| Status | Income Min | Income Max | Base Amount | Plus | of Income over |
| Single | $ - | $ 9,325 | $ - | 10.0% | $ - |
| $ 9,325 | $ 37,950 | $ 932.50 | 15.0% | $ 9,325 | |
| $ 37,950 | $ 91,900 | $ 5,226.25 | 25.0% | $ 37,950 | |
| $ 91,900 | $ 191,650 | $ 18,713.75 | 28.0% | $ 91,900 | |
| $ 191,650 | $ 416,700 | $ 46,643.75 | 33.0% | $ 191,650 | |
| $ 416,700 | $ 418,400 | $ 120,910.25 | 35.0% | $ 416,700 | |
| $ 418,400 | NA | $ 121,505.25 | 39.6% | $ 418,400 | |
| Head of Household | $ - | $ 13,350 | $ - | 10.0% | $ - |
| $ 13,350 | $ 50,800 | $ 1,335.00 | 15.0% | $ 13,350 | |
| $ 50,800 | $ 131,200 | $ 6,952.50 | 25.0% | $ 50,800 | |
| $ 131,200 | $ 212,500 | $ 27,052.50 | 28.0% | $ 131,200 | |
| $ 212,500 | $ 416,700 | $ 49,816.50 | 33.0% | $ 212,500 | |
| $ 416,700 | $ 444,550 | $ 117,202.50 | 35.0% | $ 416,700 | |
| $ 444,550 | NA | $ 126,950.00 | 39.6% | $ 444,550 | |
| Married Filing Jointly | $ - | $ 18,650 | $ - | 10.0% | $ - |
| $ 18,650 | $ 75,900 | $ 1,865.00 | 15.0% | $ 18,650 | |
| $ 75,900 | $ 153,100 | $ 10,452.50 | 25.0% | $ 75,900 | |
| $ 153,100 | $ 233,350 | $ 29,752.50 | 28.0% | $ 153,100 | |
| $ 233,350 | $ 416,700 | $ 52,222.50 | 33.0% | $ 233,350 | |
| $ 416,700 | $ 470,700 | $ 112,728.00 | 35.0% | $ 416,700 | |
| $ 470,700 | NA | $ 131,628.00 | 39.6% | $ 470,700 |
| Tax Bracket | Div/LTCG Rate |
| 15% or less | 0% |
| 25% - 35% | 15% |
| Over 35% | 20% |
| Type | Amount | Catchup (over 50) | Comment |
| 401k, 403b, eligible 457 salary deferrals | $ 18,000 | $ 6,000 | |
| Total Defined Contrib Limit | $ 54,000 | $ 6,000 | |
| Defined Contrib Income Limit | $ 270,000 | ||
| SIMPLE 401k, SIMPLE IRA salary deferrals | $ 12,500 | $ 3,000 | |
| Defined Benefit Limit | $ 215,000 | ||
| 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 | $ 13,570 | 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) |
| Type | Status | Phaseout Begins | Phaseout Ends | Comment |
| Roth IRA Contribution Limits | Single | $ 118,000 | $ 133,000 | |
| Married Filing Jointly | $ 186,000 | $ 196,000 | ||
| Traditional IRA - Qualified Plan Participant - Deductibility Limits | Single | $ 62,000 | $ 72,000 | |
| Married Filing Jointly | $ 99,000 | $ 119,000 | ||
| Deductible IRA - Spouse Qualified Plan Participant | Married Filing Jointly | $ 186,000 | $ 196,000 | |
| Eductional Savings Account (Coverdell) Contribution Limits | Single | $ 95,000 | $ 110,000 | Not indexed for inflation |
| Married Filing Jointly | $ 190,000 | $ 220,000 | ||
| Personal Exemption | Single | $ 261,500 | $ 384,000 | Amended by ATRA (2013). 2% for every $2500 of AGI over threshold |
| Head of Household | $ 287,650 | $ 410,150 | ||
| Married Filing Jointly | $ 313,800 | $ 436,300 | ||
| Itemized Deductions | Single | $ 261,500 | N/A | Amended by ATRA (2013). Deductions reduced by 3% of the amount AGI is over threshold |
| Head of Household | $ 287,650 | N/A | ||
| Married Filing Jointly | $ 313,800 | N/A | ||
| AMT Exemption | Single / HoH | $ 120,700 | $ 337,900 | Phased out $1 for every $4 of AMTI over threshold. |
| Married Filing Jointly | $ 160,900 | $ 498,900 | ||
| Child Tax Credit | Single / HoH | $ 75,000 | $ 95,000 | Based on MAGI, not AGI (not indexed for inflation) |
| Married Filing Jointly | $ 110,000 | $ 130,000 | ||
| Savings Bond Interest Exemption (for edu) | Single | $ 78,150 | $ 93,150 | |
| Married Filing Jointly | $ 117,250 | $ 147,250 | ||
| Student Loan Interest Deduction | Single | $ 65,000 | $ 80,000 | |
| Married Filing Jointly | $ 135,000 | $ 165,000 | ||
| Saver's Credit | Single | $ 31,000 | N/A | |
| Head of Household | $ 46,500 | N/A | ||
| Married Filing Jointly | $ 62,000 | N/A | ||
| American Opportunity Credit | Single | $ 80,000 | $ 90,000 | Amended by AARTA (2009) |
| Married Filing Jointly | $ 160,000 | $ 180,000 | ||
| Adoption Credit | All | $ 203,540 | $ 243,540 | |
| Lifetime Learning Credit | Single | $ 56,000 | $ 66,000 | |
| Married Filing Jointly | $ 112,000 | $ 132,000 |
| Item | Status | Amount | Comment |
| Personal & Dependent Exemption | All | $ 4,050 | |
| AMT Exemption | Single or HoH | $ 54,300 | Now permanent and indexed for inflation (ATRA 2013). |
| Married Filing Jointly | $ 84,500 | ||
| Standard Deduction | Single | $ 6,350 | |
| Head of Household | $ 9,350 | ||
| Married Filing Jointly | $ 12,700 | ||
| Add'l SD if Age >=65 or blind | Single | $ 1,550 | |
| Married Filing Jointly | $ 1,250 | ||
| Social Security Wage Base | All | $ 127,200 | |
| 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 | $ 2,000 | |
| Qualified Transportation Fringe | All | $ 255 | Monthly transportation in a commuter highway vehicle and any transit pass |
| 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 | $ 5,490,000 | |
| Foreign Earned Income Exclusion | All | $ 102,100 | |
| Highly Compensated Employee | All | $ 120,000 | |
| Key Employee | All | $ 175,000 | |
| PBGC Max Monthly Pension (age 65) | All | $ 5,369 | Age 65 Stright Life Annuity Amount |
| Section 179 Max Deduction | All | $ 510,000 | Expensing of business property rather than depreciating it over time. Phased out $ for $ if property totals >$2.03M. Made permanent by PATH in Dec 2015. |
| HDHP Min Deductible | Single | $ 1,300 | |
| Married Filing Jointly | $ 2,600 | ||
| HSA Contribution Limit | Single | $ 3,400 | Add'l $1k catch-up contribution allowed for those over age 54 |
| Married Filing Jointly | $ 6,750 | ||
| Mileage Rate | Business | $ 0.535 | |
| Med & Move | $ 0.170 | ||
| Charity | $ 0.140 |
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Neither PWA, nor its representatives are Certified Public Accountants or licensed attorneys. As such, PWA is not in the business of providing tax or legal advice to its clients. The filing of tax documents on clients’ behalf, and inclusion of estate and tax planning topics in financial plans, should not be confused with the expert advice provided by a CPA or licensed attorney. While we have made an attempt to verify the accuracy of the information provided above, it is not intended as a replacement for the information provided by the Internal Revenue Service or tax professionals. All clients are encouraged to seek independent, competent legal counsel and accountants for their legal and tax advising needs.