Revenue Procedure 2013-35 contains most of these inflation adjusted amounts for 2014. A copy of the Rev. Proc. can be found at www.irs.gov/pub/ by clicking on irs drop down menu and clicking on rp-13-35. The IRA limits are found in IR-2013-86.
- Tax Rates - Ceilings
Single
10% bracket tops at $9,075
15% tops at $36,900
25% tops at $89,350
28% tops at $186,350
33% tops at $405,100
35% tops at $406,750
39.6% applies to anything over $406,750
MFJ
10% bracket tops at $18,150
15% tops at $73,800
25% tops at $148,850
28% tops at $226,850
33% tops at $405,100
35% tops at $457,600
39.6% applies to anything over $457,600
Head of Household
10% bracket tops at $12,950
15% tops at $49,400
25% tops at $127,550
28% tops at $206,600
33% tops at $405,100
35% tops at $432,200
39.6% applies to anything over $432,200
MFS
10% bracket tops at $9,075
15% tops at $36,900
25% tops at $74,425
28% tops at $113,425
33% tops at $202,550
35% tops at $228,800
39.6% applies to anything over $228,800
Estates & Trusts
15% bracket tops at $2,500
25% tops at $5,800
28% at $8,900
33% at $12,150
39.6% applies to anything over $12,150
- Exemption amount is $3,950.
- Standard deduction amounts are: MFJ-$12,400, Single & MFS-$6,200, HH-$9,100, Additional amounts for aged/blind-$1,200 for unmarried and $1,550 for married status.
- Exemption and itemized deduction phase outs begin for MFJ at $305,050, HH at $279,650, S/HH at $254,200, and MFS at $152,525.
- Kiddie Tax
Standard Deduction is $1,000, the next $1,000 is taxed at child’s rate, and the excess is taxed at parent’s rate. AMT Exemption amount is the child’s earned income plus $7,250.
- AMT – The exemption amounts are:
MFJ/QW = $82,100
S/HH = $52,800
MFS = $41,050
Estates/trusts = $23,500
The excess taxable income level (where the 28% AMT rate applies) is:
MFJ/QW/S/HH = $182,500
MFS = $91,250
- Adoption Credit - $13,190 is the maximum for the credit or assistance amounts. The phase out starts at $197,880 and is completely phased out at $237,880.
- Child Tax Credit – refundable portion uses an income base of $3,000.
- Education Credits. The phaseout for the American Opportunity Credit starts at $80,000 ($160,000 for MFJ). The phaseout for the Lifetime Learning Credit $54,000 ($108,000 for MFJ)
- EIC maximum AGI/earned income for MFJ is $43,941 for one child, $49,186 for two children, $52,427 for three or more children, and $20,020 for no children. The EIC maximum AGI/earned income for other taxpayers is $38,511 for one child, $43,756 for two children, $46,997 for three or more children, and $14,590 for no children. Excessive investment income level for EIC is $3,350.
- Transportation Fringe maximum exclusion for monthly parking is $250/month and for commuter highway vehicle and transit passes is $130.
- Savings Bonds for Education phase out level starts at $113,950 for MFJ and $76,000 for other filing statuses. This is completely phased out at $143,950 for MFJ and $91,000 for other filing statuses.
- §179 election changes to $25,000.
- Foreign Earned Income exclusion is $99,200.
- Long-term care premiums are limited to:
Age
40 or less-------$370
>40, but not >50------$700
>50, but not >60------$1,400
>60, but not >70------$3,720
>70------$4,660
- Long-term care contract benefit amount is $330 per day.
- IRA Contribution Limits – The maximum contribution to an IRA is $5,500, plus the $1,000 catchup.
- IRA Phase out ranges – MFJ phase out for IRA contributions starts at $96,000. MFJ phase out for spouse contributions when spouse is not covered starts at $181,000. Single and Head of Household = $60,000. MFS starts at $0.
- Roth IRA AGI phase out limits increase to beginning levels of $181,000 for MFJ, $0 for MFS, and $114,000 for other taxpayers.
- Retirement Savers Credit – The indexed ceilings are: MFJ - $60,000, HH - $45,000, Others - $30,000.
- Student loan interest maximum is $2,500, with a phase out starting at $65,000 ($130,000 for MFJ). This is completely phased out at $80,000 ($160,000 for MFJ)
- Annual gift tax exclusion is $14,000, while the limit on gifts to noncitizen spouses is at $145,000.
- Attorney Fee Awards are limited to $190 per hour.
- MSA
Self-only coverage annual deductible is not less than $2,200 nor more than $3,250, with out-of-pocket limits not in excess of $4,350.
Family coverage annual deductible is not less than $4,350 nor more than $6,550, with out-of-pocket limits not in excess of $8,000.
- Cafeteria Plan – The dollar limitation for §125 health FSAs remains at $2,500.
- Nanny Tax – The wage threshold for the Nanny tax for 2014 is $1,900.
- Small Business Health Insurance Credit – The dollar amount for purposes of limiting this credit is $25,400.
- Exclusion amount for Estate/Gift tax is $5,340,000.
No comments:
Post a Comment