Standard Deduction, Joint Return And
Surviving Spouse
$25,100
$25,900
$27,700
$29,200
$30,000
Standard Deduction, Head of Household
$18,800
$19,400
$20,800
$21,900
$22,500
Standard Deduction, Single
$12,550
$12,950
$13,850
$14,600
$15,000
Standard Deduction, Married Filing
Separate
$12,550
$12,950
$13,850
$14,600
$15,000
Additional Standard Deduction For
Blindness or Age, Single
$1,700
$1,750
$1,850
$1,950
$2,000
Additional Standard Deduction For
Blindness or Age, Married
$1,300
$1,400
$1,400
$1,550
$1,600
Itemized Deduction Income Threshold
(deductions
reduced by 3% of amount your adjusted gross income exceeds
threshold)
N/A
N/A
N/A
N/A
N/A
Maximum IRA Deduction
$6,000
$6,000
$6,500
$7,000
$7,000
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
Child Tax Credit Under 6
$3,600
$2,000
$2,000
$2,000
$2,000
Child Tax Credit
Ages 6-17
$3,000
$2,000
$2,000
$2,000
$2,000
Business
Deductions
2021
2022
2023
2024
2025
Section 179 Deduction
$1,050,000l
$1,080,000l
$1,160,000l
$1,220,000
$1,250,000
Phaseout Amount
$2.62 mil
$2.7 mil
$2.89 mil
$3.05 mil
$3.13 mil
Capital Gain and Dividend
Tax Rates
2021
2022
2023
2024
2025
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 $39,375 single, $78,750 MFJ and $52,750 HH. 15%
rate applies to incomes between $39,376-$434,550 single,
$78,751-$488,850 MFJ and $52,751-$461,700 HH. 20% rate applies
to incomes exceeding $434,550 single, $488,850 MFJ and $461,700 HH.
**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
2021
2022
2023
2024
2025
Limit on 401(k) Elective Deferrals
$19,500
$20,500
$22,500
$23,000
$23,500
Allowable Catch-Up Contribution For
Employees 50 and Over
$6,500
$6,500
$7,500
$7,500
$7,500
Compensation Limit Under 401(a)(17),
404(I) and 408(k)(3)(C)
$290,000
$305,000
$330,000
$345,000
$350,000
Deferral Limit Under A SIMPLE Plan
$13,500
$14,000
$15,500
$16,000
$16,500
SIMPLE Plan Deferral Limit - Age 50
$16,500
$17,000
$19,000
$19,500
$20,000
Limit on Annual Benefit From A Defined
Benefit Plan
$230,000
$245,000
$265,000
$275,000
$280,000
Earnings Definition of Highly
Compensated Employee
$130,000
$135,000
$150,000
$155,000
$160,000
Limit on Deductible Contributions to
Defined Contribution Plans
$58,000
$61,000
$66,000
$69,000
$70,000
Compensation Limit To Trigger a SEP
$600
$600
$600
$600
$600
Estate
And Gift Amounts
2021
2022
2023
2024
2025
Annual Gift Exclusion
$15,000
$16,000
$17,000
$18,000
$19,000
Lifetime Gift Exclusion
$11.7 million
$12.06 million
$12.92 million
$13.61 million
$13.99 million
Estate Tax Exclusion
$11.7 million
$12.06 million
$12.92 million
$13.61 million
$13.99 million
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