CFS Advisor Team

26 W Dry Creek Cir, Suite 250
Littleton, CO 80120
303-470-5534
cfs@cfsadvisorteam.com
www.cfsadvisorteam.com
 
 




2017 Federal Income Tax Calculator
2017 Federal Income Tax Calculator

Use this calculator to estimate your 2017 federal income tax liability. This calculator is not intended to be used to prepare your federal income tax return, and should not be used for that purpose. This calculator assumes that the values you input are accurate--no independent logic check is performed unless otherwise indicated.

To use the calculator, select your filing status, check off the appropriate fields under "Exemptions" and fill in the requested information for dependents. Enter amounts for income, adjustments, itemized deductions, tax credits, other taxes, and payments. When you've entered all information, click "Calculate".


Filing Status
Elect to Itemize Deductions
If filing status is married filing separately, both spouses should make the same election.
Exemptions
Personal Exemption
Age 65
Blind
Exemption for Spouse
Age 65
Blind
Dependents
# dependents who qualify for child tax credit Help with this entry
Total # of exemptions
Total Income $
Total Adjustments $
Total Itemized Deductions $
Total Tax Credits $
Total Other Taxes $
Total Payments $


This calculator estimates 2017 federal income tax liability, based on the input provided. If the information provided is incorrect, the results of the calculator will not be accurate. Even if all amounts input are correct, the calculator cannot account for all situations, and therefore should not be relied upon as an accurate reflection of federal income tax liability. While this calculator may be helpful, it is not intended to take the place of a tax professional.

Circumstances in which this calculator will not provide accurate results include cases in which you can be claimed as a dependent by someone else.

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). The itemized deduction allowed for a casualty loss is subject to a $100 floor and a threshold based on adjusted gross income (AGI) (a deduction is allowed only to the extent that it exceeds 10% of AGI). This calculator does not take these factors into account.

The Child Tax Credit is calculated based on other entries. Other tax credits, including the Earned Income Tax Credit, are not calculated automatically, and must be manually entered. This calculator does not calculate the refundable portion of either the Child Tax Credit or the American Opportunity Tax Credit.

The calculator does not account for Schedule C income for more than one spouse, and cannot calculate or account for excess Social Security tax withheld.

Alternative minimum tax (AMT) is estimated based on Schedule A medical and dental expenses, taxes paid, and miscelleneous itemized deductions. The calculation does not factor in a home mortgage interest adjustment, or other AMT preference amounts or adjustments.

This calculator does not consider the excess advance premium tax credit repayment, the health care individual responsibility payment, or the net premium tax credit.



IMPORTANT DISCLOSURES

CFS Advisor Team is a marketing name.for securities, insurance and investment advisory services offered by William Wilson through SagePoint Financial, Inc., Member FINRA/SIPC and a registered investment adviser. Neither SagePoint Financial nor its representatives or employees provide legal or tax advice. If legal or tax advice or other expert assistance is required, the service of a currently practicing professional should be sought. 

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

The sight may contain links to information contained on a third party website. These links are provided as a convenience and for informational purposes only. We assume no liability for any inaccuracies, errors or omissions in or from any data or other information provided on the pages, or for any actions taken in reliance on any such data or information.

 

This communication is strictly intended for individuals residing in the state(s) of AL, AZ, AR, CA, CO, FL, ID, IL, IN, IA, MD, MA, MI, MN, MS, MO, MT, NV, NM, OH, OK, OR, SC, SD, TX, UT, VA, WA, WI and WY. No offers may be made or accepted from any resident outside the specific states referenced.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018.