Standard Deductions & Personal Exemption
Filling statusStandard deductionPersonal exemptionPhaseouts begin at AGI of:
Married, filing jointly and qualifying widow(er)s$12600$4000$309,900
Single$6,300$4,000$258,250
Married, filing separately$6,300$4,000$154,950
Head of Household$9,250$4,000$284,050
Dependent filing own tax return$1,050$1,050
Additional deductions for non-itemizers
Blind or over 65Add $1,250
Blind or iver 65 and unmarried or not a surviving spouseAdd $1,550
Tax Rates on Long-Term Capital Gains and Qualified Dividends
If taxable income falls at or above the 25% tax bracket but below the new 39.6% rate 0%
Blind or over 65 and unmarried or not a surviving spouse 15%
If income falls in the 39.6% tax bracket 20%
Gift and Estate Tax Exclusions and Credits
Maximum estate , gift & GST rates40%
Estate , gift & GTS exclusions$543,0000
Gift tax annual exclusion$14,000
Exclusion on gifts to non-citizen spouse$147,000
Education Credits & Deductions
Credit/Deduction/AccountMaximum credit/deductionIncome phaseouts begin at AGI of:
American Opportunity Tax Credit/Hope$2,500 credit$160,00 joint $80,000 all others
Lifetime learning credit$2,000 credit$110,000 joint $55,000 all others
Savings bond interest tax-free if used for educationDeduction- limited to amount of qualified expenses$115,750 joint $77,200 all others
Coverdell $2,000 maximum; not deductible$190,000 joint $95,000 all others
Retirement Plan Contribution Limits
Annual compensation used to determine contribution for most plans
$265,000
Defined-contribution plans, basic limit
$530,000
Defined-benefit plans, basic limit
$210,000
401(k), 403(b), 457(b), Roth 401(k) plans elective deferrals
$18,000
Catch-up provision for individuals 50 and over, 401(k), 403(b), 457(b), Roth 401(k) plans
$6,000
SIMPLE plans, elective deferral limit
$12,500
SIMPLE plans, catch-up contribution for individuals 50 and over
$3,000
Individual Retirement Accounts
IRA type
Contribution limit
Catch-up at 50+
Income Limits
Traditional nondeductible
$5,500
$1,000
None
Traditional deductible
$5,500
$1,000
If covered by a plan; $98,000-$118,000 joint $61,000-$71,000 sinlge, HOH $10,000 married filing separately If one spouse is covered by a plan; $183,000-$193,000 joint
Roth
$5,500
$1,000
$183,000-$193,000 joint $116,000-$131,000 sinlge & HOH 0-$10,000 married failing separately and active participant in a plan
MyRA
$5,500
$6,500
$129,000 sinlge
$191,000 joint
Roth conversion
No income limit
Health Savings Account
Annual limit
Maximum deductible contribution
Expense limits (deductible & co-pays)
Minimum annual deducitble
Individuals
$3,500
$6,450
$1,300
Families
$6,650
$12,900
$2,600
Catch-up for 55 and older
$1,000