Instructions for Form 1040-C - Introductory Material


Table of Contents

Future developments.

For the latest information about developments related to Form 1040-C and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form1040c.

What's New

Use your 2014 tax return as a guide in figuring your 2015 tax, but be sure to consider the following.

Limitation on itemized deductions.   For tax year 2015, itemized deductions for taxpayers with adjusted gross income above $154,950 may be reduced.

Standard deduction.   If you do not itemize your deductions, you may be able to take the 2015 standard deduction. The basic standard deduction has increased for 2015. See Standard Deduction (Group I only), later.

Personal exemption amount increased for certain taxpayers.   For tax years beginning in 2015, the personal exemption amount is increased to $4,000 for taxpayers with adjusted gross incomes below $154,950. The personal exemption amount for taxpayers with adjusted gross incomes above this amount may be reduced.

Social security tax.   For 2015, the maximum amount of earned income (wages and net earnings from self-employment) subject to the social security tax is $118,500.


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