1
IRS VITA/TCE Advanced Certification
Affordable Care Act (ACA) - Also known as Health Care Law, contains health insurance
R
coverage and financial assistance options for individuals and families.
E
Due Date of Return (Changes to 2016) - The due date for filing a 2016 return is
Tuesday, April 18, 2017. This is because April 15, 2017 is a Saturday and Emancipation
Day is observed in Washington DC on Monday, April 17, 2017.
H
Earned Income Credit (EIC) (Changes to 2016) - For 2016, the maximum credit is:
G
*$6,269 with three or more qualifying children
I
*$5,572 with two qualifying children
*$3,373 with one qualifying child
*$506 with no children
H
To be eligible for a full or partial credit, the taxpayer must have earned income of at
G
least $1 but less than:
*$47,955 ($53,505 if Married Filing Jointly) with three or more qualifying children
*$44,648 ($50,198 if Married Filing Jointly) with two qualifying children
N
*$39,296 ($44,846 if Married Filing Jointly) with one qualifying child
I
*$14,880 ($20,430 if Married Filing Jointly) with no qualifying child
***Taxpayers whose investment income is more than $3,400 cannot claim the EIC.
LY
Education Benefits (Changes to 2016) - **American opportunity credit for 2016 is
gradually reduced (phased out) if taxpayers' MAGI is between $80,000 and $90,000
F
($160,000 and $180,000 if Married Filing Jointly). Taxpayers cannot claim a credit if
their MAGI is $90,000 or more ($180,000 or more if Married Filing Jointly).
**Lifetime learning credit for 2016 is gradually reduced (phased out) if taxpayers' MAGI
is between $55,000 and $65,000 ($111,000 and $131,000 if Married Filing Jointly).
Taxpayers cannot claim a credit if their MAGI is $65,000 or more ($131,000 or more if
Married Filing Jointly).
**Student loan interest deduction begins to phase out for taxpayers with MAGI in excess
of $65,000 ($130,000 for joint returns) and is completely phased out for taxpayers with
, 2
MAGI of $80,000 or more ($160,000 or more for joint returns). There is no change from
2015.
Eligible Long-Term Care Premium Limits (Changes to 2016) - The maximum amount of
qualified long-term care premiums includible as medical expenses has increased.
Qualified long-term care premiums, up to the amounts shown below, can be included as
medical expenses on Form 1040, Schedule A, Itemized Deductions:
R
$390 - age 40 or under
E
$730 - age 41 to 50
$1,460 - age 51 to 60
$3,900 - age 61 to 70
H
$4,850 - age 71 and over
G
Final Tax Forms - Can be found on irs.gov, in the tax preparation software, in the
Instruction Booklet, or in other Publications
I
Finalized Blank Forms - Can be accessed at www.irs.gov/Forms-&-Pubs
H
Form 13614-C - Intake/Interview & Quality Review Sheet
G
Form 6744 - Volunteer Assistor's Test/Retest, contains both VSOC & Intake/Interview &
Quality Review tests.
IN
Health Savings Account (HSA) Deduction (Changes to 2016) - The annual contribution
limits on deductions for HSAs for individuals with self-only coverage is $3,350 (no
change) and $6,750 for family coverage (increase of $100). There is an additional
Y
contribution amount for taxpayers who are age 55 or older.
L
Maximum Foreign Housing Exclusion (Changes to 2016) - Increased to $44.28 per day
F
Maximum Foreign Income Exclusion (Changes to 2016) - Increased to $101,300
Modified Adjusted Gross (AGI) Limit (IRAs and Other Retirement Plans) - *Max IRA
Deduction remains at $5,500, ($6500 if age 50 older)
** If a taxpayer is covered by a retirement plan at work, the deduction for contributions
to a traditional IRA is reduced (phased out) if the modified AGI is:
**More than $98,000 but less than $118,000 for Married Filing Jointly taxpayers or
Qualifying Widow(er) if both spouses are covered by a retirement plan.
IRS VITA/TCE Advanced Certification
Affordable Care Act (ACA) - Also known as Health Care Law, contains health insurance
R
coverage and financial assistance options for individuals and families.
E
Due Date of Return (Changes to 2016) - The due date for filing a 2016 return is
Tuesday, April 18, 2017. This is because April 15, 2017 is a Saturday and Emancipation
Day is observed in Washington DC on Monday, April 17, 2017.
H
Earned Income Credit (EIC) (Changes to 2016) - For 2016, the maximum credit is:
G
*$6,269 with three or more qualifying children
I
*$5,572 with two qualifying children
*$3,373 with one qualifying child
*$506 with no children
H
To be eligible for a full or partial credit, the taxpayer must have earned income of at
G
least $1 but less than:
*$47,955 ($53,505 if Married Filing Jointly) with three or more qualifying children
*$44,648 ($50,198 if Married Filing Jointly) with two qualifying children
N
*$39,296 ($44,846 if Married Filing Jointly) with one qualifying child
I
*$14,880 ($20,430 if Married Filing Jointly) with no qualifying child
***Taxpayers whose investment income is more than $3,400 cannot claim the EIC.
LY
Education Benefits (Changes to 2016) - **American opportunity credit for 2016 is
gradually reduced (phased out) if taxpayers' MAGI is between $80,000 and $90,000
F
($160,000 and $180,000 if Married Filing Jointly). Taxpayers cannot claim a credit if
their MAGI is $90,000 or more ($180,000 or more if Married Filing Jointly).
**Lifetime learning credit for 2016 is gradually reduced (phased out) if taxpayers' MAGI
is between $55,000 and $65,000 ($111,000 and $131,000 if Married Filing Jointly).
Taxpayers cannot claim a credit if their MAGI is $65,000 or more ($131,000 or more if
Married Filing Jointly).
**Student loan interest deduction begins to phase out for taxpayers with MAGI in excess
of $65,000 ($130,000 for joint returns) and is completely phased out for taxpayers with
, 2
MAGI of $80,000 or more ($160,000 or more for joint returns). There is no change from
2015.
Eligible Long-Term Care Premium Limits (Changes to 2016) - The maximum amount of
qualified long-term care premiums includible as medical expenses has increased.
Qualified long-term care premiums, up to the amounts shown below, can be included as
medical expenses on Form 1040, Schedule A, Itemized Deductions:
R
$390 - age 40 or under
E
$730 - age 41 to 50
$1,460 - age 51 to 60
$3,900 - age 61 to 70
H
$4,850 - age 71 and over
G
Final Tax Forms - Can be found on irs.gov, in the tax preparation software, in the
Instruction Booklet, or in other Publications
I
Finalized Blank Forms - Can be accessed at www.irs.gov/Forms-&-Pubs
H
Form 13614-C - Intake/Interview & Quality Review Sheet
G
Form 6744 - Volunteer Assistor's Test/Retest, contains both VSOC & Intake/Interview &
Quality Review tests.
IN
Health Savings Account (HSA) Deduction (Changes to 2016) - The annual contribution
limits on deductions for HSAs for individuals with self-only coverage is $3,350 (no
change) and $6,750 for family coverage (increase of $100). There is an additional
Y
contribution amount for taxpayers who are age 55 or older.
L
Maximum Foreign Housing Exclusion (Changes to 2016) - Increased to $44.28 per day
F
Maximum Foreign Income Exclusion (Changes to 2016) - Increased to $101,300
Modified Adjusted Gross (AGI) Limit (IRAs and Other Retirement Plans) - *Max IRA
Deduction remains at $5,500, ($6500 if age 50 older)
** If a taxpayer is covered by a retirement plan at work, the deduction for contributions
to a traditional IRA is reduced (phased out) if the modified AGI is:
**More than $98,000 but less than $118,000 for Married Filing Jointly taxpayers or
Qualifying Widow(er) if both spouses are covered by a retirement plan.
