2015 tax brackets (for taxes due April 18, 2016) |
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|---|---|---|---|---|
| Tax rate | Single filers | Married filing jointly or qualifying widow/widower | Married filing separately | Head of household |
| 10% | Up to $9,225 | Up to $18,450 | Up to $9,225 | Up to $13,150 |
| 15% | $9,226 to $37,450 | $18,451 to $74,900 | $9,226 to $37,450 | $13,151 to $50,200 |
| 25% | $37,451 to $90,750 | $74,901 to $151,200 | $37,451 to $75,600 | $50,201 to $129,600 |
| 28% | $90,751 to $189,300 | $151,201 to $230,450 | $75,601 to $115,225 | $129,601 to $209,850 |
| 33% | $189,301 to $411,500 | $230,451 to $411,500 | $115,226 to $205,750 | $209,851 to $411,500 |
| 35% | $411,501 to $413,200 | $411,501 to $464,850 | $205,751 to $232,425 | $411,501 to $439,000 |
| 39.6% | $413,201 or more | $464,851 or more | $232,426 or more | $439,001 or more |
2016 tax brackets (for taxes due April 17, 2017) |
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|---|---|---|---|---|
| Tax rate | Single filers | Married filing jointly or qualifying widow/widower | Married filing separately | Head of household |
| 10% | Up to $9,275 | Up to $18,550 | Up to $9,275 | Up to $13,250 |
| 15% | $9,276 to $37,650 | $18,551 to $75,300 | $9,276 to $37,650 | $13,251 to $50,400 |
| 25% | $37,651 to $91,150 | $75,301 to $151,900 | $37,651 to $75,950 | $50,401 to $130,150 |
| 28% | $91,151 to $190,150 | $151,901 to $231,450 | $75,951 to $115,725 | $130,151 to $210,800 |
| 33% | $190,151 to $413,350 | $231,451 to $413,350 | $115,726 to $206,675 | $210,801 to $413,350 |
| 35% | $413,351 to $415,050 | $413,351 to $466,950 | $206,676 to $233,475 | $413,351 to $441,000 |
| 39.6% | $415,051 or more | $466,951 or more | $233,476 or more | $441,001 or more |
For 2015, the standard deduction for taxpayers younger than 65 |
|
|---|---|
| Single | $6,300 |
| Head of household | $9,250 |
| Married filing jointly | $12,600 |
| Qualifying widow or widower | $12,600 |
| Married filing separately | $6,300 |
For 2015, the standard deduction for taxpayers older than 65 and/or visually impaired |
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|---|---|---|
| Filing status | Number of boxes checked | Standard deduction amount |
| Single | 1 2 |
$7,850 $9,400 |
| Married filing jointly | 1 2 3 4 |
$13,850 $15,100 $16,350 $17,600 |
| Married filing separately | 1 2 3 4 |
$7,550 $8,800 $10,050 $11,300 |
| Head of household | 1 2 |
$10,800 $12,350 |
| Qualifying widow(er) with dependent child | 1 2 3 4 |
$13,850 $15,100 $16,350 $17,600 |
Limits on itemized deductions |
|
|---|---|
| Medical expenses | Amount exceeding 10% of your AGI is deductible. The threshold for taxpayers older than 65 remains at 7.5% through the 2016 tax year. |
| Mortgage loan interest | Generally, fully deductible for loans totaling $1 million or less ($500,000 if married filing separately) on your primary residence or second home. |
| Home equity loan interest | Generally, deductible for loans up to $100,000 ($50,000 if married filing separately) that are secured by your home. |
| Charitable contribution | Most are fully deductible as long as the gift amount does not exceed 50% of AGI. |
| Casualty losses | Deductible after subtracting insurance reimbursements, 10% of your AGI and $100. |
| Miscellaneous expenses | Amount exceeding 2% of AGI is deductible. |