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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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.