Federal Income Tax Estimator 2016/2017 Year 20162017 Tax Filing Status SingleMarried Filing JointlyMarried Filing SeparatelyHead of Household Gross Income Enter total income that is subject to income tax (minimum $1) including long-term capital gain and qualifying dividends Long-Term Capital Gains Enter amount of net long-term capital gains included in Gross Income, above Qualified Dividends Enter amount of qualified dividends included in Gross Income, above Adjustments to Income Enter total amount of above-the-line deductions (e.g., alimony paid, IRA deduction) Elect to Itemize Deductions YesNo If filing status is married filing separately, both spouses should make the same election. Standard Deduction Adjustments You Age 65 or older Blind Your Spouse Age 65 or older Blind Check appropriate boxes even if entering itemized deductions Itemized Deductions Medical and Dental Expenses Allowable amount (above 7.5% or 10% of AGI floor) will be calculated State and Local Taxes Deduction Home Mortgage Interest Deduction Investment Interest Deduction Charitable Gifts Deduction Casualty and Theft Losses Deduction Job Expenses and Certain Miscellaneous Deductions Allowable amount (above 2% of AGI floor) will be calculated Other Miscellaneous Deductions Number of Personal Exemptions Enter number of exemptions for yourself, your spouse, and your dependents Total Tax Credits Do not include federal income tax withholding or estimated tax payments This is a hypothetical example intended for illustration purposes only. This calculator considers only the general capital gain tax rates applicable to long-term capital gains, it does not consider any specialized capital gain tax rates. This calculator adjusts the regular standard deduction only for old age and blindness. The calculator limits the allowable amount of the charitable gift deduction to 50% of adjusted gross income (note that the amount actually allowed may be less, depending upon the gift recipient and the type of property donated). This calculator does not take into consideration that certain credits may be refundable if they exceed tax liability. For purposes of the alternative minimum tax, this calculator considers only adjustments for: the itemized deductions entered, the standard deduction, and the personal exemptions entered. Any other adjustments and tax preferences are not taken into account. This calculator does not take into consideration any state taxes.