Thursday, November 27, 2014

Federal Tax Info - 2014 to 2019


Federal Tax Info - 2014 to 2019
  • To reduce taxable income, taxpayers can choose between itemizing tax deductions (which requires accurate record-keeping and documentation) or taking the standard deduction.  The standard deduction is a fixed amount that reduces the amount of money on which taxpayers calculate tax to the federal government. Generally, it's better to itemize if you can show that you have more itemized deductions than the amount of the standard deduction.  Itemized deductions include:
    • mortgage interest
    • property taxes
    • state income tax
    • medical expenses
    • charitable donations
    • union dues
    • unreimbursed employee expenses
  • IRS Publication 501 outlines each year’s standard deduction amounts. There are circumstances where increases can be made to the standard deduction.  For example, if you are 65 or older, or blind, the standard deduction increases. 
  • The personal exemption is another deduction from your income that you can take for yourself, spouse and for any dependents.
  • The information contained in this presentation is current as of the date it was presented. It should not be considered official guidance.
Federal Tax Info
Source: IRC, Rev Proc's, Bulletins, Notices & Announcements

Who Must File?
2014
2015
2016
2017
2018
2019
Filing Status/Age
Gross Income at least:
 Single-Under 65
10,150
10,300
10,350
10,400


 Single-65 or older
11,700
11,850
11,900
11,950


 MfJ - Under 65
(both spouses)
20,300
20,600
20,700
20,800


 MfJ - 65 or older
(one spouse)
21,500
21,850
21,950
22,050


 MfJ - 65 or older
(both spouses)
22,700
23,100
23,200
23,300


 MfS - Any age
3,950
4,000
4,050
4,050


 HofH - Under 65
13,050
13,250
13,350
13,400


 HofH - 65 or older
14,600
14,800
14,900
14,950


 QW - Under 65
16,350
16,600
16,650
16,750


 QW - 65 or older
17,550
17,850
17,900
18,000


Standard deduction/
Personal exemption
2014
  2015
 2016
  2017
  2018
2019
Standard Deduction:
  Single
6,200
6,300
6,300
6,350


  MfJ/QW
12,400
12,600
12,600
12,700


  MfS
6,200
6,300
6,300
6,350


  HofH
9,100
9,250
9,300
9,350


AGI Pease max limit 80%
  MfS 
  Single 
  HofH 
  MfJ/QW

152,525
254,200
279,650
305,050

154,950
258,250
284,050
309,900

 155,650
259,400
285,350
311,300
 
 
156,900
261,500
287,650
313,800

 

 
Add'l standard deduction allowed for taxpayer blind or age 65 or older at end of tax year:  
 MfJ/QW/MfS: married
 Single/HofH: unmarried

  
 
1,200
1,550

  
 
1,250
1,550

  

1,250
1,550

  

1,250
1,550

 
 
 

 
 
 
Child Tax Credit:
per child under age 17
(Max refundable: 3 kids)
Phaseout begins @MAGI
  Single/HofH/QW
  MfJ
  MfS

1,000



75,000

110,000
55,000

1,000



75,000

110,000
55,000

1,000



75,000

110,000
55,000

1,000


75,000
110,000
55,000
Nondiscrimination
Compensation Limits:
 Highly Comp EE
 Key EE in top-heavy plan
 Qualified Plan
 Defined Benefit plan


115,000
170,000
260,000
210,000


120,000
170,000
265,000
210,000


120,000
170,000
265,000
210,000


120,000
175,000
270,000
215,000


Dependent Standard Deduction: (when dependent claimed on another person's tax return)   
  Greater of
  OR Dependent's earned 
     income plus



1,000

 350



1,050

 350



1,050

 350



1,050

350

 
 
 


 
 
 

Personal Exemption
3,950
4,000
4,050
4,050
Personal Exemption:
PEP Phaseout: 2% for
every $2,500 over 
AGI begins @
  MfS AGI 
  Single AGI 
  HofH AGI 
  MfJ/QW AGI 




152,525

254,200
279,650
305,050




154,950

258,250
284,050
309,900




155,650

259,400
285,350
311,300




156,900
261,500

287,650
313,800

 
 


 
 

Foreign Income exclusion
Max housing exp @30%
 Housing exclusion @14%
 "Average annual net income tax" imposed for 5 taxable years preceding date of loss of US citizenship (or cessation of long-term permanent residency) for individual to be a “covered expatriate” under §877A(g)(1)
99,200
29,760
13,888
157,000








100,800
30,240
14,112
160,000








101,300
30,390
14,182
161,000








102,100
30,630
14,294
162,000








Earned Income 
Tax Credit
2014
 2015
 2016
 2017
 2018
 2019
Married filing Joint:
with 3+ children
with 2 children
with 1 child
with no children  


52,427

49,186
43,941
20,020


53,267

49,974
44,651
20,330


53,505

50,198
44,846
20,430


53,930

50,597
45,207
20,600


 

 
Single/QW/HofH
with 3+ children
with 2 children
with 1 child
with no children


46,997

43,756
38,511
14,590


47,747

44,454
39,131
14,820


47,955

44,648
39,296
14,880


48,340

45,007
39,617
15,010

 


 
EITC max credit
with 3+ children
with 2 children
with 1 child
with no children

6,143

5,460
3,305
496

6,242

5,548
3,359
503

6,269

5,572
3,373
506

6,318

5,616
3,400
510

 
Gift & Estate
2014
2015
2016
2017
2018
2019
Personal gift & estate
exemption:
Married couple:
(Portability between 
spouses: DSUEA) (TRA2010) 
5.34M


10.68M
5.43M


10.86M
5.45M


10.90M
5.49M


10.98M
GST tax exemption
(No DSUEA portability)
5.34M
5.43M
5.45M
5.49M


Lifetime Gift-tax 
exemption
5.34M
5.43M
5.45M
5.49M


  Estate/GST tax
max/top tax rate:
  Gift tax 
max/top tax rate:

40%


40%

40%


40%

40%


40%

40%


40%


Special use valuation limit (qualified real property in decedent's gross estate): §2032A
1,090K
1,100K
1,100K
1,120K


Annual Exclusion:
  Gift tax exclusion §2503
  Gift tax exclusion non-citizen spouse §2523(i) 

14,000


145,000

14,000


147,000

14,000


148,000

14,000


149,000


Mileage Rates
2014
2015
2016
2017
2018
2019
Rates (cents/mile) 
Mileage Tracking
 Business (gas & oil, insurance, repairs, tires,maintenance, 
depreciation)
56
57.5
  54
53.5
*
*
 Depreciation
 (component)
22
24
24
25
*
*
 Medical & moving
23.5
23
19
17
*
*
 Charitable
14
14
14
14
*
*
  Automobile
  Truck/Van


18,500
19,000


17,500

18,500


19,000
19,500


19,000
19,500


*
*


*

*
Alternative Min Tax
2014
2015
2016
2017
2018
2019
AMT Exemption:
  MfJ/QW
  Single/HofH
  MfS
  Estates & Trusts

82,100
52,800
41,050
23,500

83,400
53,600
41,700
23,800

83,800
53,900
41,900
23,900

84,500
54,300
42,250
24,100

AMT Exemption Phaseout:
Reduced by 25% over AMTI, begins @
  MfJ/QW 
  Single/HofH
  MfS 
  Estates & Trusts



156,500
117,300
78,250
78,250



158,900
119,200
79,450
79,450



159,700
119,700
79,850
79,850



160,900
120,700
80,450
80,450

 

 















AMT tax rate
(low 26%/high 28%)
28% hi-rate begins @
  MfJ/QW/Estates&Trusts
182,500
185,400
186,300
187,800
  Single/HofH 
182,500
185,400
186,300
187,800
  MfS 
91,250
92,700
93,150
93,900
Education Provisions
2014
2015
2016
2017
2018
2019
Education Provisions 
(only one education 
benefit for same 
qualifying expense)
American Opportunity 
(modified HOPE) credit*
(1st 4-years of college)
(40% refundable: $1,000)
Phaseout @MAGI
  Single/HofH/QW begins
  Single/HofH/QW ends
  MfJ begins 
  MfJ ends 
  MfS 
2,500




 80,000
90,000
160,000
180,000
-0-
2,500




 80,000
90,000
160,000
180,000
-0-
2,500




 80,000
90,000
160,000
180,000
-0-
2,500




80,000
90,000
160,000
180,000

-0-
Lifetime Learning Credit**
(20% of 1st $10K tuition)
Phaseout begins @MAGI
  Single/HofH/QW 
  MfJ
  MfS
2,000


54,000
108,000
-0-
2,000


55,000
110,000
-0-
2,000


55,000
110,000
-0-
2,000


56,000
12,000
-0-
 Tuition & fees** deduction:
Phaseout begins @MAGI
  Single/HofH/QW
  MfJ
4,000

65,000
130,000
4,000

65,000
130,000
4,000

65,000
130,000
n/a

n/a
n/a
Student loan interest** deduction
Phaseout begins @MAGI
  Single/HofH/QW 
  MfJ 
  MfS
2,500


 65,000
130,000
-0-
2,500


 65,000
130,000
-0-
2,500


 65,000
130,000
-0-
2,500


65,000
135,000
-0-

Coverdell ESA* (< age 18) annual contribution:
(elementary, secondary, college) 
Phaseout ends @MAGI
  Single/HofH/QW
  MfJ
2,000




110,000
220,000
2,000




110,000
220,000
2,000




110,000
220,000
2,000




110,000
220,000

 
  §529 Annual limit/Donor*
  Lump-sum §529-single
  Lump-sum §529-joint
($300K lifetime)
*per student | **per family
14,000
 70,000
 140,000


14,000
 70,000
 140,000


14,000
 70,000
 140,000


14,000
70,000
140,000


Depreciation/§179
2014
2015
2016
2017
2018
2019
Depreciation limits
  1st year cap (New):
Bonus Depr (Add'l 50%)
      Automobiles
      Trucks & Vans


11,160
11,460


11,160
11,460


11,160
11,560


11,160
11,560
  1st year cap (Used):
No Bonus (Standard)
      Automobiles
      Trucks & Vans


3,160
3,460


3,160
3,460


3,160
3,560


3,160
3,560
  2nd year limit
      Automobiles
      Trucks & Vans

5,100

5,500

5,100

5,600

5,100

5,700

5,100
5,700
  3rd year limit
      Automobiles 
      Trucks & Vans

3,050

3,350

3,050

3,350

3,050

3,350

3,050
3,450
  4th etc year limit
      Automobiles
      Trucks & Vans

1,875

1,975

1,875

1,975

1,875

2,075

1,875
2,075
Code §179 Vehicle
Expensing - 1st year
SUV limit (per vehicle)
for Trucks & Vans
having loaded GVW 
over 6,000 lbs. (Plus 
50% or 100% additional 
1st year Bonus 
depreciation. Subject 
to depreciation dollar 
limits within MACRS 
allowable percentages)
25,000
25,000
25,000
25,000
Code §179
  Annual Expense Limit
500K
500K
500K
510K
Property cost limit prior to phase-out:
(Phase-out begins when
§179 property exceeds)
2M
2M
2M
2.03M
Capital gains rates
2014
2015
2016
2017
2018
2019
Long term Capital
Gains & Qualifying
Dividends Tax Rate:
plus 3.8% Medicare 
surtax (NIIT) on lessor of 
Net Investment Income or AGI
 >$250K MfJ/QW
 >$200K Single/HofH
 >$125K MfS
Estates&Trusts @ 3.8% 
 >Undistributed NII
ATRA2012 IRC §1411
3.8%










12,150
3.8%










12,300
3.8%










12,400
3.8%










12,500
  For taxpayers in 
10% - 15% bracket
25% - 35% bracket 
39.6% bracket

-0-%

15%
23.8%

-0-%

15%
23.8%

-0-%

15%
23.8%

-0-%

15%
23.8%
20% Cap Gain tax rate begins @ AGI
  >$450K+COLA MfJ/QW
  >$400K+COLA Single
  MfJ/QW 
  HofH
  Single
  MfS 
  Estates & Trusts UNII




457,600
432,200
406,750
228,800
12,150




464,850
439,000
413,200 232,425
12,300




466,950

441,000
415,050
233,475
12,400




470,700

444,550
418,400
235,350
12,500
Tax on §1250 gain
depreciation recapture
(buildings) TRA1997
25%
25%
25%
25%
 Capital gains tax rate
on collectibles: (gold,
coins, art, antiques) & Qualified Small Business Stock §1202
28%
28%
28%
28%
Retirement
2014
2015
2016
2017
2018
2019
401(k), 403(b), 457 plans Annuities, SARSEP 
Annual Elective 
Deferral Limit:
  Under age 50
17,500
18,000
18,000
18,000
18,500

  Age 50+ catch-up
5,500
6,000
6,000
6,000
24,500

Defined Contribution Plan
 SEP/Profit-sharing 
contribution limit: 
  Age 50+ catch-up
limited to 25% of comp 
 SEP Min comp amount: 
 Solo 401(k):
  Age 50+ catch-up
limited to 100% of comp


52,000

5,500

550


52,000

5,500


53,000

6,000

600


53,000

6,000


53,000

6,000

600


53,000

6,000


54,000

6,000

600


54,000

6,000
  Individual
  Couples
 Phaseout AGI ends @
  Single/MfS  
  HofH  
  MfJ  

1,000
2,000

30,000

45,000
60,000

1,000

2,000

30,500

45,750
61,000

1,000

2,000

30,750

46,125
61,500

2,000

4,000

31,000

46,500
62,000

 

 
SIMPLE & SIMPLE 401(k) §408(p)(2)(e)
  Under age 50
  Age 50 catch-up
12,000
2,500
12,500
3,000
12,500
3,000
12,500
3,000


IRA*/Roth Contribution limits
(not to exceed income)
  Under Age 50
  Age 50+ catch-up


 5,500

1,000


 5,500

1,000


 5,500

1,000


 5,500

1,000


Traditional IRA: 
 TP "covered" at work:
AGI Phaseout begins @
  Single/HofH 
  MfJ/QW
  MfS
 TP "not covered" at work/ Spouse "covered" at work:
AGI Phaseout begins @ 
  MfJ  
 *Fully deductible, regardless of income, if not covered by employer plan at work
 60,000
96,000
-0-



 181,000
61,000
98,000
-0-



 183,000
61,000
98,000
-0-



 184,000
62,000
99,000
-0-



186,000


Roth Phaseout begins @
  Single/HofH AGI
  MfJ/QW AGI
  MfS AGI 

114,000
181,000
-0-

116,000
183,000
-0-

117,000
184,000
-0-

118,000 186,000
-0-


Social Security
2014
2015
2016
2017
2018
2019
  50% Taxable
  Single
25,000
25,000
25,000
25,000
  Married
32,000
32,000
32,000
32,000
  85% Taxable
  Single
34,000
34,000
34,000
34,000
  Married
44,000
44,000
44,000
44,000
Quarter of Coverage:
Earnings needed 
to earn one Social 
Security credit  
1,200
1,220
1,260
1,300
Max earnings: Social
Security recipients
Benefits witholding:
Prior to FRA (Age 62-65)
($1/$2 earnings above)
15,480
15,720
15,720
16,920
Benefits witholding:
Year of FRA (Age 66)
($1/$3 earnings above)
41,400
41,880
41,880
44,880
After Full 
Retirement age
no limit
no limit
no limit
no limit
Max Monthly SS Benefit: 
  Worker retiring @ full        retirement age 
Social Security Benefits
2,642
2,663
2,639
2,687


Max earnings 
subject to 
Social Security tax
117,000
118,500
118,500
127,200
Max earnings subject
to Medicare tax
plus 0.9% Medicare 
surtax withheld on
taxable income
 >$250K MfJ
 >$200K Single/HofH
 >$125 MfS
no limit

no limit

no limit

no limit

Base-Premium/year
Yearly income <$85K
(Dr. visits, surgeries, lab 
tests,ambulance,supplies)

1,260

105/mo

1,260

105/mo

1,464

122/mo

1,608

134/mo
General deductions,
exclusions & Health items
2014
2015
2016
2017
2018
2019
 Adoption credit: 
(non-refundable)
Phaseout MAGI begins@
Phaseout MAGI ends@
13,190

197,880

237,880
13,400

201,010

241,010
13,460

201,920

241,920
13,570

203,540

243,540


Nanny tax threshhold:
Household employee
(Schedule H)
 Amount FICA begins
 Amount FUTA begins



1,900
1,000



1,900
1,000



2,000
1,000



2,000
1,000



"Kiddie Tax" threshold:
(Kids under 19) Kid's unearned income over earnings limit taxed @ parent's highest rate


2,000


2,100


2,100


2,100
Attorney fee award
limitation (per hour)
§7430(c)(1)(B)(iii)
190
200
200
200
Commuter fringe/month
   (vanpool, bus, ferry,
    rail & all public trans)
Parking fringe
130

250
 250

250
255

255
255

255

 

 
ISRP (No MEC?) 
  ISRP Higher of: 
% of Household Income
OR flat fee/Adult
      flat fee/Child under 18
Max flat fee per family 
(Max cannot exceed Nat'l Avg Marketplace Bronze Plan annual premium) 
1%
 95
47.50
285
2%
 325
162.50
975
2.5%
 695
347.50
2,085
2.5%
695
347.50
2,085


Medical Savings Account 
 Max % of deductible-self
 HDHP Max Deductible
 HDHP Min Deductible
 Max out-of-pocket
 Max % of deductible-family
 HDHP Max Deductible
 HDHP Min Deductible
 Max out-of-pocket

65%
3,250
2,200
4,350
 75%
6,550
4,350
8,000

65%

3,300
2,200
4,450
 75%
6,650
4,450
8,150

65%

3,350
2,250
4,450
75%
6,700
4,450
8,150

65%

3,350
2,250
4,500
75%
6,750
4,500
8,250

 

 
HSA Contribution Limit
100% Deductible
  Self-only 
  Family 
  Catch-up (55+)


3,300
6,550
1,000


3,350
6,650
1,000


3,350
6,750
1,000


3,400

6,750
1,000


HDHP Min deductible: 
  Self-only
  Family

1,250
2,500

1,300
2,600

1,300

2,600

1,300
2,600

 
HDHP Max out-of-pocket  
  Self-only
  Family

6,350
12,700

6,450
12,900

6,550

13,100

6,550
13,100

 
LTC Premium
deduction limit:
  Age 40 or less
  Age 41 to 50
  Age 51 to 60
  Age 61 to 70
  Age over 70


370
700
1,400
3,720
4,660


380
710
1,430
3,800
4,750


390
730
1,460
3,900
4,870


410
770
1,530
4,090
5,110

 

 
LTC Benefit: 
  Max daily excludable
330
330
340
360
Flex-Spending Account
Cafeteria Plan §125: 
  Max excludable
($500 max unused 
annual carryover)
2,500
2,550
2,550
2,600
Property exempt
from levy: §6334(a)(2)
 Furniture personal effects 
 Tools/Books
8,940
4,470
9,080
4,540
9,120
4,560
9,200
4,600
High-cost locality: 
 Lodging   
 Meals & Incidentals
   Max high-cost rate




186
65
251





194
65
259





207
68
275





214
68
282


Low-cost locality:
 Lodging
 Meals & Incidentals
   Max low-cost rate

118
52
170

120
52
172

128
57
185

132
57
189

---♥---
Please copy & distribute freely
---♥---
This information is provided for general information and educational purposes only.
It is based upon publicly available information from sources believed to be reliable.
No assurance to accuracy or completeness can be made,
 and information may change at any time and without notice.

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