2016 Tax Figures Adjusted for Inflation

This page lists the main IRS inflation adjustments for 2016, including personal exemption, standard deduction and education benefits, with 2015 figures for comparison. See bottom of page for links to other categories of numbers, including tax rate schedules and figures relating to retirement accounts and health savings accounts.

Personal exemptions

2015 2016
Personal exemption
dollar amount 4,000 4,050
Personal exemptions begin to phase out
married filing jointly 309,900 311,300
head of household 284,050 285,350
single 258,250 259,400
married filing separately 154,950 155,650

Standard and itemized deductions

2015 2016
Standard deduction
married filing jointly 12,600 12,600
head of household 9,250 9,300
single or separate 6,300 6,300
Additional amount for aged or blind
married 1,250 1,250
single 1,550 1,550
Standard deduction for dependent
minimum 1,050 1,050
or earned income plus 350 350
Reduction in itemized deductions begins
married filing jointly 309,900 311,300
head of household 284,050 285,350
single 258,250 259,400
married filing separately 154,950 155,650

Education benefits

2015 2016
Education loan deduction begins to phase out
married filing jointly 130,000 130,000
others 65,000 65,000
American opportunity credit (Hope scholarship credit)
100% up to 2,000 2,000
25% of next 2,000 2,000
phaseout begins, joint return 160,000 160,000
phaseout begins, others 80,000 80,000
Lifetime learning credit begins to phase out
married filing jointly 110,000 111,000
others 55,000 55,000
Savings bond interest exclusion begins to phase out
married filing jointly 115,750 116,300
others 77,200 77,550

Alternative minimum tax (“AMT”)

2015 2016
AMT exemption amount
married filing jointly 83,400 83,800
single 53,600 53,900
married filing separately 41,700 41,900
AMT exemption amount begins to phase out
married filing jointly 158,900 159,700
unmarried 119,200 119,700
married filing separately 79,450 79,850
AMT 28% rate begins
all except MFS 185,400 186,300
married filing separately 92,700 93,150

Estate and gift tax

2015 2016
Gift tax exclusion
individual 14,000 14,000
non-citizen spouse 147,000 148,000
Unified credit exclusion amount
individual 5,430,000 5,450,000

Standard mileage rates

2015 2016
When not claiming actual expenses
business 57.5¢ 54.0¢
basis reduction 24.0¢ 24.0¢
medical and moving 23.0¢ 19.0¢
charitable 14.0¢ 14.0¢

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