Filling Status
There are five filing statuses:
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Single (S).
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Married Filing Jointly (MFJ).
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Married Filing Separately (MFS).
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Head of Household (H/H).
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Qualifying Widow(er) With Dependent Child (Q/W).
Income
There are eight type of Income:
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Wages, Salaries, Tips, and other Earnings
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Interest Income
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Dividend Income
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Rental Income and Expenses
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Retirement Plans, Pensions and Annuities
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Social Security
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Foreign Source Income
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Other Income
Exemption
There are two types of exemptions:
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Personal exemption for taxpayer and spouse.
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Exemption for dependents (dependency exemptions).
A taxpayer may take one personal exemption of $4,050, unless he or she can be claimed as a dependent by another person. If another person can claim the taxpayer as a dependent, the taxpayer cannot take the personal exemption, even if the other person does not actually claim the exemption.
Standard Deduction
Standard Deduction for 2017:
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Single: $ 6,350
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Married Filing Jointly: $ 12,700
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Married Filing Separately: $ 6,350
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Head of Household: $ 9,350
For 2017, the additional standard deduction amount for the aged or the blind is $1,250. The additional standard deduction amount is increased to $1,550 if the individual is also unmarried and not a surviving spouse.
Itemized Deduction
Eligible Itemized Deduction expenses:
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Medical and Dental Expenses
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Taxes
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Interest Expense
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Charitable Contributions
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Non-business Casualty and Theft Losses
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Car Expenses and Other Employee Business Expenses
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Work Related Education Expenses
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Miscellaneous Itemized Deductions
Health Insurance
Form 1095-A
A taxpayer will need Form 1095-A, Health Insurance Marketplace Statement, to complete Form 8962. The Marketplace is required to provide or send Form 1095-A to the taxpayer.
Form 1095-C
Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. Part II of the Form 1095-C indicates whether the employer offered health insurance coverage and, if so, includes information about the offer. If a taxpayer purchased health insurance coverage for 2015 through a Marketplace and wish to take the PTC, this information may assist the taxpayer in determining whether he or she is eligible for the PTC.
