taxable income threshold

The IRS Releases 2017 Inflation Adjustments

Now that we’re well into the New Year, taxpayers should know 2017’s inflation adjustments for several tax provisions set forth in Rev. Proc. 2016-55. These adjustments apply to tax years beginning in 2017 and transactions or events occurring during the 2017 calendar year. Many affect estate planners and expatriates.

*The 2017 taxable income thresholds on trusts and estates under § 1(e) are:

If Taxable Income is: The Tax is:
Not over $  2,550 15% of the taxable income
Over      $  2,550 but not over $ 6,000 $   382.50  plus 25% of excess over    $ 2,550

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