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.
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
|
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
162,00030,630 14,294 | |||
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**
Phaseout begins @MAGI(20% of 1st $10K tuition) 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 | |||
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 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 |
---♥---
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.
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.
No comments:
Post a Comment