2017 Tax Facts for Individuals or Families


[source: smbiz.com]



Health Savings Accounts--2017



Maximum annual HSA contributions deductible--$3,400 for individual; $6,750 for family coverage



Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.



Contribution limit prorated for partial year (1/12 per month).



Deductible Amounts that define High Deductible Plan:



Annual Deductible Deductibles, Co-Payments and other Amounts

Not Less Than but not Premiums Not to Exceed



Self Only $1,300 $ 6,550



Family Coverage 2,600 13,100







Social Security--2017



Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.

Modified AGI includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.



50% inclusion threshold:





$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)

$32,000 no more than $44,000--married filing joint



85% inclusion threshold:

more than $34,000--single, head of household, married living apart ($0 for married, separate)

more than $44,000--married filing joint



OASDI Wage Base--$127,200

Household (domestic) employee cash wages threshold--$2,000



Quarter of coverage--$1,300



Retirement Savings Test--$16,920 (under full retirement age); $44,880 (year of full retirement age)



For a fact sheet on the COLA go to www.ssa.gov/news/press/factsheets/colafacts2017.pdf