Federal Tax Info - 2009 to 2014

Federal Tax Info - 2009 to 2014

• 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 & Announcements

Who Must File?	2009	2010	2011	2012	2013	2014
Filing Status/Age Gross Income at least:
Single-Under 65	9,350	9,350	9,500	9,750	10,000	10,150
Single-65 or older	10,750	10,750	10,950	11,200	11,500	11,700
MfJ - Under 65 (both spouses)	18,700	18,700	19,000	19,500	20,000	20,300
MfJ - 65 or older (one spouse)	19,800	19,800	20,150	20,650	21,200	21,500
MfJ - 65 or older (both spouses)	20,900	20,900	21,300	21,800	22,400	22,700
MfS - Any age	3,650	3,650	3,700	3,800	3,900	3,950
HofH - Under 65	12,000	12,050	12,200	12,500	12,850	13,050
HofH - 65 or older	13,400	13,450	13,650	13,950	14,350	14,600
QW - Under 65	15,050	15,050	15,300	15,700	16,100	16,350
QW - 65 or older	16,150	16,150	16,450	16,850	17,300	17,550
Standard deduction/ Personal exemption	2009	2010	2011	2012	2013	2014
Standard Deduction
Single	5,700	5,700	5,800	5,950	6,100	6,200
MfJ/QW	11,400	11,400	11,600	11,900	12,200	12,400
MfS	5,700	5,700	5,800	5,950	6,100	6,200
HofH	8,350	8,400	8,500	8,700	8,950	9,100
Additional standard  deduction allowed for taxpayers blind or age 65 or older at end of tax year
MfJ/QW/MfS   Single/HofH	1,100 1,400	1,100 1,400	1,150 1,450	1,150 1,450	1,200 1,500	1,200 1,550
Child Tax Credit per child < age 17	1,000	1,000	1,000	1,000	1,000	1,000
Nondiscrimination Compensation Limits  Highly Compensated  Key employee  Qualified plans  Defined Benefit plan	110,000 160,000 245,000 195,000	110,000 160,000 245,000 195,000	110,000 160,000 245,000 195,000	115,000 165,000 250,000 200,000	115,000 165,000 255,000 205,000	115,000 170,000 260,000 210,000
Dependent Standard Deduction (claimed on another person's  tax return)     Greater of: or earned  income plus	950 300	950 300	950 300	950 300	1,000 350	1,000 350
Personal Exemption	3,650	3,650	3,700	3,800	3,900	3,950
Personal Exemption Phaseout 2% for every $2,500 over  AGI limit starts@   Single AGI limit   MfJ AGI limit	--	--	--	--	250,000 300,000	254,200 305,050
Foreign  Earned income    exclusion Max housing exp  Housing exclusion	91,400 27,420 12,796	91,500 27,450 12,810	92,900 27,870 13,006	95,100 28,530 13,314	97,600 29,280 13,664	99,200 29,760 13,888
Earned Income  Tax Credit	2009	2010	2011	2012	2013	2014
EITC is Zero @ AGI Married filing Joint with 3+ children with 2 children with 1 child with no children	48,279 45,295 40,463 18,440	48,362 45,373 40,545 18,470	49,078 46,044 41,132 18,740	50,270 47,162 42,130 19,190	51,567 48,378 43,210 19,680	52,427 49,186 43,941 20,020
EITC is zero @ AGI Single/HofH/QW with 3+ children with 2 children with 1 child with no children	43,279 40,295 35,463 13,440	43,352 40,363 35,535 13,460	43,998 40,964 36,052 13,660	45,060 41,952 36,920 13,980	46,227 43,038 37,870 14,340	46,997 43,756 38,511 14,590
EITC max credit with 3+ children with 2 children with 1 child with no children	5,657 5,028 3,043 457	5,666 5,036 3,050 457	5,751 5,112 3,094 464	5,891 5,236 3,169 475	6,044 5,372 3,250 487	6,143 5,460 3,305 496
Gift & Estate	2009	2010	2011	2012	2013	2014
Personal estate  exemption (Portability between  spouses-TRA2010)	3.5M	Repealed	5M	5.12M	5.25M	5.34M
GST tax exemption	3.5M	Repealed	5M	5.12M	5.25M	5.34M
Lifetime Gift-tax  exemption	1M	1M	5M	5.12M	5.25M	5.34M
Estate/GST  max/top tax rate	45%	35%	35%	35%	40%	40%
Gift-tax  max/top tax rate	45%	35%	35%	35%	40%	40%
Annual Exclusion Gift tax exclusion Gifts non-citizen spouse	13,000 133,000	13,000 134,000	13,000 136,000	13,000 139,000	14,000 143,000	14,000 145,000
Mileage Rates	2009	2010	2011	2012	2013	2014
Standard Mileage  Rates (cents/mile) §274(d)
Business	55	50	51 55.5	55.5	56.5	56
Depreciation  (component)	21	23	22	23	23	22
Medical & moving	24	16.5	19 23.5	24	24	23.5
Charitable	14	14	14	14	14	14
Lease inclusion Table When FMV is over   Automobile   Truck/Van	18,500 18,500	16,700 17,000	18,500 19,000	18,500 19,000	19,000 19,000	18,500 19,000
Alternative Min Tax	2009	2010	2011	2012	2013	2014
AMT Exemption
MfJ/QW filers	70,950	72,450	74,450	78,750	80,800	82,100
Single/HofH filers	46,700	47,450	48,450	50,600	51,900	52,800
MfS filers	35,475	36,225	37,225	39,375	40,400	41,050
AMT tax rate (low26%/high28%) high rate starts
MfJ/QW filers	175,000	175,000	175,000	175,000	175,000	182,500
Single/HofH filers	175,000	175,000	175,000	175,000	175,000	182,500
MfS filers	87,500	87,500	87,500	87,500	87,500	91,250
Education Provisions	2009	2010	2011	2012	2013	2014
Education Provisions  (only one education  benefit for same  qualifying expense)
American Opportunity  (modified HOPE) credit* (1st 4 years) (40% refundable)	2,500	2,500	2,500	2,500	2,500	2,500
Lifetime  Learning credit** (non-refundable)	2,000	2,000	2,000	2,000	2,000	2,000
Tuition & fees  deduction**	4,000	4,000	4,000	4,000	4,000	4,000
Student loan  interest deduction**	2,500	2,500	2,500	2,500	2,500	2,500
Coverdall Education Savings Account contribution*	2,000	2,000	2,000	2,000	2,000	2,000
§529 Contribution   Annual limit/Donor*    * per student  ** per family	13,000	13,000	13,000	13,000	14,000	14,000
Depreciation/§179	2009	2010	2011	2012	2013	2014
Depreciation limits for vehicles put in use:
1st year cap: Bonus Depr. (New)	10,960	11,060	11,060	11,160	11,160	11,160
No Bonus (Used)	2,960	3,060	3,060	3,160	3,160	3,160
2nd year limit	4,800	4,900	4,900	5,100	5,100	5,100
3rd year limit	2,850	2,950	2,950	3,050	3,050	3,050
4th etc year limit	1,775	1,775	1,775	1,875	1,875	1,875
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	25,000	25,000
Code §179
Expensing	250K	500K	500K	500K	500K	500K
Investment limitation (on cost of property) Phase-out begins when §179 property exceeds	800K	2M	2M	2M	2M	2M
Capital gains	2009	2010	2011	2012	2013	2014
Long term Capital Gains & Qualifying Dividends Tax Rate plus 3.8% Medicare  surtax on lessor of  Net Investment Income (NII)  or AGI >$250K (MfJ) or >$200K (single) ATRA2012 IRC §1411	--	--	--	--	3.8%	3.8%
For taxpayers in  10% or 15% bracket	-0-%	-0-%	-0-%	-0-%	-0-%	-0-%
Higher tax  brackets <39.6%   Taxable income  >$450K (MfJ) or >$400K (single) ATRA2012	15% --	15% --	15% --	15% --	15% 20%	15% 20%
Tax on §1250 gain depreciation recapture (buildings) TRA1997	25%	25%	25%	25%	25%	25%
Capital gains tax rate on collectibles (gold, coins, art, antiques) §1202	28%	28%	28%	28%	28%	28%
Retirement	2009	2010	2011	2012	2013	2014
401(k),403(b),SARSEP 457 Annual Elective Deferral Limit
Under age 50	16,500	16,500	16,500	17,000	17,500	17,500
Age 50 or older	22,000	22,000	22,000	22,500	23,000	23,000
SEP/Profit-sharing  contribution limit (limited to 25%  of compensation)    Solo 401(k)  (limited to 100%  of compensation) §415(c)(1)	49,000	49,000	49,000	50,000	51,000	52,000
Saver's credit Nonrefundable    Individual   Couples	1,000 2,000	1,000 2,000	1,000 2,000	1,000 2,000	1,000 2,000	1,000 2,000
SIMPLE IRA
Under age 50   Age 50 or older	11,500 14,000	11,500 14,000	11,500 14,000	11,500 14,000	12,000 14,500	12,000 14,500
IRA Contribution limits (Lesser of this or earned income)
IRA or Roth   Under age 50   Age 50 or older	5,000 6,000	5,000 6,000	5,000 6,000	5,000 6,000	5,500 6,500	5,500 6,500
Social Security	2009	2010	2011	2012	2013	2014
Social Security items: Taxable when Modified Adjusted Gross Income (MAGI) is more than:
50% Taxable
Single	25,000	25,000	25,000	25,000	25,000	25,000
Married	32,000	32,000	32,000	32,000	32,000	32,000
85% Taxable
Single	34,000	34,000	34,000	34,000	34,000	34,000
Married	44,000	44,000	44,000	44,000	44,000	44,000
Benefits Planner
Quarter of Coverage: Earnings needed  to earn one Social  Security credit	1,090	1,120	1,120	1,130	1,160	1,200
Max earnings: Social Security recipients
Under Full  Retirement age  (Loss of $1 in benefit for each $2 over limit)	14,160	14,160	14,160	14,640	15,120	15,480
Year of Full  Retirement age (Loss of $1 in benefit  for each $3 over limit)	37,680	37,680	37,680	38,880	40,080	41,400
After Full  Retirement age	no limit	no limit	no limit	no limit	no limit	no limit
Social Security Benefits
Max earnings  subject to  Social Security tax	106,800	106,800	106,800	110,100	113,700	117,000
Max earnings subject to Medicare tax plus 0.9% Medicare  surtax withheld on taxable income >$250K (MfJ) or >$200K (single) Obama Care	no limit	no limit	no limit	no limit	no limit	no limit
Medicare Part B Premium-base/year Yearly income <$85K (doctor visits, lab  tests, surgeries,  ambulance, supplies)	1,157	1,157	1,385	1,199	1,259	1,259
General deductions & exclusions	2009	2010	2011	2012	2013	2014
Adoption credit &  exclusion (non-refundable)	12,150	13,170	13,360	12,650	12,970	13,190
Nanny tax threshhold:   Amount FICA begins   Amount FUTA begins Household EE (Sch H)	1,700 1,000	1,700 1,000	1,700 1,000	1,800 1,000	1,800 1,000	1,900 1,000
Kiddie Tax threshold (Kids under 19) Kid's unearned income  over earnings limit taxed @ parent's  highest rate	1,900	1,900	1,900	1,900	2,000	2,000
Attorney fee award limitation (per hour) §7430(c)(1)(B)(iii)	180	180	180	180	190	190
Itemized Deductions Phaseout max 80% Reduced by 3% of AGI limit starts@   Single AGI limit   MfJ AGI limit	--	--	--	--	250,000 300,000	254,200 305,050
Transit pass/highway Commuter fringe (per month) vanpool, bus, ferry, rail & all public  transportation	230	230	230	125	125	130
Parking fringe (per month)	230	230	230	240	245	250
HSA  Contribution Limit  100% Deductible  Single  Family  Catch-up (55+)	3,000 5,950 1,000	3,050 6,150 1,000	3,050 6,150 1,000	3,100 6,250 1,000	3,250 6,450 1,000	3,300 6,550 1,000
HDHP Minimum deductible  Single  Family	1,150 2,300	1,200 2,400	1,200 2,400	1,200 2,400	1,250 2,500	1,250 2,500
HDHP Maximum out-of-pocket  Single  Family	5,800 11,600	5,950 11,900	5,950 11,900	6,050 12,100	6,250 12,500	6,350 12,700
LTC Premium deduction limit   Age 40 or less   Age 41 to 50   Age 51 to 60   Age 61 to 70   Age over 70	320 600 1,190 3,180 3,980	330 620 1,230 3,290 4,110	340 640 1,270 3,390 4,240	350 660 1,310 3,500 4,370	360 680 1,360 3,640 4,550	370 700 1,400 3,720 4,660
LTC Benefit   Max daily excludable	280	290	300	310	320	330
Flex-Spending Account  Max excludable ($500 max unused  annual carryover)	no limit	no limit	no limit	no limit	2,500	2,500
Property exempt from levy §6334(a)(2)  Household effects  Tools of the trade	8,230 4,120	8,250 4,120	8,370 4,180	8,570 4,290	8,790 4,400	8,940 4,470
Per Diem Rates §274(d) High-cost locality  Lodging    Meals & Incidentals  Max high-cost rate	198 58 256	193 65 258	168 65 233	177 65 242	177 65 242	186 65 251
Low-cost locality Lodging Meals & Incidentals  Max low-cost rate	113 45 158	111 52 163	108 52 160	111 52 163	111 52 163	118 52 170

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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.