Key Tax Numbers 2015


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $                -    $           9,225  $                 -   10.0%  $                  -  
 $           9,225  $         37,450  $          922.50 15.0%  $             9,225
 $         37,450  $         90,750  $       5,156.25 25.0%  $           37,450
 $         90,750  $       189,300  $      18,481.25 28.0%  $           90,750
 $        189,300  $       411,500  $      46,075.25 33.0%  $         189,300
 $        411,500  $       413,200  $    119,401.25 35.0%  $         411,500
 $        413,200  NA   $    119,996.25 39.6%  $         413,200
Head of Household  $                -    $         13,150  $                 -   10.0%  $                  -  
 $         13,150  $         50,200  $       1,315.00 15.0%  $           13,150
 $         50,200  $       129,600  $       6,872.50 25.0%  $           50,200
 $        129,600  $       209,850  $      26,722.50 28.0%  $         129,600
 $        209,850  $       411,500  $      49,192.50 33.0%  $         209,850
 $        411,500  $       439,000  $    115,737.00 35.0%  $         411,500
 $        439,000   NA    $    125,362.00 39.6%  $         439,000
Married Filing Jointly  $                -    $         18,450  $                 -   10.0%  $                  -  
 $         18,450  $         74,900  $       1,845.00 15.0%  $           18,450
 $         74,900  $       151,200  $      10,312.50 25.0%  $           74,900
 $        151,200  $       230,450  $      29,387.50 28.0%  $         151,200
 $        230,450  $       411,500  $      51,577.50 33.0%  $         230,450
 $        411,500  $       464,850  $    111,324.00 35.0%  $         411,500
 $        464,850   NA    $    129,996.50 39.6%  $         464,850

 

Federal Dividend & Long-Term Capital Gain Rules

 

Tax Bracket Div/LTCG Rate
15% or less 0%
25% - 35% 15%
Over 35% 20%

 

Contribution Limits & Credits

 

Type Amount Catchup (over 50) Comment
401k, 403b, eligible 457 salary deferrals  $                  18,000  $                   6,000  
Total Defined Contrib Limit  $                  53,000  $                   6,000  
Defined Contrib Income Limit  $                265,000    
SIMPLE 401k, SIMPLE IRA salary deferrals  $                  12,500  $                   3,000  
Defined Benefit Limit  $                210,000    
IRA (Combination of Deductible, Roth, & Non-Deductible)  $                   5,500  $                   1,000 Deductibiliy, and ability to contribute to a Roth IRA is phased out by AGI (see Phaseouts)
Educational Savings Account Limit (Coverdell)  $                   2,000   Ability to contribute is phased by AGI (see Phaseouts)
Child Tax Credit  $                   1,000   Per Child under age 17.  Phased out by AGI (see Phaseouts)
Child or Dependent Care Credit - one child  $                   3,000    
Child or Dependent Care Credit - more than one child  $                   6,000    
Adoption Credit  $                  13,400   Phased out by AGI (see Phaseouts)
Lifetime Learning Credit Maximum  $                   2,000   Phased out by AGI (see Phaseouts)
American Opportunity Credit Maximum  $                   2,500   Amended by AARTA (2009)Phased out by AGI (see Phaseouts)

 

Phase-Outs

 

Type Status Phaseout Begins Phaseout Ends Comment
Roth IRA Contribution Limits Single  $           116,000  $           131,000  
Married Filing Jointly  $           183,000  $           193,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $             61,000  $             71,000  
Married Filing Jointly  $             98,000  $           118,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $           183,000  $           193,000  
Eductional Savings Account (Coverdell) Contribution Limits Single  $             95,000  $           110,000  
Married Filing Jointly  $           190,000  $           220,000
Personal Exemption Single  $           258,250  $           380,750 Amended by ATRA (2013). 2% for every $2500 of AGI over threshold
Head of Household  $           284,050  $           406,550
Married Filing Jointly  $           309,900  $           432,400
Itemized Deductions Single  $           258,250  N/A  Amended by ATRA (2013). Deductions reduced by 3% of the amount AGI is over threshold
Head of Household  $           284,050  N/A 
Married Filing Jointly  $           309,900  N/A 
AMT Exemption Single / HoH  $           119,200  $           333,600 Phased out $1 for every $4 of AMTI over threshold.
Married Filing Jointly  $           158,900  $           487,300
Child Tax Credit Single / HoH  $             75,000  $             95,000 Based on MAGI, not AGI
Married Filing Jointly  $           110,000  $           130,000
Savings Bond Interest Exemption (for edu) Single  $             77,200  $             92,200  
Married Filing Jointly  $           115,750  $           145,750
Student Loan Interest Deduction Single  $             65,000  $             80,000  
Married Filing Jointly  $           130,000  $           160,000
Saver's Credit Single  $             30,500  N/A   
Head of Household  $             45,750  N/A 
Married Filing Jointly  $             61,000  N/A 
American Opportunity Credit Single  $             80,000  $             90,000 Amended by AARTA (2009)
Married Filing Jointly  $           160,000  $           180,000
Adoption Credit All  $           201,010  $           241,010  
Lifetime Learning Credit Single  $             55,000  $             65,000  
Married Filing Jointly  $           110,000  $           130,000

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $             4,000  
AMT Exemption Single or HoH  $           53,600 Now permanent and indexed for inflation (ATRA 2013). 
Married Filing Jointly  $           82,100
Standard Deduction Single  $             6,300  
Head of Household  $             9,250
Married Filing Jointly  $           12,600
Add'l SD if Age >=65 or blind Single  $             1,250  
Married Filing Jointly  $             1,550
Social Security Wage Base All  $         118,500  
Kiddie Tax Income Limit All  $             1,050 An unmarried child under age 19 and full-time students under 24 are taxed at 0% on unearned income up to this amount and at the parent’s rate on unearned income exceeding 2x this amount
Nanny Tax Threshold All  $             1,900  
Student Loan Interest Deduction Maximum All  $             2,500 Phased out by AGI (see Phaseouts)
Annual Gift Tax Exclusion All  $           14,000  
Lifetime Gift / Estate Tax Exemption All  $      5,430,000  
Foreign Earned Income Exclusion All  $         100,800  
Highly Compensated Employee All  $         120,000  
Key Employee All  $         170,000  
PBGC Max Monthly Pension (age 65) All  $             5,011 Age 65 Stright Life Annuity Amount
Section 179 Max Deduction All  $          500,000 Expensing of business property rather than depreciating it over time.  Phased out $ for $ if property totals >$2M.
HDHP Min Deductible Single  $             1,300  
Married Filing Jointly  $             2,600
HSA Contribution Limit Single  $             3,350 Add'l $1k catch-up contribution allowed for those over age 54
Married Filing Jointly  $             6,650
Mileage Rate Business  $             0.575  
Med & Move  $             0.230
Charity  $             0.140

 

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