Publication 17: Federal Income Tax Guide For Individuals (2023)

Publication 17, or "Your Federal Income Tax for Individuals," is a comprehensive guide from the IRS that helps taxpayers understand and complete their tax returns. It covers everything from basic filing requirements to claiming deductions and credits.

Who Needs It?

This guide is essential for any individual filing a federal income tax return, regardless of their income level or complexity of their situation. It's especially helpful for those who:

  • Anyone filing a Form 1040 or its variations (excluding complex situations like business income or foreign income).
  • Beginners seeking basic filing guidance.
  • Seasoned filers needing a refresher or information on specific deductions/credits.

What's Inside the Guide- Publication 17?

Part One: The Income Tax Return

  • Filing requirements and deadlines.
  • Choosing the right filing status.
  • Claiming dependents.
  • Managing tax withholding and estimated payments.

Part Two: Income and Adjustments to Income

  • Reporting wages, salaries, and other earnings.
  • Understanding interest income and deductions.
  • Navigating social security and retirement benefits.
  • Deciphering "other income" categories.
  • IRA contributions and limitations.

Part Three: Standard Deduction, Itemized Deductions, and Other Deductions

  • Choosing between the standard deduction and itemizing.
  • Itemized deductions for medical expenses, charitable donations, and more.
  • State and local tax deductions and limitations.

Part Four: Figuring Your Taxes, and Refundable and Nonrefundable Credits:

  • Calculating your tax liability using different methods.
  • Understanding the Child Tax Credit and other dependent credits.
  • Claiming education and retirement savings credits.
  • Navigating refundable and non-refundable credits.
  • Special situations like Earned Income Tax Credit.

For the current year's Publication 17, click here.