L. C. Miller CPA, LLC

PO Box 1305

Nampa, ID  83653

2016 Tax Changes for Individuals

Personal Exemptions:

The personal and dependent exemption for tax year 2016 is $4,050.

Standard Deductions:

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.