those age 50 and over also remain the same as 2016.
Social Security benefits will not have any meaningful increase for 2017. Social Security Administration announced in October that benefit payouts would increase by 0.3% for 2017, raising the average benefit by about $5 a month.
Desktop editions of Silver and TOTAL*:
>> Download and install the updated version
Update notifications in the desktop editions will be turned on next week. If you have any questions about updating the desktop edition, please see the Update FAQ and contact support for assistance.
Online editions of Silver and TOTAL:
>> The online editions have been updated for the 2017 tax changes and no action is required.
* If you wish to continue using the 2016 tax rules, wait to update until you are ready to switch to the 2017 tax rules. The online edition of TOTAL provides an option to use the 2016 taxes when creating reports.