| Status | Income Min | Income Max | Base Amount | Plus | of Income over |
| Single | $ - | $ 11,925 | $ - | 10.0% | $ - |
| $ 11,925 | $ 48,475 | $ 1,192.50 | 12.0% | $ 11,925 | |
| $ 48,475 | $ 103,350 | $ 5,578.50 | 22.0% | $ 48,475 | |
| $ 103,350 | $ 197,300 | $ 17,651.00 | 24.0% | $ 103,350 | |
| $ 197,300 | $ 250,525 | $ 40,199.00 | 32.0% | $ 197,300 | |
| $ 250,525 | $ 626,350 | $ 57,231.00 | 35.0% | $ 250,525 | |
| $ 626,350 | NA | $ 188,769.75 | 37.0% | $ 626,350 | |
| Head of Household | $ - | $ 17,000 | $ - | 10.0% | $ - |
| $ 17,000 | $ 64,850 | $ 1,700.00 | 12.0% | $ 17,000 | |
| $ 64,850 | $ 103,350 | $ 7,442.00 | 22.0% | $ 64,850 | |
| $ 103,350 | $ 197,300 | $ 15,912.00 | 24.0% | $ 103,350 | |
| $ 197,300 | $ 250,500 | $ 38,460.00 | 32.0% | $ 197,300 | |
| $ 250,500 | $ 626,350 | $ 55,484.00 | 35.0% | $ 250,500 | |
| $ 626,350 | NA | $ 187,031.50 | 37.0% | $ 626,350 | |
| Married Filing Jointly | $ - | $ 23,850 | $ - | 10.0% | $ - |
| $ 23,850 | $ 96,950 | $ 2,385.00 | 12.0% | $ 23,850 | |
| $ 96,950 | $ 206,700 | $ 11,157.00 | 22.0% | $ 96,950 | |
| $ 206,700 | $ 394,600 | $ 35,302.00 | 24.0% | $ 206,700 | |
| $ 394,600 | $ 501,050 | $ 80,398.00 | 32.0% | $ 394,600 | |
| $ 501,050 | $ 751,600 | $ 114,462.00 | 35.0% | $ 501,050 | |
| $ 751,600 | NA | $ 202,154.50 | 37.0% | $ 751,600 |
| Long-Term Capital Gains Tax Rate | Single | Married Filing Jointly | Head of Household |
| 0.0% | $ 48,350 | $ 96,700 | $ 64,750 |
| 15.0% | $ 533,400 | $ 600,050 | $ 566,700 |
| 20.0% | N/A | N/A | N/A |
| Type | Amount | Catchup (over 50) | Comment |
| 401k, 403b, eligible 457 salary deferrals | $ 23,500 | $ 7,500 | $11,250 catch-up for employees age 60-63 |
| Total Defined Contrib Limit | $ 70,000 | $ 7,500 | |
| Defined Contrib Income Limit | $ 350,000 | ||
| SIMPLE 401k, SIMPLE IRA salary deferrals | $ 16,500 | $ 3,500 | Catch up is $5250 for those age 60-63 |
| SIMPLE 401k, SIMPLE IRA salary deferrals for Small Employers | $ 17,600 | $ 3,850 | |
| Defined Benefit Limit | $ 280,000 | ||
| IRA (Combination of Deductible, Roth, & Non-Deductible) | $ 7,000 | $ 1,000 | Deductibiliy, and ability to contribute to a Roth IRA is phased out by AGI (see Phaseouts) |
| Child Tax Credit | $ 2,000 | $2k per child under age 17. Phased out by AGI (see Phaseouts). Note for 2021 only, this amount is increased to $3k for children 6-17, and $3600 for children under 6. | |
| Max Child or Dependent Care Credit Qualifying Expenses - one child | $ 3,000 | ||
| Max Child or Dependent Care Credit Qualifying Expenses - > one child | $ 6,000 | ||
| Adoption Credit | $ 17,280 | 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 | $ 150,000 | $ 165,000 | |
| Married Filing Jointly | $ 236,000 | $ 246,000 | ||
| Traditional IRA - Qualified Plan Participant - Deductibility Limits | Single | $ 79,000 | $ 89,000 | |
| Married Filing Jointly | $ 126,000 | $ 146,000 | ||
| Deductible IRA - Spouse Qualified Plan Participant | Married Filing Jointly | $ 236,000 | $ 246,000 | |
| AMT Exemption | Single / HoH | $ 626,350 | $ 978,750 | Phased out $1 for every $4 of AMTI over threshold. |
| Married Filing Jointly | $ 1,252,700 | $ 1,800,700 | ||
| Child Tax Credit | Single / HoH | $ 200,000 | $ 240,000 | Based on MAGI, not AGI (not indexed for inflation) |
| Married Filing Jointly | $ 400,000 | $ 440,000 | ||
| Savings Bond Interest Exemption (for edu) | Single | $ 99,500 | $ 114,500 | |
| Married Filing Jointly | $ 149,250 | $ 179,250 | ||
| Student Loan Interest Deduction | Single | $ 85,000 | $ 100,000 | |
| Married Filing Jointly | $ 170,000 | $ 200,000 | ||
| Saver's Credit | Single | $ 39,500 | N/A | Will be replaced by Saver's Match per Secure Act 2.0 in 2027 |
| Head of Household | $ 59,250 | N/A | ||
| Married Filing Jointly | $ 79,000 | N/A | ||
| Qualified Businss Income | Single | $ 197,300 | $ 247,300 | |
| Married Filing Jointly | $ 394,600 | $ 494,600 | ||
| American Opportunity Credit | Single | $ 80,000 | $ 90,000 | Amended by AARTA (2009) (not inflation adjusted. |
| Married Filing Jointly | $ 160,000 | $ 180,000 | ||
| Adoption Credit | All | $ 259,190 | $ 299,190 | |
| Lifetime Learning Credit | Single | $ 80,000 | $ 90,000 | Updated by the 2021 Consolidated Appropriations Act (not inflation adj) |
| Married Filing Jointly | $ 160,000 | $ 180,000 |
| Item | Status | Amount | Comment |
| Personal & Dependent Exemption | All | $ - | Eliminated by TCJA ($5100 for other places in the tax code) |
| AMT Exemption | Single or HoH | $ 88,100 | Now permanent and indexed for inflation (ATRA 2013). |
| Married Filing Jointly | $ 137,000 | ||
| Standard Deduction | Single | $ 15,000 | For dependents, > $1350 or $450 + unearned income, not to exceed the normal standard deduction. |
| Head of Household | $ 22,500 | ||
| Married Filing Jointly | $ 30,000 | ||
| Add'l SD if Age >=65 or blind | Single | $ 2,000 | |
| Married Filing Jointly | $ 1,600 | ||
| Social Security Wage Base | All | $ 176,100 | |
| Kiddie Tax Income Limit | All | $ 1,350 | First 1350 tax free, next 1350 @ child's rate |
| Nanny Tax Threshold | All | $ 2,800 | per year, or $1000 or more in any quarter |
| Qualified Transportation Fringe | All | $ 325 | 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 | $ 19,000 | |
| Lifetime Gift / Estate Tax Exemption | All | $ 13,990,000 | |
| Foreign Earned Income Exclusion | All | $ 130,000 | |
| Highly Compensated Employee | All | $ 160,000 | |
| Key Employee | All | $ 230,000 | |
| Health FSA Max | All | $ 3,300 | Max carryover (if plan allowed) is $660 |
| PBGC Max Monthly Pension (age 65) | All | $ 7,432 | Age 65 Stright Life Annuity Amount |
| Section 179 Max Deduction | All | $ 1,250,000 | Expensing of business property rather than depreciating it over time. Phased out $ for $ if property totals >$3.13M. |
| HDHP Min Deductible | Single | $ 1,650 | |
| Married Filing Jointly | $ 3,300 | ||
| HSA Contribution Limit | Single | $ 4,300 | Add'l $1k catch-up contribution allowed for those over age 54 |
| Married Filing Jointly | $ 8,550 | ||
| Mileage Rate | Business | $ 0.700 | |
| Med & Move | $ 0.210 | ||
| Charity | $ 0.140 |
Back to Home Back to Resources
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.