PO Box 1305
Nampa, ID 83653
The personal and dependent exemption for tax year 2016 is $4,050.
In 2016 the standard deduction for married couples filing a joint return is $12,600. For singles and married individuals filing separately, it's $6,300, and for heads of household the deduction is $9,300.
Health Insurance Penalty:
The health insurance penalty is ramping up significantly for tax year 2016. It will be $695 per adult and $347.50 per child, or 2.5% of household adjusted gross income if not insured. Last year, it was $325 per person, or 2% of household income, whichever is greater. Let us know if you have any further questions on the tax impact of the health care law.