1. Federal Tax Law Changes – Tax Year 2017
Pub 4012 – Tab NEW Pub 4491 – Pages iii – viii 1

2. CORE: COlorado REsource
New Provisions – Scope
CORE: COlorado REsource
Donation of vehicle, boat, plane
– If value $500 or less
Conversion of traditional IRA to Roth
Allows use of Form 8606 Part II 2
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3. CO1 - IW 2017
Scope Manual
On OneSupport Help Center

4. Federal Tax Law Changes 2017
New provisions
Expiring provisions
Indexing
Due Dates 4
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5. New Provisions – Sch A
Medical Expenses now subject to 10% floor for all taxpayers 5
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6. Expiring Provisions 6

7. Extended Provisions – Expired December 31, 2016
COD exclusion for principal residence
Premiums for mortgage insurance deductible as interest for qualified residence
Nonbusiness energy property credit
Adjustment for qualified tuition and fees
In the past few years, these provisions have been extended every time they were scheduled to expire. They have NOT been extended as of August 14, 2017. 7
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8. Indexing 8

9. Indexing – Standard Deduction
Std Ded
+ if blind
+ if ≥65
Single
$ 6,350
$ 1,550
MFJ
12,700
1,250 ea
MFS
6,350
1,250* HH
9,350
1,550 QW
1,250
*also applies to spouse if exemption claimed 9
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10. Indexing – Exemption Deduction
Exemptions remain $4,050 10
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11. Indexing – Standard Mileage
2017 Rates:
53.5¢ per mile – business miles
17¢ per mile – medical miles
14¢ per mile – charitable miles 11
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12. Indexing – EIC Maximum Credits and Income
$6,318 – three or more qualifying children
$5,616 – two qualifying children
$3,400 – one qualifying child
$510 – no qualifying child
$48,340 ($53,930 MFJ) 3 qualifying children
$45,007 ($50,597 MFJ) 2 qualifying children
$39,617 ($45,207 MFJ) 1 qualifying child
$15,010 ($20,600 MFJ) no qualifying child
Maximum Investment Income: $3,450
Max Credit
Max Income 12
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13. Indexing – Deductible Long-Term Care Premium Limits
Qualified long-term care premiums includible as medical expense on Sch A
$ – Age 40 or under
$ – Age 41 to 50
$1,530 – Age 51 to 60
$4,090 – Age 61 to 70
$5,110 – Age 71 and over 13
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14. Other Indexing HSA Limits Retirement savings credit income limits
$3,400 self-only coverage
$6,750 family coverage
Both + $1,000 if age 55 or older
Retirement savings credit income limits
MFJ: $62,000
HoH: $46,500
Other: $31,000 14
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15. Other Indexing Education credits income limits
Excludible savings bond interest – out of scope
Foreign earned income/housing exclusion – out of scope 15
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16. Other Indexing or Changes
ACA
Federal poverty lines
Applicable percentages (taxpayer contribution, affordability) 16
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17. Due Dates 2017 federal tax returns are due Tuesday, April 17, 2018
2018 estimated payments are due
April 17, 2018
June 15, 2018
September 17, 2018
January 15, 2019
In 2018, April 15 falls on a Sunday but the District of Columbia celebrates Emancipation Day on April 16. Since the term “federal holiday” includes any legal holiday observed in the District of Columbia, all taxpayers will now automatically get their due date extended to Tuesday, April 17. 17
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18. Tax Law Changes 2017
Comments…
Questions? 18
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