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Tax Extenders You Can Count On

Tax Extenders You Can Count On
Tax extenders, temporary tax provisions that are reinstated by Congress on a regular basis, have been a recurring part of the tax arena for years. Most of the current group up for debate have expired at the end of 2013, and their eventual extension will be retroactive, but not all will be extended. Here are the best bets.

Beware of Expiring Tax Breaks
Even though the tax extenders have been known since the end of last year, and there is general bipartisan agreement that they need to be acted on, there is no guarantee as to when they will be passed.

The Senate passed a comprehensive extenders bill, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, in April 2014. The bill would extend for two years over 50 expired provisions. The House, on the other hand, has focused on permanent extension of tax provisions in a series of bills. Added to the mix, of course, is President Obama, who has threatened to use his “veto pen” on legislation he doesn’t like.

Businesses would like to know for tax planning purposes, and the IRS would like to know so they can get out the forms and program their systems on time. Preparers would like to know so tax season begins on time. Following is a list of extenders most likely to be passed, either in the upcoming lame-duck session or early next year.

R&D Credit
This perennial extender, also known as the research tax credit or the research and experimentation tax credit, was available as either a 20% traditional research tax credit or a 14% alternative simplified credit.

Section 179 Expensing
For tax years beginning in 2012 and 2013, the maximum Section 179 deduction was $500,000. The maximum dropped to $25,000 for tax years after 2013. Extender legislation would restore the enhanced amount and phase-out threshold under Section 179, as it was prior to 2014.

50% Bonus First-Year Depreciation
This tax break was available at a 50% rate for qualified property placed in service prior to 2014.

Food Donation Tax Deduction
This deduction, the enhanced charitable deduction for contributions of inventory, was enacted in response to Hurricane Katrina in 2005. It allowed a deduction for the contribution of food inventory by taxpayers that are not C corporations.

Option to Deduct State and Local Sales Taxes
Prior to 2014, taxpayers were allowed to deduct state and local sales and use taxes in lieu of state and local income taxes on Schedule A.

Work Opportunity Tax Credit
The WOTC allowed businesses to claim a tax credit of 40% of the first $6,000 of wages paid to new hires of one of eight targeted groups, including members of families receiving benefits under the Temporary Assistance to Needy Families program, qualified ex-felons, qualified veterans, designated community residents, vocational rehabilitation referrals, qualified summer youth employees, qualified food and nutrition recipients, qualified SSI recipients and long-term family assistance recipients.

Qualified Small Business Stock
The holder of such stock, acquired at original issue by a non-corporate taxpayer and held for more than five years, could exclude 100% of gain from its sale, rather than 50% of the gain, if acquired prior to 2014.

Credit for Energy Efficient Improvements to Existing Homes
The 10% credit for purchases of energy efficient improvements to existing homes allowed up to $150 for an energy efficient furnace, up to $200 for energy efficient windows, and up to $300 for other improvements such as insulation, with the total credit capped at $500 per taxpayer.

Above-the-Line Deduction for Higher Education Expenses
This deduction was $4,000 for taxpayers with adjusted gross incomes of $65,000 or less ($130,000 for joint returns) or $2,000 for taxpayers with AGI of $80,000 or less ($160,000 for joint returns).

Tax-free Distributions from IRAs for Charitable Purposes
IRA owners older than 70 1/2 could exclude up to $100,000 per year in distributions made directly from the IRA to public charities.

Offshore Tax Break
One extender that is unlikely to be passed is the look-through treatment of payments between related CFCs [controlled foreign corporations], according to Dean Sonderegger, executive director of product management for Bloomberg BNA Software. “It allows corporations to more easily move off-shore earnings across different borders,” he said. “If they move money back to the US, they have to pay tax. The rule is a way to get around some of the taxes. It’s very popular with international businesses, but I can’t see it making it through the legislative process in today’s environment.”

Tax Increase Prevention Act of 2014 (HR 5771)

Tax Increase Prevention Act of 2014 (HR 5771)
Provisions being extended, which include:

• 50% Bonus depreciation on new equipment acquisitions
• §179 expensing limitations:
• $250K qualified real property §179 limit
• R&D credit
• Tuition and fees "Above-the-line" deduction 
• Itemized deduction for state and local general sales taxes
• Itemized deduction for mortgage insurance premiums (PMI) (MIP) treated as qualified residence interest
• Qualified principal residence discharge of indebtedness exclusion from gross income 
• Charitable distributions from IRAs (up to $100,000 per taxpayer per year) of individuals at least 70 1/2 years of age
• Educator's $250 tax deduction of qualified out-of-pocket expense
• 15 year recovery period for qualified leasehold improvements, restaurant property and retail improvements  

An In-Depth Look: House Passes Tax Extenders Bill, Possibly Breaking Year-Long Impasse. (Parker Tax Publishing December 05, 2014)

On December 03, 2014, the House of Representatives made the latest move in this year's tax extenders drama, passing a bill that would extend numerous expired tax provisions through the end of 2014. HR 5771 (12/03/2014).

Titled the "Tax Increase Prevention Act of 2014", the House bill would extend retroactively for one year, through the end of 2014, virtually all of the tax breaks that had previously been temporarily extended by the American Taxpayer Relief Act of 2012 (ATRA). In addition to the extensions, HR 5771 corrects numerous technical and clerical errors in the tax code, as well as eliminating many superfluous provisions (known as "deadwood").

To become law, HR 5771 still needs to pass the Senate and be signed by the President.

The following is a summary of the House bill's key provisions and a brief recap of the Senate and White House reactions. For a complete synopsis of the bill, see the Ways and Means Committee Tax Staff Summary of HR 5771.

Individual Tax Extenders
HR 5771 would extend eight tax relief provisions for individuals through the end of 2104. Notable provisions include:

• Extend the exclusion from gross income from the discharge of qualified principal residence indebtedness.
• Continue the treatment of qualified mortgage insurance premiums as interest for purposes of the mortgage interest deduction. This deduction phases out ratably for taxpayers with adjusted gross income between $100,000 and $110,000 (half those amounts for married taxpayers filing separately).
• Extend the exclusion from gross income of qualified charitable distributions from IRAs of individuals at least 70 1/2 years of age. The exclusion is for up to $100,000 per taxpayer per year.

HR 5771 would also extend the following tax breaks through the end of 2014:

1. Above-the-line deduction for higher education expenses.
2. Deduction for expenses of elementary and secondary school teachers.
3. Increased exclusion from income for employer-provided mass transit and parking benefits.
4. Deduction for state and local general sales taxes.
5. Special rules for contributions of capital gain real property made for conservation purposes.

Business Tax Extenders
HR 5771 would extend forty-one tax relief provisions for businesses, including the research and development tax credit, bonus depreciation, and increased expensing limitations and the treatment of certain real property as Code Sec. 179 property. A rundown of the more important provision follows:

• Extend the research and development tax credit, which generally allows taxpayers a 20% credit for qualified research expenses or a 14 percent alternative simplified credit. 
• Extend 50% bonus depreciation to property acquired and placed in service during 2014 (2015 for certain property with a longer production period). This provision would continue to allow taxpayers to elect to accelerate the use of AMT credits in lieu of bonus depreciation under special rules for property placed in service during 2014. The provision would also continue a special accounting rule involving long-term contracts and a special rule for regulated utilities.
• Extend increased §179 expensing limitation and phase-out amounts ($500,000 and $2,000,000 respectively; without the extension the amounts would be $25,000 and $200,000, respectively). The special rules that allow expensing for computer software, qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property also would be extended through 2014.

Other notable tax breaks that would be extended through the end of 2014 include:

1. New markets tax credit.
2. Work opportunity tax credit.
3. 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.
4. Enhanced charitable deduction for contributions of food inventory.
5. Look-through treatment of payments between related controlled foreign corporations under foreign personal holding company rules.
6. Temporary exclusion of 100 percent of gain on certain small business stock.
7. Reduction in S-corporation recognition period for built-in gains

Energy Tax Extenders
HR 5771 also would extend multiple tax incentives for alternative and renewable energy sources, including: 

1. credits for nonbusiness energy property, 
2. an extension of the second generation biofuel producer credit, 
3. credits for facilities producing energy from certain renewable resources including wind power, 
4. credits for energy-efficient new homes, and 
5. deductions for energy efficient commercial buildings.

Extend the credit for purchases of nonbusiness energy property (a.k.a. residential energy credits). The provision allows a credit of 10 percent of the amount paid or incurred by the taxpayer for qualified energy improvements, up to $500.

Extend the tax credit for manufacturers of energy-efficient residential homes. An eligible contractor may claim a tax credit of $1,000 or $2,000 for the construction or manufacture of a new energy efficient home that meets qualifying criteria.

Technical Corrections and Deadwood Provisions
In addition to the tax extenders provisions, HR 5771 contains numerous corrections to various technical and clerical errors. These technical and clerical errors create confusion for taxpayers and complicate administration of the tax laws. Title II of HR 5771 the Tax Technical Corrections Act of 2014 would make technical and clerical corrections to recently enacted tax legislation, including the American Taxpayer Relief Act of 2012, the Creating Small Business Jobs Act of 2010, and the Economic Stimulus Act of 2008. Notably absent from the list of technical corrections is the Affordable Care Act (i.e. Obamacare). In general, the amendments made by these technical and clerical corrections would take effect as if included in the original legislation to which each amendment relates.

Under current law, there are numerous provisions that relate to past tax years (and generally are no longer applied in computing taxes for open tax years), involve situations that were narrowly defined and unlikely to recur, or otherwise have outlived their usefulness. These types of provisions are often referred to as "deadwood" provisions and HR 5771 would repeal these current-law deadwood provisions. This repeal generally would be effective on the date of enactment, although the tax treatment of any transaction occurring before that date, of any property acquired before that date, or of any item taken into account before that date, would not be affected.

Senate and White House Reactions
For a fairly tame piece of legislation that passed the House with overwhelming bipartisan support, HR 5771 received surprisingly bitter criticism on initial response from the Senate, which had stalled on its own tax extenders bill earlier this year.

The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act of 2014, which would have extended tax breaks for two years, was passed by the Senate Finance Committee but was blocked when it reached the Senate floor in May. Aside from the two-year time frame, the Senate bill is nearly identical in substance to the House bill.

Despite members' dissatisfaction with the House version, it appears likely that the Senate will vote to pass the year-long extension. A top Senate Democrat suggested that they may have little alternative but to accept the House's plan, as time is running out and a mindset that one year is better than none is setting in. According to Treasury Secretary Jack Lew, the Obama administration is open to the short term deal.

If the Senate does follow the House and passes the one-year bill and the President signs it into law, Congress will have set itself up to revisit the extenders again in 2015.

Disclaimer: This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. The information contained herein is general in nature and based on authorities that are subject to change. Parker Tax Publishing guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. Parker Tax Publishing assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein.

Source:  Parker Tax Pro Library (Staff Editor Parker Tax Publishing)

Federal Tax Info - 2014 to 2017 (Ver. 1)

Federal Tax Info - 2014 to 2017 (Ver. 1)

• 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

• 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
EITC is Zero @ AGI 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
EITC is zero @ AGI 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
Standard Mileage 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	*	*
Lease inclusion table when FMV over   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
Age 50+ catch-up	5,500	6,000	6,000	6,000
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
Saver's credit   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
Social Security items: Taxable when Modified Adjusted Gross Income (MAGI) is more than:
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
Benefits Planner
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 Obama Care	no limit	no limit	no limit	no limit
Medicare Part B 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    Tools/Books	8,940 4,470	9,080 4,540	9,120 4,560	9,200 4,600
Annual Hi/Low  Per Diem Rates §274(d) Hi-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

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 and information may change at any time and without notice.