Small Business Taxes & Management--Copyright 2016-2021, A/N Group, Inc.
CAUTION--This page contains data for several years. Please watch all dates carefully.
Contents
Corporate Income Tax Rates--Including rates for personal service corporations, personal holding companies, and accumulated earnings tax.
Miscellaneous Business Data--Section 179 expense limits
2021--Tax Facts for Individuals
2020--Tax Facts for Individuals
2019--Tax Facts for Individuals
2018--Tax Facts for Individuals
2017--Tax Facts for Individuals
2016--Tax Facts for Individuals
Beginning in 2018---21%
2005-2017--
Taxable income over Not over Tax rate
$ 0 $ 50,000 15%
50,000 75,000 25%
75,000 100,000 34%
100,000 335,000 39%
335,000 10,000,000 34%
10,000,000 15,000,000 35%
15,000,000 18,333,333 38%
18,333,333 .......... 35%
Maximum Section 179 Expense Deduction
Amount--$1,050,000 for 2021.
Amount--$1,040,000 for 2020.
Amount--$1,020,000 for 2019.
Amount--$1,000,000 for 2018.
Phaseout--Begins at $2,620,000 for 2021.
SUV limitation--26,200 for 2021.
Phaseout--Begins at $2,590,000 for 2020.
SUV limitation--25,900 for 2020.
Phaseout--Begins at $2,550,000 for 2019.
Phaseout--Begins at $2,500,000 for 2018.
Amount--$500,000 from 2010 to 2016; 2017--$510,000 (indexed for inflation beginning in 2016).
Phaseout--$2,000,000 for 2010 to 2015; $2,010,000 for 2016; $2,030,000 for 2017.
Note. An increased Sec. 179 deduction is available to enterprise zone businesses and renewal community business in certain situations. In addition, an increased Sec. 179 deduction is available for certain Sec. 179 Disaster Assistance property. Check the rules in place at the time the property is placed in service.
Other Business Data--2021
Limitation on Cash Method of Accounting--$26,000,000.
Qualified Business Income Threshold--$329,800 (married joint); $164,925 (married separate); $164,900 (single and head of household).
Threshold for Excess Business Loss--$518,000 (married joint); $259,000 (all others).
Other Business Data--2020
Limitation on Cash Method of Accounting--$26,000,000.
Qualified Business Income Threshold--$326,600 (married joint); $163,300 (married separate); $163,300 (single and head of household).
Threshold for Excess Business Loss--$518,000 (married joint); $259,000 (all others).
Other Business Data--2019
Limitation on Cash Method of Accounting--$26,000,000.
Qualified Business Income Threshold--$321,400 (married joint); $160,725 (married separate); $160,700 (single and head of household).
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,950 $ 0.00 10 $ 0
9,950 40,525 995.00 12 9,950
40,525 86,375 4,664.00 22 40,525
86,375 164,925 14,751.00 24 86,375
164,925 209,425 33,603.00 32 164,925
209,425 523,600 47,843.00 35 209,425
523,600 ....... 157,804.25 37 523,600
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 19,900 $ 0.00 10 $ 0
19,900 81,050 1,990.00 12 19,900
81,050 172,750 9,328.00 22 81,050
172,750 329,850 29,502.00 24 172,750
329,850 418,850 67,206.00 32 329,850
418,850 628,300 95,686.00 35 418,850
628,300 ....... 168,993.50 37 628,300
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 14,200 $ 0.00 10 $ 0
14,200 54,200 1,420.00 12 14,200
54,200 86,350 6,220.00 22 54,200
86,350 164,900 13,293.00 24 86,350
164,900 209,400 32,145.00 32 164,900
209,400 523,600 46,385.00 35 209,400
523,600 ....... 156,355.00 37 523,600
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,950 $ 0.00 10 $ 0
9,950 40,525 995.00 12 9,9650
40,525 86,375 4,664.00 22 40,525
86,375 164,925 14,751.00 24 86,375
164,925 209,425 33,603.00 32 164,925
209,425 314,150 47,843.00 35 209,425
314,150 ....... 84,496.75 37 314,150
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 2,650 $ 0.00 10 $ 0
2,650 9,550 265.00 24 2,650
9,550 13,050 1,921.00 35 9,550
13,050 ....... 3,146.00 37 13,050
For married filing joint, maximum taxable income of $80,800 ($40,400, married filing separate)--0%
For head of household, maximum taxable income of $54,100--0%
For single, maximum taxable income of 40,400--0%
For an estate or trust, maximum taxable income of $2,700--0%
For married filing joint, maximum taxable income of $501,600 ($250,800, married filing separate)--15%
For head of household, maximum taxable income of $473,750--15%
For single, maximum taxable income of 444,850--15%
For an estate or trust, maximum taxable income of $13,250--15%
For taxpayers with taxable income above the maximum amounts for the 15% rate, a 20% rate applies. Married filing separate amounts are
one-half of married, filing joint amounts.
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Filing Status Standard Deduction Married filing joint and surviving spouses $25,100 Heads of Household 18,800 Single individuals 12,550 Married, filing separate 12,550Dependent's Standard Deduction--No more than the greater of $1,100 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,350 each ($1,700 if individual is unmarried and not surviving spouse)
The phaseout has been suspended through 2025.
The personal exemption has been suspended.
$3,600 per qualifying child under age 6; $3,000 for age 6 and older but no more than age 17.
$500 for qualifying relatives (none refundable).
Phaseout--Begins at $400,000 modified AGI for married, joint; $200,000 for all others. Fully phased out at $440,000 and $240,000.
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $10,640 $14,950 $14,950 $ 7,100
Maximum Amount of Credit 3,618 5,980 6,728 543
Threshold Phaseout (single, surviving
spouse or head of household) 19,520 19,520 19,520 8,880
Completed Phaseout (single, surviving
spouse or head of household) 42,158 47,915 51,464 15,980
Threshold Phaseout (married, joint) 25,470 25,470 25,470 14,820
Completed Phaseout (married, joint) 48,108 53,865 57,414 21,920
Excessive Investment Income for Earned Income Tax Credit--$3,650
First $199,900 ($99,950 married, separate) of AMTI 26% Over $199,900 ($99,950 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $114,600 Married, separate $57,300 Single (and head of household) $73,600 Estates & Trusts $25,700 Child subject to Kiddie Tax $7,950 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $1,047,200 for married, joint and surviving spouses (phaseout complete $1,505,600) $523,600 single (and head of household) ($818,000) $523,600 married, filing separate ($752,800) $85,650 estates and trusts ($188,450)
Credit amount $2,000 per student.
Reduction in credit begins at modified adjusted gross income of $59,000; $119,000 for a joint return; credit not available for married filing separate. Phaseout complete at $69,000; $139,000).
Maximum deduction--$2,500; phaseout begins at modified adjusted gross income of $140,000 (married, joint), $70,000 all others; phaseout complete at $170,000 and $85,000.
Modified adjusted gross income phaseout--married, joint, $124,800--$155,800; all other filing status, $83,200--$98,200
Maximum credit for child with special needs--$14,440
Maximum credit, other adoptions--$14,440
Other adoptions, gross income exclusion, qualified expenses up to $14,300
Phaseout range, modified adjusted gross income--$216,660 to $256,660
IRA (traditional and Roth) maximum contribution--$6,000; age 50 and older catch-up--$1,000
IRA (traditional, deductible) AGI deduction phaseout start for those covered by pension plan--$105,000 ($125,000, phaseout end)(MFJ, qualifying widow); $66,000 ($76,000) all others except MFS ($0-$10,000).
IRA (traditional, deductible
) AGI deduction phaseout start where only spouse covered by plan starts at $198,000 ($208,000 phaseout end)(MFS $0-$10,000).
Roth IRA phaseout start $198,000 ($208,000 end) (MFJ, qualifying widow); $125,000 ($140,000 end) all others except MFS ($0-$10,000).
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$13,500; age 50 catch-up--$3,000.
SEP--Maximum contribution percentage--25%; maximum dollar contribution $58,000; compensation covered $650.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$58,000.
Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$19,500.
Age 50 catch-up contributions under Sec. 414(v)(2)(B)(i) other than a plan described in Sec. 401(k) (11) or Sec. 408(p)--$6,500; under Sec. 414(v)(2)(B)(ii) for plan described in Sec. 401(k)(11) or Sec. 408(p)--$3,000.
Elective deferral limit (Sec. 402(g)(1)--$19,500.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$19,500.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $290,000.
Separated from service before January 1, 2021 limitation under Sec. 415(b)(1)(B) as adjusted through 2020 is 1.0122
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $115,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $235,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$185,000
Highly compensated employee (Sec. 414(q)(1)(B))--$130,000
Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$230,000
Dollar limit on premiums paid with respect to qualifying longevity annuity contract Sec. 1.401(a)(9)-6, A-17(b)(2)(i) $135,000
Unified Credit Against Estate Tax--$11,700,000
Annual Exclusion for Gifts--$15,000
Annual Exclusion for Gifts to Spouse not a Citizen--$159,000
Notice of Large Gifts Received from Foreign Persons--$16,815
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,590,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,190,000
Maximum annual HSA contributions deductible--$3,600 for individual; $7,200 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,400 $ 7,000
Family Coverage 2,800 14,000
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Quarter of coverage--$1,470
Retirement Savings Test--$18,960 (under full retirement age); $50,520 (year of full retirement age)
For a fact sheet on the COLA go to
Social Security Factsheets
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$142,800
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,875 $ 0.00 10 $ 0
9,875 40,125 987.50 12 9,875
40,125 85,525 4,617.50 22 40,125
85,525 163,300 14,605.50 24 85,525
163,300 207,350 33,271.50 32 163,300
207,350 518,400 47,367.50 35 207,350
518,400 ....... 156,235.00 37 518,400
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 19,750 $ 0.00 10 $ 0
19,750 80,250 1,975.00 12 19,750
80,250 171,050 9,235.00 22 80,250
171,050 326,600 29,211.00 24 171,050
326,600 414,700 66,543.00 32 326,600
414,700 622,050 94,735.00 35 414,700
622,050 ....... 167,307.50 37 622,050
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 14,100 $ 0.00 10 $ 0
14,100 53,700 1,410.00 12 14,100
53,700 85,500 6,162.00 22 53,700
85,500 163,300 13,158.00 24 85,500
163,300 207,350 31,830.00 32 163,300
207,350 518,400 45,926.00 35 207,350
518,400 ....... 154,793.50 37 518,400
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,875 $ 0.00 10 $ 0
9,875 40,125 987.50 12 9,875
40,125 85,525 4,617.50 22 40,125
85,525 163,300 14,605.50 24 85,525
163,300 207,350 33,271.50 32 163,300
207,350 311,025 47,367.50 35 207,350
311,025 ....... 83,653.75 37 311,025
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 2,600 $ 0.00 10 $ 0
2,600 9,450 260.00 24 2,600
9,450 12,950 1,904.00 35 9,450
12,950 ....... 3,129.00 37 12,950
For married filing joint, maximum taxable income of $80,000 ($40,000, married filing separate)--0%
For head of household, maximum taxable income of $53,600--0%
For single, maximum taxable income of 40,000--0%
For an estate or trust, maximum taxable income of $2,650--0%
For married filing joint, maximum taxable income of $496,600 ($248,300, married filing separate)--15%
For head of household, maximum taxable income of $469,050--15%
For single, maximum taxable income of 441,450--15%
For an estate or trust, maximum taxable income of $13,150--15%
For taxpayers with taxable income above the maximum amounts for the 15% rate, a 20% rate applies. Married filing separate amounts are
one-half of married, filing joint amounts.
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Filing Status Standard Deduction Married filing joint and surviving spouses $24,800 Heads of Household 18,650 Single individuals 12,400 Married, filing separate 12,400Dependent's Standard Deduction--No more than the greater of $1,100 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,300 each ($1,650 if individual is unmarried and not surviving spouse)
The phaseout has been eliminated for 2020.
The personal exemption has been suspended.
$2,000 per qualifying child (up to $1,400 refundable).
$500 for qualifying relatives (none refundable).
Phaseout--Begins at $400,000 modified AGI for married, joint; $200,000 for all others. Fully phased out at $440,000 and $240,000.
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $10,540 $14,800 $14,800 $ 7,030
Maximum Amount of Credit 3,584 5,920 6,660 638
Threshold Phaseout (single, surviving
spouse or head of household) 19,330 19,330 19,330 8,790
Completed Phaseout (single, surviving
spouse or head of household) 41,756 47,440 50,954 15,820
Threshold Phaseout (married, joint) 25,220 25,220 25,220 14,680
Completed Phaseout (married, joint) 47,646 53,330 56,844 21,710
Excessive Investment Income for Earned Income Tax Credit--$3,650
First $197,900 ($98,950 married, separate) of AMTI 26% Over $197,900 ($98,950 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $113,400 Married, separate $56,700 Single (and head of household) $72,900 Estates & Trusts $25,400 Child subject to Kiddie Tax $7,900 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $1,036,800 for married, joint and surviving spouses $518,400 single (and head of household) $518,400 married, filing separate $84,800 estates and trusts
Credit amount $2,000 per student.
Reduction in credit begins at modified adjusted gross income of $59,000; $118,000 for a joint return; credit not available for married filing separate.
Maximum deduction--$2,500; phaseout begins at modified adjusted gross income of $140,000 (married, joint), $70,000 all others; phaseout complete at $170,000 and $85,000.
Modified adjusted gross income phaseout--married, joint, $123,550--$153,550; all other filing status, $82,350--$97,350
Maximum credit for child with special needs--$14,300
Maximum credit, other adoptions--$14,300
Other adoptions, gross income exclusion, qualified expenses up to $14,300
Phaseout range, modified adjusted gross income--$214,520 to $254,520
IRA (traditional and Roth) maximum contribution--$6,000; age 50 and older catch-up--$1,000
IRA (traditional, deductible) AGI deduction phaseout start for those covered by pension plan--$104,000 ($124,000, phaseout end)(MFJ, qualifying widow); $65,000 ($75,000) all others except MFS ($0-$10,000).
IRA (traditional, deductible
) AGI deduction phaseout start where only spouse covered by plan starts at $196,000 ($206,000 phaseout end)(MFS $0-$10,000).
Roth IRA phaseout start $196,000 ($206,000 end) (MFJ, qualifying widow); $124,000 ($139,000 end) all others except MFS ($0-$10,000).
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$13,500; age 50 catch-up--$3,000.
SEP--Maximum contribution percentage--25%; maximum dollar contribution $57,000; compensation covered $600.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$57,000.
Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$19,500.
Age 50 catch-up contributions under Sec. 414(v)(2)(B)(i) other than a plan described in Sec. 401(k) (11) or Sec. 408(p)--$6,500; under Sec. 414(v)(2)(B)(ii) for plan described in Sec. 401(k)(11) or Sec. 408(p)--$3,000.
Elective deferral limit (Sec. 402(g)(1)--$19,500.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$19,500.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $285,000.
Separated from service before January 1, 2020 limitation under Sec. 415(b)(1)(B) as adjusted through 2019 is 1.0197
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $115,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $230,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$185,000
Highly compensated employee (Sec. 414(q)(1)(B))--$130,000
Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$230,000
Dollar limit on premiums paid with respect to qualifying longevity annuity contract Sec. 1.401(a)(9)-6, A-17(b)(2)(i) $135,000
Unified Credit Against Estate Tax--$11,580,000
Annual Exclusion for Gifts--$15,000
Annual Exclusion for Gifts to Spouse not a Citizen--$157,000
Notice of Large Gifts Received from Foreign Persons--$16,649
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,570,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,180,000
Child Tax Credit--$2,000; phaseout MAGI $400,000 joint, $200,000 single, $200,000 MFS; credit reduced by $50 per $1,000 above threshold; refundable limited to $1,400 per child.
Cafeteria Plans (maximum salary reduction)--$2,750
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$27,600
Exception for Qualified Small Employer Health Reimbursement Arrangements--$5,50 ($10,600 for family coverage)
Unearned Income of Minor Child (Kiddie Tax)--$1,100 ($11,000 for parental election)
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Foreign Earned Income Exclusion--$107,600
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$370
Loan limit on Agricultural Bonds for First-Time Farmers--$552,500
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,620 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $8,100.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $9,690. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,850.
Low-cost article/insubstantial benefits for fully deductible charitable contributions--$11.20; $56.00; $112.
Revocation or Denial of Passport in case of Certain Tax Deliquencies--$53,000.
Threshold for Excess Business Loss--$259,000 ($518,000 for joint returns).
Maximum annual HSA contributions deductible--$3,550 for individual; $7,100 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,400 $ 6,900
Family Coverage 2,800 13,800
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Quarter of coverage--$1,410
Retirement Savings Test--$18,240 (under full retirement age); $48,600 (year of full retirement age)
For a fact sheet on the COLA go to
Social Security Factsheets
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$137,700
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 430
More than 40 but not more than 50 810
More than 50 but not more than 60 1,630
More than 60 but not more than 70 4,350
More than 70 5,430
Location Breakfast Lunch Dinner Snack 48 Contiguous States $1.33 $2.49 $2.49 $0.74 Alaska 2.12 4.04 4.04 1.20 Hawaii 1.54 2.92 2.92 0.87
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,700 $ 0.00 10 $ 0
9,700 39,475 970.00 12 9,700
39,475 84,200 4,543.00 22 39,475
84,200 160,725 14,382.50 24 84,200
160,725 204,100 32,748.50 32 160,725
204,100 510,300 46,628.50 35 204,100
510,300 ....... 153,798.50 37 510,300
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 19,400 $ 0.00 10 $ 0
19,400 78,950 1,940.00 12 19,400
78,950 168,400 9,086.00 22 78,950
168,400 321,450 28,765.00 24 168,400
321,450 408,200 65,497.00 32 321,450
408,200 612,350 93,257.00 35 408,200
612,350 ....... 164,709.50 37 612,350
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 13,850 $ 0.00 10 $ 0
13,850 51,850 1,385.00 12 13,850
52,850 84,200 6,065.00 22 52,850
84,200 160,700 12,962.00 24 84,200
160,700 204,100 31,322.00 32 160,700
204,100 510,300 45,210.00 35 204,100
510,300 ....... 152,380.00 37 510,300
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,700 $ 0.00 10 $ 0
9,700 39,475 970.00 12 9,700
39,475 84,200 4,543.00 22 39,475
84,200 160,725 14,382.50 24 84,200
160,725 204,100 32,748.50 32 160,725
204,100 306,175 46,628.50 35 204,100
306,175 ....... 82,354.75 37 306,175
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 2,600 $ 0.00 10 $ 0
2,600 9,300 260.00 24 2,600
9,300 12,750 1,868.00 35 9,300
12,750 ....... 3,075.50 37 12,750
For married filing joint, maximum taxable income of $78,750--0%
For head of household, maximum taxable income of $52,750--0%
For single, maximum taxable income of 39,375--0%
For an estate or trust, maximum taxable income of $2,650--0%
For married filing joint, maximum taxable income of $488,850--15%
For head of household, maximum taxable income of $461,700--15%
For single, maximum taxable income of 434,550--15%
For an estate or trust, maximum taxable income of $12,950--15%
For taxpayers with taxable income above the maximum for the 15% rate, a 20% rate applies. Married filing separate amounts are
one-half of married, filing joint amounts.
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Filing Status Standard Deduction Married filing joint and surviving spouses $24,400 Heads of Household 18,350 Single individuals 12,200 Married, filing separate 12,200Dependent's Standard Deduction--No more than the greater of $1,100 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,300 each ($1,650 if individual is unmarried and not surviving spouse)
The phaseout has been eliminated for 2019.
The personal exemption has been suspended.
$2,000 per qualifying child (up to $1,400 refundable).
Phaseout--Begins at $400,000 modified AGI for married, joint; $200,000 for all others. Fully phased out at $440,000 and $240,000.
$500 for qualifying relatives (none refundable).
Maximum gross income of dependent--$4,150.
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $10,370 $14,570 $14,570 $ 6,920
Maximum Amount of Credit 3,526 5,828 6,557 529
Threshold Phaseout (single, surviving
spouse or head of household) 19,030 19,030 19,030 8,650
Completed Phaseout (single, surviving
spouse or head of household) 41,094 46,703 50,162 15,570
Threshold Phaseout (married, joint) 24,820 24,820 24,820 14,450
Completed Phaseout (married, joint) 46,884 52,493 55,952 21,370
Excessive Investment Income for Earned Income Tax Credit--$3,600
First $194,800 ($95,550 married, separate) of AMTI 26% Over $194,800 ($97,400 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $111,700 Married, separate $55,850 Single (and head of household) $71,700 Estates & Trusts $25,000 Child subject to Kiddie Tax $7,750 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $1,020,600 for married, joint and surviving spouses $510,300 single (and head of household) $510,300 married, filing separate $83,500 estates and trusts
Reduction in credit begins at modified adjusted gross income of $58,000; $116,000 for a joint return.
Maximum deduction--$2,500; phaseout begins at modified adjusted gross income of $140,000 (married, joint), $70,000 all others; phaseout complete at $170,000 and $85,000.
Modified adjusted gross income phaseout--married, joint, $121,600--$151,600; all other filing status, $81,100--$96,100
Maximum credit for child with special needs--$14,080
Maximum credit, other adoptions--$14,080
Other adoptions, gross income exclusion, qualified expenses up to $14,080
Phaseout range, modified adjusted gross income--$211,160 to $251,160
IRA (traditional and Roth) maximum contribution--$6,000; age 50 and older catch-up--$1,000
IRA (traditional) AGI deduction phaseout start for those covered by pension plan--$103,000 ($123,000, phaseout end)(MFJ, qualifying widow); $64,000 ($74,000) all others except MFS ($0-$10,000).
IRA (traditional) AGI deduction phaseout start where only spouse covered by plan starts at $193,000 ($203,000 phaseout end)(MFS $0-$10,000).
Roth IRA phaseout start $193,000 ($203,000 end) (MFJ, qualifying widow); $122,000 ($137,000 end) all others except MFS ($0).
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$13,000; age 50 catch-up--$3,000.
SEP--Maximum contribution percentage--25%; maximum dollar contribution $56,000; compensation covered $600.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$56,000.
Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$19,000; age 50 catch-up--$6,000.
Elective deferral limit (Sec. 402(g)(1)--$19,000.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$18,500.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $275,000.
Separated from service before January 1, 2019 limitation under Sec. 415(b)(1)(B) as adjusted through 2018 is 1.0264
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $110,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $225,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$180,000
Highly compensated employee (Sec. 414(q)(1)(B))--$125,000
Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$220,000
Dollar limit on premiums paid with respect to qualifying longevity annuity contract Sec. 1.401(a)(9)-6, A-17(b)(2)(i) $130,000
Unified Credit Against Estate Tax--$11,400,000
Annual Exclusion for Gifts--$15,000
Annual Exclusion for Gifts to Spouse not a Citizen--$155,000
Notice of Large Gifts Received from Foreign Persons--$16,388
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,550,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,160,000
Child Tax Credit--$2,000; phaseout MAGI $400,000 joint, $200,000 single, $200,000 MFS; credit reduced by $50 per $1,000 above threshold; refundable limited to $1,400 per child.
Cafeteria Plans (maximum salary reduction)--$2,700
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$27,100
Exception for Qualified Small Employer Health Reimbursement Arrangements--$5,150 ($10,450 for family coverage)
Unearned Income of Minor Child (Kiddie Tax)--$1,050 ($10,500 for parental election)
Foreign Earned Income Exclusion--$105,900
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$370
Loan limit on Agricultural Bonds for First-Time Farmers--$543,800
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,590 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,970.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $9,540. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,770.
Low-cost article/insubstantial benefits for fully deductible charitable contributions--$11.10; $55.50; $111.
Revocation or Denial of Passport in case of Certain Tax Deliquencies--$52,000.
Threshold for Excess Business Loss--$255,000 ($510,000 for joint returns).
Maximum annual HSA contributions deductible--$3,500 for individual; $7,000 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,350 $ 6,650
Family Coverage 2,700 13,300
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Household (domestic) employee cash wages threshold--$2,100
Quarter of coverage--$1,360
Retirement Savings Test--$17,640 (under full retirement age); $46,920(year of full retirement age)
For a fact sheet on the COLA go to www.ssa.gov/news/press/factsheets/colafacts2019.pdf
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$132,900
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,525 $ 0.00 10 $ 0
9,525 38,700 952.50 12 9,525
38,700 82,500 4,453.50 22 38,700
82,500 157,500 14,089.50 24 82,500
157,500 200,000 32,089.50 32 157,500
200,000 500,000 45,689.50 35 200,000
500,000 ....... 150,689.50 37 500,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 19,050 $ 0.00 10 $ 0
19,050 77,400 1,905.00 12 19,050
77,400 165,000 8,907.00 22 77,400
165,000 315,000 28,179.00 24 165,000
315,000 400,000 64,179.00 32 315,000
400,000 600,000 91,379.00 35 400,000
600,000 ....... 161,379.00 37 600,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 13,600 $ 0.00 10 $ 0
13,600 51,800 1,360.00 12 13,600
51,800 82,500 5,944.00 22 51,800
82,500 157,500 12,698.00 24 82,500
157,500 200,000 30,698.00 32 157,500
200,000 500,000 44,298.00 35 200,000
500,000 ....... 149,298.00 37 500,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,525 $ 0.00 10 $ 0
9,525 38,700 952.50 12 9,525
38,700 82,500 4,453.50 22 38,700
82,500 157,500 14,089.50 24 82,500
157,500 200,000 32,089.50 32 157.500
200,000 300,000 45,689.50 35 200,000
300,000 ....... 80,689.50 37 300,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 2,550 $ 0.00 10 $ 0
2,550 9,150 255.00 24 2,550
9,150 12,500 1,839.00 35 9,150
12,500 ....... 3,011.50 37 12,500
For married filing joint, maximum taxable income of $77,200--0%
For head of household, maximum taxable income of $51,700--0%
For single, maximum taxable income of 38,600--0%
For an estate or trust, maximum taxable income of $2,600--0%
For married filing joint, maximum taxable income of $479,000--15%
For head of household, maximum taxable income of $452,400--15%
For single, maximum taxable income of 425,800--15%
For an estate or trust, maximum taxable income of $12,700--15%
For taxpayers with taxable income above the maximum for the 15% rate, a 20% rate applies.
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Filing Status Standard Deduction Married filing joint and surviving spouses $24,000 Heads of Household 18,000 Single individuals 12,000 Married, filing separate 12,000Dependent's Standard Deduction--No more than the greater of $1,050 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,300 each ($1,600 if individual is unmarried and not surviving spouse)
The phaseout has been eliminated for 2018.
The personal exemption no longer exists.
$2,000 per qualifying child (up to $1,400 refundable).
Phaseout--Begins at $400,000 modified AGI for married, joint; $200,000 for all others. Fully phased out at $440,000 and $240,000.
$500 for qualifying relatives (none refundable).
Maximum gross income of dependent--$4,150.
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $10,180 $14,290 $14,290 $ 6,780
Maximum Amount of Credit 3,461 5,716 6,431 519
Threshold Phaseout (single, surviving
spouse or head of household) 18,660 18,660 18,660 8,490
Completed Phaseout (single, surviving
spouse or head of household) 40,320 45,802 49,194 15,270
Threshold Phaseout (married, joint) 24,350 24,350 24,350 14,170
Completed Phaseout (married, joint) 46,010 51,492 54,884 21,950
Excessive Investment Income for Earned Income Tax Credit--$3,500
First $191,100 ($95,550 married, separate) of AMTI 26% Over $191,100 ($95,550 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $109, 400 Married, separate $54,700 Single (and head of household) $70,300 Estates & Trusts $24,600 Child subject to Kiddie Tax $7,750 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $1,000,000 for married, joint and surviving spouses $500,000 single (and head of household) $500,000 married, filing separate
Modified adjusted gross income phaseout--married, joint, $119,300--$149,300; all other filing status, $79,550--$94,550
Maximum credit for child with special needs--$13,810
Maximum credit, other adoptions--$13,810
Other adoptions, gross income exclusion, qualified expenses up to $13,810
Phaseout range, modified adjusted gross income--$207,140 to $247,140
IRA (traditional and Roth) maximum contribution--$5,500; age 50 and older catch-up--$1,000
IRA (traditional) AGI deduction phaseout start for those covered by pension plan--$101,000 ($121,000, phaseout end)(MFJ, qualifying widow); $63,000 ($73,000) all others except MFS ($0-$10,000).
IRA (traditional) AGI deduction phaseout start where only spouse covered by plan starts at $189,000 ($199,000 phaseout end)(MFS $0-$10,000).
Roth IRA phaseout start $189,000 ($199,000 end) (MFJ, qualifying widow); $120,000 ($135,000 end) all others except MFS ($0-$10,000).
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$12,500; age 50 catch-up--$3,000.
SEP--Maximum contribution percentage--25%; maximum dollar contribution $55,000; compensation covered $600.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$55,000.
Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$18,500; age 50 catch-up--$6,000.
Elective deferral limit (Sec. 402(g)(1)--$18,500.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$18,500.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $275,000.
Separated from service before January 1, 2018 limitation under Sec. 415(b)(1)(B) as adjusted through 2017 is 1.0197
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $110,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $220,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$175,000
Highly compensated employee (Sec. 414(q)(1)(B))--$120,000
Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$220,000
Dollar limit on premiums paid with respect to qualifying longevity annuity contract Sec. 1.401(a)(9)-6, A-17(b)(2)(i) $130,000
Retirement savings credit AGI limitation phaseout--no credit is allowed for MFJ if AGI is $63,000 or more; for head of household maximum AGI is $47,250; all other taxpayers $31,500.
Unified Credit Against Estate Tax--$11,180,000
Annual Exclusion for Gifts--$15,000
Annual Exclusion for Gifts to Spouse not a Citizen--$152,000
Notice of Large Gifts Received from Foreign Persons--$16,076
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,520,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,140,000
Child Tax Credit--$2,000; phaseout MAGI $400,000 joint, $200,000 single, $200,000 MFS; credit reduced by $50 per $1,000 above threshold; refundable limited to $1,400 per child.
Cafeteria Plans (maximum salary reduction)--$2,650
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$27,100 *
Exception for Qualified Small Employer Health Reimbursement Arrangements--$4,950 ($10,000 for family coverage)
Unearned Income of Minor Child (Kiddie Tax)--$1,050 ($10,500 for parental election)
Foreign Earned Income Exclusion--$103,900
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$340
Loan limit on Agricultural Bonds for First-Time Farmers--$533,500
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,560 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,820.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $9,360. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,680.
Low-cost article/insubstantial benefits for fully deductible charitable contributions--$10.80; $54.00; $108.
Maximum annual HSA contributions deductible--$3,450 for individual; $6,900 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,350 $ 6,650
Family Coverage 2,700 13,300
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Household (domestic) employee cash wages threshold--$2,100
Quarter of coverage--$1,320
Retirement Savings Test--$17,040 (under full retirement age); $45,360(year of full retirement age)
For a fact sheet on the COLA go to www.ssa.gov/news/press/factsheets/colafacts2018.pdf
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$128,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,325 $ 0.00 10 $ 0
9,325 37,950 932.50 15 9,325
37,950 91,900 5,226.25 25 37,950
91,900 191,650 18,713.75 28 91,900
191,650 416,700 46,643.75 33 191,650
416,700 418,400 120,910.25 35 416,700
418,400 ....... 121,505.25 39.6 418,400
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 18,650 $ 0.00 10 $ 0
18,650 75,900 1,865.00 15 18,650
75,900 153,100 10,452.50 25 75,900
153,100 233,350 29,752.50 28 153,100
233,350 416,700 52,222.50 33 233,350
416,700 470,700 112,728.00 35 416,700
470,700 ....... 131,628.00 39.6 470,700
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,325 $ 0.00 10 $ 0
9,325 37,950 932.50 15 9,325
37,950 76,550 5,226.25 25 37,950
76,550 116,675 14,876.25 28 76,550
116,675 208,350 26,111.25 33 116,675
208,350 235,350 56,364.00 35 208,350
235,350 ....... 65,814.00 39.6 235,350
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 13,350 $ 0.00 10 $ 0
13,350 50,800 1,335.00 15 13,350
50,800 131,200 6,952.50 25 50,800
131,200 212,500 27,052.50 28 131,200
212,500 416,700 49,816.50 33 212,500
416,700 444,550 117,202.50 35 416,700
444,550 ....... 126,950.00 39.6 444,550
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,550 0.00 15 $ 0
2,550 6,000 $ 382.50 25 2,550
6,000 9,150 1,245.00 28 6,000
9,150 12,500 2,127.00 33 9,150
12,500 ..... 3,232.50 39.6 12,500
For taxpayers in the 10% or 15% bracket--0%
For taxpayers in 25%, 28%, 33%, 35% brackets--15%
For taxpayers in 39.6% bracket--20%
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Filing Status Standard Deduction Married filing joint and surviving spouses $12,700 Heads of Household 9,350 Single individuals 6,350 Married, filing separate 6,350Dependent's Standard Deduction--No more than the greater of $1,050 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,250 each ($1,550 if individual is unmarried and not surviving spouse)
Start of Phaseout--
Married, filing joint $313,800 Head of Household $287,650 Single $261,500 Married, filing separate $156,900Phaseout is lesser of 3% of amount that exceeds threshold or 80% of itemized deductions.
Amount--$4,050
Phaseout--
Filing Status Beginning Completed Married, filing joint and surviving spouses $313,800 $436,300 Heads of Household $287,650 $410,150 Unmarried Individuals $261,500 $384,000 Married, filing separate $156,900 $218,150
Modified adjusted gross income phaseout--married, joint, $117,250--$147,250; all other filing status, $78,150--$93,150
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum credit $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
20% of first $10,000 of qualified education expenses.
Phaseout begins at modified adjusted gross income of $112,000 joint return; $56,000 all others.
Credit completely phased out at $162,000 joint returns; $66,000 all others.
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $10,000 $14,040 $14,040 $ 6,670
Maximum Amount of Credit 3,400 5,616 6,318 510
Threshold Phaseout (single, surviving
spouse or head of household) 18,340 18,340 18,340 8,340
Completed Phaseout (single, surviving
spouse or head of household) 39,617 45,007 48,340 15,010
Threshold Phaseout (married, joint) 23,930 23,930 23,930 13,930
Completed Phaseout (married, joint) 45,207 50,597 53,930 20,600
Excessive Investment Income for Earned Income Tax Credit--$3,450
First $187,800 ($93,900 married, separate) of AMTI 26% Over $87,800 ($93,900 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $84,500 Married, separate $42,250 Single (and head of household) $54,300 Estates & Trusts $24,100 Child subject to Kiddie Tax $7,500 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $160,900 for married, joint and surviving spouses $120,700 single (and head of household) $80,450 married, filing separate
Unified Credit Against Estate Tax--$5,490,000
Annual Exclusion for Gifts--$14,000
Annual Exclusion for Gifts to Spouse not a Citizen--$149,000
Notice of Large Gifts Received from Foreign Persons--$15,797
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,490,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,120,000
IRA (traditional and Roth) maximum contribution--$5,500; age 50 and older catch-up--$1,000
IRA (traditional) AGI deduction phaseout start for those covered by pension plan--$99,000 ($119,000, phaseout end)(MFJ, qualifying widow); $62,000 ($72,000) all others except MFS ($0-$10,000).
IRA (traditional) AGI deduction phaseout start where only spouse covered by plan starts at $186,000 ($196,000 phaseout end)(MFS $0-$10,000).
Roth IRA phaseout start $186,000 ($196,000 end) (MFJ, qualifying widow); $118,000 ($133,000 end) all others except MFS ($0-$10,000).
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$12,500; age 50 catch-up--$2,500.
SEP--Maximum contribution percentage--25%; maximum dollar contribution $54,000; compensation covered $600.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$54,000.
Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$18,000; age 50 catch-up--$6,000.
Elective deferral limit (Sec. 402(g)(1)--$18,000.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$18,000.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $270,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $105,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $215,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$175,000
Highly compensated employee (Sec. 414(q)(1)(B))--$120,000
Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$210,000
Catch-up contributions to SIMPLE 401(k) plans (Sec. 401(k)(11))--$3,000
Retirement savings credit AGI limitation phaseout--no credit is allowed for MFJ if AGI is $62,000 or more; for head of household maximum AGI is $46,500; all other taxpayers $31,000.
Child Tax Credit--$1,000; phaseout MAGI $110,000 joint, $75,000 single, $55,000 MFS; refundable $3,000 Sec. 24(d)(1)(B)(i)
Cafeteria Plans (maximum salary reduction)--$2,600
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$26,200
Unearned Income of Minor Child (Kiddie Tax)--$1,050 ($10,500 for parental election)
Foreign Earned Income Exclusion--$102,100
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$340
Loan limit on Agricultural Bonds for First-Time Farmers--$524,200
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,540 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,690.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $9,200. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,600.
Low-cost article/insubstantial benefits for fully deductible charitable contributions--$10.70; $53.50; $107.
Maximum credit for child with special needs--$13,570
Maximum credit, other adoptions--$13,570
Other adoptions, gross income exclusion, qualified expenses up to $13,570
Phaseout range, modified adjusted gross income--$203,540 to $243,540
Household income Limitation amount unmarried Limitation for all (% of poverty line) (other than surviving spouses or HOH) other taxpayers Less than 200% $300 $600 200% less than 300% $750 $1,500 300% less than 400% $1,275 $2,550
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 410
More than 40 but not more than 50 770
More than 50 but not more than 60 1,530
More than 60 but not more than 70 4,090
More than 70 5,110
Maximum annual HSA contributions deductible--$3,400 for individual; $6,750 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,300 $ 6,550
Family Coverage 2,600 13,100
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Household (domestic) employee cash wages threshold--$2,000
Quarter of coverage--$1,300
Retirement Savings Test--$16,920 (under full retirement age); $44,880 (year of full retirement age)
For a fact sheet on the COLA go to www.ssa.gov/news/press/factsheets/colafacts2017.pdf
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$127,200
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,275 $ 0.00 10 $ 0
9,275 37,650 927.50 15 9,275
37,650 91,150 5,183.75 25 37,650
91,150 190,150 18,558.75 28 91,150
190,150 413,350 46,278.75 33 190,150
413,350 415,050 119,934.75 35 413,350
415,050 ....... 120,529.75 39.6 415,050
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 18,550 $ 0.00 10 $ 0
18,550 75,300 1,855.00 15 18,550
75,300 151,900 10,367.50 25 75,300
151,900 231,450 29,517.50 28 151,900
231,450 413,350 51,791.50 33 231,450
413,350 466,950 111,818.50 35 413,350
466,950 ....... 130,578.50 39.6 466,950
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 9,275 $ 0.00 10 $ 0
9,275 37,650 927.50 15 9,275
37,650 75,950 5,183.75 25 37,650
75,950 115,725 14,758.75 28 75,950
115,725 206,675 25,895.75 33 115,725
206,675 233,475 55,909.25 35 206,675
233,475 ....... 65,289.25 39.6 233,475
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 13,250 $ 0.00 10 $ 0
13,250 50,400 1,325.00 15 13,250
50,400 130,150 6,897.50 25 50,400
130,150 210,800 26,835.00 28 130,150
210,800 413,350 49,417.00 33 210,800
413,350 441,000 116,258.50 35 413,350
441,000 ....... 125,936.00 39.6 441,000
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,550 0.00 15 $ 0
2,550 5,950 $ 382.50 25 2,550
5,950 9,050 1,232.50 28 5,950
9,050 12,400 2,100.50 33 9,050
12,400 ..... 3,206.00 39.6 12,400
For taxpayers in the 10% or 15% bracket--0%
For taxpayers in 25%, 28%, 33%, 35% brackets--15%
For taxpayers in 39.6% bracket--20%
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Lesser of 3.8% of net investment income from interest, dividends, annuities, royalties, rents, and gains not generated in active trade or business or modified adjusted gross income in excess of $200,000 ($250,000 for married filing joint; $125,000 for married filing separate).
Additional tax of 0.9% on wages and self-employment income in excess of $200,000 ($250,000 for married joint; $125,000 married separate).
Filing Status Standard Deduction Married filing joint and surviving spouses $12,600 Heads of Household 9,300 Single individuals 6,300 Married, filing separate 6,300Dependent's Standard Deduction--No more than the greater of $1,050 or $350 plus the individual's earned income.
Additional standard deduction for aged or blind--$1,250 each ($1,550 if individual is unmarried and not surviving spouse)
Start of Phaseout--
Married, filing joint $311,300 Head of Household $285,350 Single $259,400 Married, filing separate $155,650Phaseout is lesser of 3% of amount that exceeds threshold or 80% of itemized deductions.
Amount--$4,050
Phaseout--
Filing Status Beginning Completed Married, filing joint and surviving spouses $311,300 $433,800 Heads of Household $285,350 $407,850 Unmarried Individuals $259,400 $381,900 Married, filing separate $155,650 $216,900
Modified adjusted gross income phaseout--married, joint, $116,300--$146,300; all other filing status, $77,550--$92,550
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum credit $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
20% of first $10,000 of qualified education expenses.
Phaseout begins at modified adjusted gross income of $112,000 joint return; $56,000 all others.
Credit completely phased out at $162,000 joint returns; $66,000 all others.
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $130,000--$160,000; all other filing status, $65,000--$80,000
Commuter highway vehicle and transit pass--$130
Qualified parking--$255
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $ 9,920 $13,930 $13,930 $ 6,610
Maximum Amount of Credit 3,373 5,572 6,269 506
Threshold Phaseout (single, surviving
spouse or head of household) 18,190 18,190 18,190 8,270
Completed Phaseout (single, surviving
spouse or head of household) 39,296 44,648 47,955 14,880
Threshold Phaseout (married, joint) 23,740 23,740 23,740 13,820
Completed Phaseout (married, joint) 44,846 50,198 53,505 20,430
Excessive Investment Income for Earned Income Tax Credit--$3,400
First $186,300 ($93,150 married, separate) of AMTI 26% Over $186,300 ($93,150 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $83,800 Married, separate $41,900 Single (and head of household) $53,900 Estates & Trusts $23,900 Child subject to Kiddie Tax $7,400 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $159,700 for married, joint and surviving spouses $119,700 single (and head of household) $79,850 married, filing separate
Unified Credit Against Estate Tax--$5,450,000
Annual Exclusion for Gifts--$14,000
Annual Exclusion for Gifts to Spouse not a Citizen--$148,000
Notice of Large Gifts Received from Foreign Persons--$15,671
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,480,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,110,000
IRA (traditional and Roth) maximum contribution--$5,500; age 50 and older catch-up--$1,000
IRA AGI deduction phaseout start for those covered by pension plan--$98,000 ($118,000, phaseout end)(MFJ, qualifying widow); $61,000 ($71,000) all others except MFS ($0-$10,000).
IRA AGI deduction phaseout start where only spouse covered by plan starts at $184,000 ($194,000 phaseout end).
Roth IRA phaseout start $184,000 ($194,000 end) (MFJ, qualifying widow); $117,000 ($132,000 end) all others except MFS.
SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$12,500; age 50 catch-up--$2,500.
SEP--Maximum contribution percentage--25%; maximum dollar contribution $53,000; compensation covered $600.
Defined contribution plan limits (Sec. 415(c)(1)(A)--$53,000.
Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$18,000; age 50 catch-up--$6,000.
Elective deferral limit (Sec. 402(g)(1)--$18,000.
Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$18,000.
Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $265,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $105,000.
Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $215,000.
Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$170,000
Highly compensated employee (Sec. 414(q)(1)(B))--$120,000
Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$210,000
Catch-up contributions to SIMPLE 401(k) plans (Sec. 401(k)(11))--$3,000
Child Tax Credit--$1,000; phaseout MAGI $110,000 joint, $75,000 single, $55,000 MFS; refundable $3,000 Sec. 24(d)(1)(B)(i)
Cafeteria Plans (maximum salary reduction)--$2,550
Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$25,900
Unearned Income of Minor Child (Kiddie Tax)--$1,050 ($10,500 for parental election)
Foreign Earned Income Exclusion--$101,300
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Periodic Payments Received under Long-Term Qualified Care Insurance Contracts or Certain Life Insurance Contracts Per Diem Limitation--$340
Loan limit on Agricultural Bonds for First-Time Farmers--$520,000
Home Office Safe Harbor--$5.00 per square foot; maximum 300 sq.ft. or $1,500
Persons Against Which a Federal Tax Lien is Not Valid--
Purchasers in a casual sale for less than $1,530 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $7,630.
Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $9,120. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,560.
Low-cost article for fully deductible charitable contributions--$10.60; $53; $106.
Maximum credit for child with special needs--$13,460
Maximum credit, other adoptions--$13,460
Other adoptions, gross income exclusion, qualified expenses up to $13,460
Phaseout range, modified adjusted gross income--$201,920 to $241,920
Household income Limitation amount unmarried Limitation for all (% of poverty line) (other than surviving spouses or HOH) other taxpayers Less than 200% $300 $600 200% less than 300% $750 $1,500 300% less than 400% $1,250 $2,500
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 390
More than 40 but not more than 50 730
More than 50 but not more than 60 1,460
More than 60 but not more than 70 3,900
More than 70 4,870
Maximum annual HSA contributions deductible--$3,350 for individual; $6,750 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000.
Contribution limit prorated for partial year (1/12 per month).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,300 $ 6,550
Family Coverage 2,600 13,100
Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
50% inclusion threshold:
$32,000 no more than $44,000--married filing joint
more than $44,000--married filing joint
Household (domestic) employee cash wages threshold--$2,000
Quarter of coverage--$1,260
Retirement Savings Test--$15,720 (under full retirement age); $41,880 (year of full retirement age)
For a fact sheet on the COLA go to www.socialsecurity.gov/news/press/factsheets/colafacts2016.html
Modified AGI
includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)
85% inclusion threshold:more than $34,000--single, head of household, married living apart ($0 for married, separate)
OASDI Wage Base--$118,500
Location Breakfast Lunch Dinner Snack 48 Contiguous States $1.32 $2.48 $2.48 $0.74 Alaska 2.11 4.02 4.02 1.20 Hawaii 1.54 2.90 2.90 0.86
Copyright 2014-2021 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject.--ISSN 1089-1536
Last update--03/23/21