Federal tax table 2014-2017 (Ver. 2)

Federal Tax Table 2014 - 2017 (Ver. 2)

Who Must File?	2014	2015	2016	2017
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 (1 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:	2014	2015	2016	2017
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
Std Ded Pease AGI max limit @80% (reduce itemized deductions by 3% of the amount by which the TP’s AGI exceeds the 80% of AGI Pease threshold amount):
MfS	152,525	154,950	155,650	156,900
Single	254,200	258,250	259,400	261,500
HofH	279,650	284,050	285,350	287,650
MfJ/QW	305,050	309,900	311,300	313,800
Add'l standard deduction allowed for taxpayer blind or age 65 or older at end of tax year:
MfJ/QW/MfS  (married)	1,200	1,250	1,250	1,250
Single/HofH  (unmarried)	1,550	1,550	1,550	1,550
Child Tax Credit:
CTC per child under age 17	1,000	1,000	1,000	1,000
(Max refundable: 3 kids)
Standard Deduction  Phaseout begins @MAGI:
Single/HofH/QW	75,000	75,000	75,000	75,000
MfJ	110,000	110,000	110,000	110,000
MfS	55,000	55,000	55,000	55,000
Nondiscrimination Comp Limits:
Highly Comp EE	115,000	120,000	120,000	120,000
Key EE in top-heavy plan	170,000	170,000	170,000	175,000
Qualified Plan	260,000	265,000	265,000	270,000
Defined Benefit plan	210,000	210,000	210,000	215,000
Dependent Standard Deduction: (when dependent claimed on another person's tax return):
Greater of	1,000	1,050	1,050	1,050
-or- Dependent's earned
income plus	350	350	350	350
Personal Exemption	3,950	4,000	4,050	4,050
PEP Phaseout: 2% for every $2,500 over
AGI begins @AGI:
MfS	152,525	154,950	155,650	156,900
Single	254,200	258,250	259,400	261,500
HofH	279,650	284,050	285,350	287,650
MfJ/QW	305,050	309,900	311,300	313,800
Foreign Income exclusion	99,200	100,800	101,300	102,100
Max housing exp @30%	29,760	30,240	30,390	30,630
Housing exclusion @14%	13,888	14,112	14,182	14,294
Avg annual net income tax imposed for five (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)	157,000	160,000	161,000	162,000
Earned Income Credit	2014	2015	2016	2017
EITC is Zero @AGI
Married filing Joint:
with 3+ children	52,427	53,267	53,505	53,930
with 2 children	49,186	49,974	50,198	50,597
with 1 child	43,941	44,651	44,846	45,207
with no children	20,020	20,330	20,430	20,600
EITC is zero @AGI:
Single/QW/HofH:
with 3+ children	46,997	47,747	47,955	48,340
with 2 children	43,756	44,454	44,648	45,007
with 1 child	38,511	39,131	39,296	39,617
with no children	14,590	14,820	14,880	15,010
EITC max credit:
with 3+ children	6,143	6,242	6,269	6,318
with 2 children	5,460	5,548	5,572	5,616
with 1 child	3,305	3,359	3,373	3,400
with no children	496	503	506	510
Gift & Estate:	2014	2015	2016	2017
Personal gift & estate exemption (per Individual)	5.34M	5.43M	5.45M	5.49M
Married couple
Portability between spouses: DSUEA (TRA 2010)	10.68M	10.86M	10.90M	10.98M
GST tax exemption	5.34M	5.43M	5.45M	5.49M
(No DSUEA portability)
Lifetime Gift-tax exemption	5.34M	5.43M	5.45M	5.49M
Estate/GST tax
max/top tax rate	40%	40%	40%	40%
Gift tax
max/top tax rate:	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	14,000	14,000	14,000	14,000
Gift tax exclusion non-citizen spouse §2523(i)	145,000	147,000	148,000	149,000
Mileage Rates	2014	2015	2016	2017
Standard Mileage Rates (cents/mile):
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	18,500	17,500	19,000	19,000
Truck/Van	19,000	18,500	19,500	19,500
Alternative Min Tax:	2014	2015	2016	2017
AMT Exemption:
MfJ/QW	82,100	83,400	83,800	84,500
Single/HofH	52,800	53,600	53,900	54,300
MfS	41,050	41,700	41,900	42,250
Estates & Trusts	23,500	23,800	23,900	24,100
AMT Exemption Phaseout:
Reduced by 25% over AMTI, begins @AGI:
MfJ/QW	156,500	158,900	159,700	160,900
Single/HofH	117,300	119,200	119,700	120,700
MfS	78,250	79,450	79,850	80,450
Estates & Trusts	78,250	79,450	79,850	80,450
AMT tax rate (low 26%/high 28%)
28% hi-rate begins @AGI:
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
(only one education   benefit for same  qualifying expense):
American Opportunity Credit (AOTC)*	2,500	2,500	2,500	2,500
(modified HOPE credit)*
(1st 4-years of college) 40% refundable i.e. $1,000
AOTC Phaseout @MAGI:
Single/HofH/QW begins	80,000	80,000	80,000	80,000
Single/HofH/QW ends	90,000	90,000	90,000	90,000
MfJ begins	160,000	160,000	160,000	160,000
MfJ ends	180,000	180,000	180,000	180,000
MfS	-0-	-0-	-0-	-0-
Lifetime Learning Credit (LLC)** (All years of post-secondary education to acquire or improve job skills)	2,000	2,000	2,000	2,000
(20% of 1st $10K tuition)
LLC Phaseout begins @MAGI:
Single/HofH/QW	54,000	55,000	55,000	56,000
MfJ	108,000	110,000	110,000	12,000
MfS	-0-	-0-	-0-	-0-
Tuition & Fees Deduction**	4,000	4,000	4,000	n/a
Tuition & Fees Deduction Phaseout begins @MAGI:
Single/HofH/QW	65,000	65,000	65,000	n/a
MfJ	130,000	130,000	130,000	n/a
Student loan interest** deduction	2,500	2,500	2,500	2,500
Student Loan Interest Phaseout begins @MAGI:
Single/HofH/QW	65,000	65,000	65,000	65,000
MfJ	130,000	130,000	130,000	135,000
MfS	-0-	-0-	-0-	-0-
Coverdell ESA* (< age 18) annual contribution	2,000	2,000	2,000	2,000
(elementary, secondary, college)
Coverdell ESA* Phaseout ends @MAGI:
Single/HofH/QW	110,000	110,000	110,000	110,000
MfJ	220,000	220,000	220,000	220,000
§529 Annual limit/Donor*	14,000	14,000	14,000	14,000
Lump-sum §529-single	70,000	70,000	70,000	70,000
Lump-sum §529-joint	140,000	140,000	140,000	140,000
($300K lifetime)
*per student/**per family
Depreciation/§179	2014	2015	2016	2017
Depreciation limits
1st year cap (New)
Bonus Depr (Add'l 50%):
Automobiles	11,160	11,160	11,160	11,160
Trucks & Vans	11,460	11,460	11,560	11,560
1st year cap (Used)
No Bonus (Standard):
Automobiles	3,160	3,160	3,160	3,160
Trucks & Vans	3,460	3,460	3,560	3,560
2nd year limit:
Automobiles	5,100	5,100	5,100	5,100
Trucks & Vans	5,500	5,600	5,700	5,700
3rd year limit:
Automobiles	3,050	3,050	3,050	3,050
Trucks & Vans	3,350	3,350	3,350	3,450
4th etc. year limit:
Automobiles	1,875	1,875	1,875	1,875
Trucks & Vans	1,975	1,975	2,075	2,075
Code §179 Vehicle Expensing - 1st year:
SUV limit (per vehicle)	25,000	25,000	25,000	25,000
for Trucks & Vans
having 'unloaded' GVWR
over 6,000 lbs. (Plus
50% or 100% additional
1st year Bonus
depreciation.  Subject to
depreciation dollar
limits within MACRS
allowable  percentages)
Code §179:
Annual Expense Limit	500K	500K	500K	510K
Property cost limit prior to phase-out:	2M	2M	2M	2.03M
(Phase-out begins when
§179 property exceeds)
Capital gains rates:	2014	2015	2016	2017
3.8% Medicare surtax	3.8%	3.8%	3.8%	3.8%
(NIIT) on lessor of Net
Investment  Income (NII) or @AGI:
>$250K MfJ/QW
>$200K Single/HofH
>$125K MfS
Estates & Trusts  @3.8%
>Undistributed NII	12,150	12,300	12,400	12,500
(ATRA 2012 IRC §1411)
Long term Capital Gains & Qualifying & Dividends Tax Rate for taxpayers in:
10% - 15% bracket	-0-%	-0-%	-0-%	-0-%
25% - 35% bracket	15%	15%	15%	15%
39.6% bracket	20%	20%	20%	20%
20% Cap Gain tax rate begins @ AGI:
>$450K+COLA MfJ/QW
>$400K+COLA Single
MfJ/QW	457,600	464,850	466,950	470,700
HofH	432,200	439,000	441,000	444,550
Single	406,750	413,200	415,050	418,400
MfS	228,800	232,425	233,475	235,350
Estates & Trusts UNII	12,150	12,300	12,400	12,500
Tax on §1250 gain	25%	25%	25%	25%
depreciation recapture
(buildings) TRA1997
Capital gains tax rate	28%	28%	28%	28%
on collectibles: (gold,
coins, art, antiques) & Qualified Small Business Stock §1202
Retirement	2014	2015	2016	2017
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	52,000	53,000	53,000	54,000
Age 50+ catch-up	5,500	6,000	6,000	6,000
limited to 25% of comp
SEP Min comp amount	550	600	600	600
Solo 401(k):
Contribution limit	52,000	53,000	53,000	54,000
Age 50+ catch-up (limited to 100%  of comp)	5,500	6,000	6,000	6,000
Saver's credit:
Individual	1,000	1,000	1,000	2,000
Couples	2,000	2,000	2,000	4,000
Phaseout ends @AGI:
Single/MfS	30,000	30,500	30,750	31,000
HofH	45,000	45,750	46,125	46,500
MfJ	60,000	61,000	61,500	62,000
SIMPLE & SIMPLE 401(k) §408(p)(2)(e):
Under age 50	12,000	12,500	12,500	12,500
Age 50 catch-up	2,500	3,000	3,000	3,000
IRA*/Roth Contribution limits
(not to exceed income):
Under Age 50	5,500	5,500	5,500	5,500
Age 50+ catch-up	1,000	1,000	1,000	1,000
Traditional IRA Phaseout begins @AGI:
TP "covered" at work:
Single/HofH	60,000	61,000	61,000	62,000
MfJ/QW	96,000	98,000	98,000	99,000
MfS	-0-	-0-	-0-	-0-
TP "not covered" at work/ Spouse "covered" at work
Phaseout begins @AGI:
MfJ	181,000	183,000	184,000	186,000
*Traditional IRA fully deductible, regardless of income, if NOT covered by employer plan at work.
Roth Phaseout  begins @AGI:
Single/HofH	114,000	116,000	117,000	118,000
MfJ/QW	181,000	183,000	184,000	186,000
MfS	-0-	-0-	-0-	-0-
Social Security	2014	2015	2016	2017
50% Taxable when Modified Adjusted Gross Income (MAGI) is more than:
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:	1,200	1,220	1,260	1,300
(Earnings needed
to earn one Social
Security credit)
Max earnings - Social
Security recipients:
Benefits witholding	15,480	15,720	15,720	16,920
Prior to FRA (Age 62-65)
($1/$2 earnings above)
Benefits witholding	41,400	41,880	41,880	44,880
Year of FRA (Age 66)
($1/$3 earnings above)
After Full	no limit	no limit	no limit	no limit
Retirement age
Max Monthly SS Benefit	2,642	2,663	2,639	2,687
Worker retiring @ full retirement age
Social Security
Max taxable earnings limit	117,000	118,500	118,500	127,200
subject to
Social Security tax
Max taxable earnings subject	no limit	no limit	no limit	no limit
to Medicare tax
plus 0.9% Medicare
surtax withheld on
taxable income
>$250K MfJ
>$200K Single/HofH
>$125 MfS
(Obama Care)
Medicare Part B:
Base-Premium/year	1,260	1,260	1,464	1,608
Yearly income <$85K	105/mo	105/mo	122/mo	134/mo
(Dr. visits, surgeries,  lab tests, ambulance,
& supplies)
General deductions,	2014	2015	2016	2017
exclusions & Health items:
Adoption credit:	13,190	13,400	13,460	13,570
(non-refundable)
Phaseout begins @MAGI	197,880	201,010	201,920	203,540
Phaseout ends @MAGI	237,880	241,010	241,920	243,540
Nanny tax threshhold:
Household employee
(Schedule H)
Amount FICA begins	1,900	1,900	2,000	2,000
Amount FUTA begins	1,000	1,000	1,000	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	190	200	200	200
limitation (per hour)
§7430(c)(1)(B)(iii)
Commuter fringe/month (vanpool, bus, ferry, rail & all public trans)	130	250	255	255
Parking fringe	250	250	255	255
ISRP (No MEC?)
ISRP Higher of:
% of Household Income	1%	2%	2.50%	2.50%
-or- flat fee/Adult	95	325	695	695
flat fee/Child   under 18	47.5	162.5	347.5	347.5
Max flat fee per family	285	975	2,085	2,085
(Max cannot exceed Nat'l Avg Marketplace Bronze Plan annual premium)
Medical Savings Account:
Max % of deductible-self	65%	65%	65%	65%
HDHP Max Deductible	3,250	3,300	3,350	3,350
HDHP Min Deductible	2,200	2,200	2,250	2,250
Max out-of-pocket	4,350	4,450	4,450	4,500
Max % of deductible-family	75%	75%	75%	75%
HDHP Max Deductible	6,550	6,650	6,700	6,750
HDHP Min Deductible	4,350	4,450	4,450	4,500
Max out-of-pocket	8,000	8,150	8,150	8,250
HSA Contribution Limit
100% Deductible:
Self-only	3,300	3,350	3,350	3,400
Family	6,550	6,650	6,750	6,750
Catch-up (55+)	1,000	1,000	1,000	1,000
HDHP Min deductible:
Self-only	1,250	1,300	1,300	1,300
Family	2,500	2,600	2,600	2,600
HDHP Max out-of-pocket:
Self-only	6,350	6,450	6,550	6,550
Family	12,700	12,900	13,100	13,100
LTC Premium
deduction limit:
Age 40 or less	370	380	390	410
Age 41 to 50	700	710	730	770
Age 51 to 60	1,400	1,430	1,460	1,530
Age 61 to 70	3,720	3,800	3,900	4,090
Age over 70	4,660	4,750	4,870	5,110
LTC Benefit	330	330	340	360
Max daily excludable
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	8,940	9,080	9,120	9,200
Tools/Books	4,470	4,540	4,560	4,600
Per Diem Rates §274(d) Annual High/Low
High-cost locality:
Lodging	186	194	207	214
Meals & Incidentals	65	65	68	68
Max high-cost rate	251	259	275	282
Low-cost locality:
Lodging	118	120	128	132
Meals & Incidentals	52	52	57	57
Max low-cost rate	170	172	185	189

Federal Tax Info Source: IRC, Rev Proc's, 

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