The following
represents our "quick reference" section for those rates and amounts you need on
specific occasions. Please remember that tax laws (and these amounts) are
continually changing and this listing is only to be used as a starting reference point.
If you need professional advice or further elaboration on a number listed below,
please call our office.
Individual
Deductions and Credits
2014
2015
2016
2017
2018
Standard Deduction, Joint Return And
Surviving Spouse
$12,400
$12,600
$12,600
$12,700
$24,000
Standard Deduction, Head of Household
$9,100
$9,250
$9,300
$9,350
$18,000
Standard Deduction, Single
$6,200
$6,300
$6,300
$6,350
$12,000
Standard Deduction, Married Filing
Separate
$6,200
$6,300
$6,300
$6,350
$12,000
Personal exemption
$3,950
$4,000
$4,050
$4,050
N/A
Taxpayer Claimed As A Dependent
$1,000
$1,050
$1,050
$1,050
N/A
Additional Standard Deduction For
Blindness or Age, Single
$1,550
$1,550
$1,550
$1,550
$1,600
Additional Standard Deduction For
Blindness or Age, Married
$1,200
$1,250
$1,250
$1,250
$1,300
Itemized Deduction Income Threshold
(deductions
reduced by 3% of amount your adjusted gross income exceeds
threshold)
Single $254,200 MFJ $305,050 MFS $152,525 HOH
$279,650
Single $258,250 MFJ $309,900 MFS $154,950 HOH
$284,050
Single $258,250 MFJ $309,900 MFS $154,950 HOH
$284,050
Single $261,500 MFJ $313,800 MFS $156,900 HOH
$287,650
N/A
Maximum IRA Deduction
$5,500
$5,500
$5,500
$5,500
$5,500
Additional IRA Deduction For Age 50
and Over
$1,000
$1,000
$1,000
$1,000
$1,000
Hope Scholarship Credit Per Eligible
Student
American
Opportunity Tax Credit Per Eligible Student
$2,500
$2,500
$2,500
$2,500
$2,500
Lifetime Learning Credit
$2,000
$2,000
$2,000
$2,000
$2,000
Maximum Contribution To Education
Savings Account (previously
Education IRA)
$2,000
$2,000
$2,000
$2,000
$2,000
Maximum Child Tax Credit
$1,000
$1,000
$1,000
$1,000
$2,000
Business
Deductions
2014
2015
2016
2017
2018
Section 179 Deduction
$500,000
$500,000
$500,000
$500,000
$1
mil
Phaseout Amount
$2 mil
$2 mil
$2 mil
$2 mil
$2.5 mil
Capital Gain and Dividend
Tax Rates
2014
2015
2016
2017
2018
Tax Rate
On Qualified Dividends and Capital Gains
15%
15%
15%
15%
15%*
Dividend and
Capital Gain Tax Rate For High Income Taxpayers (Income in the 39.6%
marginal tax bracket)
20%
20%
20%
20%
20%*
Tax Rate On Dividends For
Low Income Taxpayers (10% and 15% Brackets)
0%
0%
0%
0%
0%*
* 0% rate applies to
incomes below $38,600 single, $77,200 MFJ and $38,600 HH. 15%
rate applies to incomes between $38,600-$425,800 single,
$77,200-$479,000 MFJ and $38,600-$239,500 HH. 20% rate applies
to incomes exceeding $425,800 single, $479,000 MFJ and $452,400 HH.
* While the earnings cap
was dropped for persons over 65 as of January 1, 2000, there remains
an earnings cap of ($37,680 in 2009) during the
retiree's 65th year for those months prior to the actual birthday.
**Beginning in 2013, there is an additional .9% Medicare tax on single
taxpayers earning more than $200,000 and joint filers earning more
than $250,000.
Retirement
Plan Amounts
2014
2015
2016
2017
2018
Limit on 401(k) Elective Deferrals
$17,500
$18,000
$18,000
$18,000
$18,500
Allowable Catch-Up Contribution For
Employees 50 and Over
$5,500
$6,000
$6,000
$6,000
$6,000
Compensation Limit Under 401(a)(17),
404(I) and 408(k)(3)(C)
$260,000
$265,000
$265,000
$270,000
$275,000
Deferral Limit Under A SIMPLE Plan
$12,000
$12,500
$12,500
$12,500
$12,500
SIMPLE Plan Deferral Limit - Age 50
$14,500
$15,500
$15,500
$15,500
$15,500
Limit on Annual Benefit From A Defined
Benefit Plan
$210,000
$210,000
$210,000
$215,000
$220,000
Earnings Definition of Highly
Compensated Employee
$115,000
$120,000
$120,000
$120,000
$120,000
Limit on Deductible Contributions to
Defined Contribution Plans
$52,000
$53,000
$53,000
$54,000
$55,000
Compensation Limit To Trigger a SEP
$550
$600
$600
$600
$600
Estate
And Gift Amounts
2014
2015
2016
2017
2018
Annual Gift Exclusion
$14,000
$14,000
$14,000
$14,000
$15,000
Lifetime Gift Exclusion
$5.34 million
$5.43 million
$5.45 million
$5.49 million
$5.6 million
Estate Tax Exclusion
$5.34 million
$5.43 million
$5.45 million
$5.49 million
$5.6 million
Links to external sites are provided as a courtesy.
They are not endorsed and their accuracy has not been verified by our firm
or staff.
10 Wright Street
Jasper, AL 35501
Ph
(205) 221-4283 (800)
549-8636
Fx
(205) 221-4899
