Small Business Taxes & Management

Individual and Business Tax Data

Small Business Taxes & Management--Copyright 2019-2023, 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

2024--Tax Facts for Individuals

2023--Tax Facts for Individuals

2022--Tax Facts for Individuals

2021--Tax Facts for Individuals

2020--Tax Facts for Individuals

2019--Tax Facts for Individuals

 

Business Tax Information

Corporate Income Tax Rate

Beginning in 2018, single rate---21%

Personal Service Corporations

Personal service corporations are subject to tax at 21% (flat 35% regardless income in years before 2018)

Personal Holding Company

Personal holding companies are subject to an additional tax at 20% on any undistributed personal holding company income. (Code Sec. 541)

 

Accumulated Earnings Tax

In addition to the regular tax, a corporation may be liable for an additional tax at 20% on accumulated taxable income in excess of $250,000 ($150,000 for personal service corporations). (Code Sec. 531)

 

Miscellaneous Business Data

Maximum Section 179 Expense Deduction

Amount--$1,160,000 for 2023.
Phaseout--Begins at $2,890,000 for 2022.
SUV limitation--28,900 for 2023.

Amount--$1,080,000 for 2022.
Phaseout--Begins at $2,700,000 for 2022.
SUV limitation--27,000 for 2022.

Amount--$1,050,000 for 2021.
Phaseout--Begins at $2,620,000 for 2021.
SUV limitation--26,200 for 2021.

Amount--$1,040,000 for 2020.
Phaseout--Begins at $2,590,000 for 2020.
SUV limitation--25,900 for 2020.

Amount--$1,020,000 for 2019.
Phaseout--Begins at $2,550,000 for 2019.

Amount--$1,000,000 for 2018.
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--2023
Limitation on Cash Method of Accounting--$29,000,000.
Qualified Business Income Threshold Phaseout Begins--$364,200 (married joint); $182,150 (married separate); $182,150 (single and head of household).
Threshold for Excess Business Loss--$578,000 (married joint); $289,000 (all others).

Other Business Data--2022
Limitation on Cash Method of Accounting--$27,000,000.
Qualified Business Income Threshold Phaseout Begins--$340,100 (married joint); $170,050 (married separate); $170,050 (single and head of household).
Threshold for Excess Business Loss--$540,000 (married joint); $270,000 (all others).

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).

 

Tax Facts for Individuals--2024

Tax Rate--Single Taxpayers--2024

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 11,600        $    0.00   10       $      0
  11,600       47,150         1,160.00   12         11,600
  47,150      100,525         5,426.00   22         47,150
 100,525      191,950        17,168.50   24        100,525
 191,950      243,725        39,110.50   32        191,150
 243,725      609,350        55,678.50   35        243,725
 609,350      .......       183,647.25   37        609,350
 

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2024

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 23,200        $     0.00  10       $      0
  23,200       94,300          2,320.00  12         23,200
  94,300      201,050         10,852.00  22         94,300
 201,050      383,900         34,377.00  24        201,050
 383,900      487,450         78,221.00  32        383,900
 487,450      731,200        111,357.00  35        487,450
 731,200      .......        196,669.50  37        731,200 
 

Tax Rates--Heads of Households--2024

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 16,550        $     0.00  10       $      0
  16,550       63,100          1,655.00  12         16,550
  63,100      100,500          7,241.00  22         63,100
 100,500      191,950         15,469.00  24        100,500
 191,950      243,700         37,417.00  32        191,150
 243,700      609,350         53,977.00  35        243,700
 609,350      .......        181,954.50  37        609,350 
 

Tax Rates--Married Filing Separate--2024

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 11,600       $     0.00   10       $      0
  11,600       47,150         1,160.00   12         11,600
  47,150      100,525         5,426.00   22         47,150
 100,525      191,950        17,168.50   24        100,525
 191,950      243,725        39,110.50   32        191,150
 243,725      365,600        55,678.50   35        243,725
 365,600      .......        98,334.75   37        365,600 
 

Tax Rates--Estates and Trusts--2024

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $  3,100        $     0.00  10       $      0
   3,100       11,150            310.00  24          3,100
  11,150       15,200          2,242.00  35         11,150
  15,200      .......          3,659.50  37         15,200 
 

Long-Term Capital Gains and Qualifying Dividends Rates-2024

For married filing joint, maximum taxable income of $94,050 ($47,025 married filing separate)--0%

For head of household, maximum taxable income of $63,000--0%

For single, maximum taxable income of 47,025--0%

For an estate or trust, maximum taxable income of $3,150--0%

For married filing joint, maximum taxable income of $583,750 ($291,850, married filing separate)--15%

For head of household, maximum taxable income of $551,350--15%

For single, maximum taxable income of 5518,900--15%

For an estate or trust, maximum taxable income of $15,450--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%

 

Standard Deduction--2024

Filing Status                       Standard Deduction

Married filing joint and 
surviving spouses                       $29,200

Heads of Household                       21,900
   
Single individuals                       14,600

Married, filing separate                 1k,600

Dependent's Standard Deduction--No more than the greater of $1,300 or $450 plus the individual's earned income.

Additional standard deduction for aged or blind--$1,550 each ($1,950 if individual is unmarried and not surviving spouse)

 

Phaseout of Itemized Deductions--2024

The phaseout has been suspended through 2025.

 

Personal Exemption--2024

The personal exemption has been suspended.

 

Child Tax Credit--2024

$2,000 per qualifying child under age of 17; refundable amount is $1,700.

$500 for qualifying relatives (none refundable).

 

Phaseout--Begins at $150,000 modified AGI for married, joint; 112,500 for head of household; $75,000 for all others. Fully phased out at $440,000 and $240,000.

 

Net Investment Income Tax--2024

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 Medicare Tax on Wages and Self-Employment Income--2024

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).

 

Health Savings Accounts--2024

Maximum annual HSA contributions deductible--$4,150 for individual; $8,300 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            $1,600                         $8,050

Family Coverage       3,200                         16,100

Social Security--2024

Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
Modified AGI includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.

50% inclusion threshold:

$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)

$32,000 no more than $44,000--married filing joint

85% inclusion threshold:

more than $34,000--single, head of household, married living apart ($0 for married, separate)

more than $44,000--married filing joint

OASDI Wage Base--$168,600

Quarter of coverage--$1,730

Retirement Earnings Test--$22,320 (under full retirement age; $1,860/mo; $1 benefits for $2 earnings); $59,520 (year of full retirement age; $4,960/mo; $1 in benefits for $3 earnings)

 

IRAs, SEPs, Pension Plans, etc.--2024

IRA (traditional and Roth) maximum contribution--$7,000; age 50 and older catch-up--$1,000

IRA (traditional, deductible) AGI deduction phaseout start for those covered by pension plan--$123,000 ($143,000, phaseout end)(MFJ, qualifying widow); $77,000 ($87,000) all others except MFS ($0-$10,000).

IRA (traditional, deductible) AGI deduction phaseout start where only spouse covered by plan starts at $230,000 ($240,000 phaseout end)(MFS $0-$10,000).

Roth IRA phaseout start $230,000 ($240,000 end) (MFJ, qualifying widow); $146,000 ($161,000 end) all others except MFS ($0-$10,000).

SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$16,000; age 50 catch-up--$3,000.

SEP--Maximum contribution percentage--25%; maximum dollar contribution $61,000; compensation covered $750.

Defined contribution plan limits (Sec. 415(c)(1)(A)--$69,000.

Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$23,000.

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)--$7,500; under Sec. 414(v)(2)(B)(ii) for plan described in Sec. 401(k)(11) or Sec. 408(p)--$3,500.

Elective deferral limit (Sec. 402(g)(1)--$23,000.

Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$23,000.

Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $345,000.

Separated from service before January 1, 2022 limitation under Sec. 415(b)(1)(B) as adjusted through 2022 is 1.0833

Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $135,000.

Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $275,000.

Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$220,000

Highly compensated employee (Sec. 414(q)(1)(B))--$155,000

Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$275,000

Dollar limit on premiums paid with respect to qualifying longevity annuity contract Sec. 1.401(a)(9)-6, A-17(b)(2)(i) $200,000

Dollar limit on qualified charitable distributions not includable in gross income--$105,000

For additional facts see Notice 2023-75.

 

 

Tax Facts for Individuals--2023

Tax Rate--Single Taxpayers--2023

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 11,000        $    0.00   10       $      0
  11,000       44,725         1,100.00   12         11,000
  44,725       95,375         5,147.00   22         44,725
  95,375      182,100        16,290.00   24         95,375
 182,100      231,250        37,104.00   32        182,100
 231,250      578,125        52,832.00   35        231,250
 578,125      .......       174,238.25   37        578,125
 

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2023

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 22,000        $     0.00  10       $      0
  22,000       89,450          2,200.00  12         22,000
  89,450      190,750         10,294.00  22         89,450
 190,450      364,200         32,580.00  24        190,750
 364,200      462,500         74,208.00  32        364,200
 462,500      693,750        105,664.00  35        462,500
 693,750      .......        186,601.50  37        693,750 
 

Tax Rates--Heads of Households--2023

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 15,700        $     0.00  10       $      0
  15,700       59,850          1,570.00  12         15,700
  59,850       95,350          6,868.00  22         59,850
  95,350      182,100         14,678.00  24         95,350
 182,100      231,250         35,498.00  32        182,100
 231,250      578,100         51,226.00  35        231,250
 578,100      .......        172,623.50  37        578,100 
 

Tax Rates--Married Filing Separate--2023

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 11,000       $     0.00   10       $      0
  11,000       44,725         1,100.00   12         11,000
  44,725       95,375         5,147.00   22         44,725
  95,375      182,100        16,920.00   24         95,375
 182,100      231,250        37,104.00   32        182,100
 231,250      343,875        52,832.00   35        231,250
 346,875      .......        93,300.75   37        346,875 
 

Tax Rates--Estates and Trusts--2023

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $  2,900        $     0.00  10       $      0
   2,900       10,550            290.00  24          2,900
  10,550       14,450          2,126.00  35         10,550
  14,450      .......          3,491.00  37         14,450 
 

Long-Term Capital Gains and Qualifying Dividends Rates-2023

For married filing joint, maximum taxable income of $89,250 ($44,625 married filing separate)--0%

For head of household, maximum taxable income of $59,750--0%

For single, maximum taxable income of 44,625--0%

For an estate or trust, maximum taxable income of $3,000--0%

For married filing joint, maximum taxable income of $553,850 ($276,900, married filing separate)--15%

For head of household, maximum taxable income of $523,050--15%

For single, maximum taxable income of 492,300--15%

For an estate or trust, maximum taxable income of $14,650--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%

 

Standard Deduction--2023

Filing Status                       Standard Deduction

Married filing joint and 
surviving spouses                       $27,700

Heads of Household                       20,800
   
Single individuals                       13,850

Married, filing separate                 13,850

Dependent's Standard Deduction--No more than the greater of $1,250 or $400 plus the individual's earned income.

Additional standard deduction for aged or blind--$1,500 each ($1,850 if individual is unmarried and not surviving spouse)

 

Phaseout of Itemized Deductions--2023

The phaseout has been suspended through 2025.

 

Personal Exemption--2023

The personal exemption has been suspended.

 

Child Tax Credit--2023

$2,000 per qualifying child under age of 17; refundable amount is $1,600.

$500 for qualifying relatives (none refundable).

 

Phaseout--Begins at $150,000 modified AGI for married, joint; 112,500 for head of household; $75,000 for all others. Fully phased out at $440,000 and $240,000.

 

Unearned Income Medicare Contributions Tax (Net Investment Income Tax)--2023

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 Medicare Tax on Wages and Self-Employment Income--2023

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).

 

Earned Income Tax Credit (EITC)--2024

                                                 Number of Qualifying Children
Item                                         One   Two or More  Three or More  None

Earned Income Amount                       $11,750   $16,510      $16,510   $ 7,840
Maximum Amount of Credit                     3,995     6,604        7,430       600
Threshold Phaseout (single, surviving
  spouse or head of household)              21,560    21,560       21,560     9,800
Completed Phaseout (single, surviving 
  spouse or head of household)              46,560    52,914       56,838    17,640
Threshold Phaseout (married, joint)         28,120    28,120       28,120    16,370
Completed Phaseout (married, joint)         53,120    59,478       63,398    24,210
Excessive Investment Income for Earned Income Tax Credit--$11,000

 

Alternative Minimum Tax--2023


First $220,700 ($110,350 married, separate) of AMTI                        26%

Over $2220,700 ($110,350 married, separate) of AMTI (Alternative Minimum Taxable Income)      28%

Exemptions:

Joint Filers                       $126,500 

Married, separate                   $63,250

Single (and head of household)      $81,300  

Estates & Trusts                    $28,400 

Child subject to Kiddie Tax $8,800 (plus child's earned income)


Exemption Phaseout:

25% of amount AMTI exceeds:

$1,156,300 for married, joint and surviving spouses (phaseout complete $1,662,300)

$578,150 single (and head of household) ($903,500)

$578,150 married, filing separate ($831,500)

$94,600 estates and trusts ($208,200)
 

Lifetime Learning Credit--2023

Credit amount $2,000 per student.

Reduction in credit begins at modified adjusted gross income of $80,000; $160,000 for a joint return; credit not available for married filing separate. Phaseout complete at $69,000; $139,000).

 

Interest on Education Loans--2023

Maximum deduction--$2,500; phaseout begins at modified adjusted gross income of $155,000 (married, joint), $75,000 all others; phaseout complete at $185,000 and $90,000.

 

Savings Bond/Higher Education Expense Exclusion--2026

Modified adjusted gross income phaseout--married, joint, $137,800--$167,800; all other filing status, $91,850--$106,850

 

Adoption Expenses--2023

Maximum credit for child with special needs--$15,950

Maximum credit, other adoptions--$15,950

Other adoptions, gross income exclusion, qualified expenses up to $15,950

Phaseout range, modified adjusted gross income--$239,230 to $279,230

 

Estate and Gift--2023

Unified Credit Against Estate Tax--$12,920,000

Annual Exclusion for Gifts--$17,000

Annual Exclusion for Gifts to Spouse not a Citizen--$175,000

Notice of Large Gifts Received from Foreign Persons--$18,567

Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,640,000

Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,310,000

 

Health Savings Accounts--2023

Maximum annual HSA contributions deductible--$3,850 for individual; $7,750 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            $1,500                         $ 7,500

Family Coverage       3,000                          15,000

Social Security--2023

Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
Modified AGI includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.

50% inclusion threshold:

$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)

$32,000 no more than $44,000--married filing joint

85% inclusion threshold:

more than $34,000--single, head of household, married living apart ($0 for married, separate)

more than $44,000--married filing joint

OASDI Wage Base--$160,200

Quarter of coverage--$1,640

Retirement Earnings Test--$21,240 (under full retirement age); $56,520 (year of full retirement age)

 

IRAs, SEPs, Pension Plans, etc.--2023

IRA (traditional and Roth) maximum contribution--$6,500; age 50 and older catch-up--$1,000

IRA (traditional, deductible) AGI deduction phaseout start for those covered by pension plan--$116,000 ($136,000, phaseout end)(MFJ, qualifying widow); $73,000 ($83,000) all others except MFS ($0-$10,000).

IRA (traditional, deductible) AGI deduction phaseout start where only spouse covered by plan starts at $218,000 ($228,000 phaseout end)(MFS $0-$10,000).

Roth IRA phaseout start $218,000 ($228,000 end) (MFJ, qualifying widow); $138,000 ($153,000 end) all others except MFS ($0-$10,000).

SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$15,500; age 50 catch-up--$3,000.

SEP--Maximum contribution percentage--25%; maximum dollar contribution $61,000; compensation covered $750.

Defined contribution plan limits (Sec. 415(c)(1)(A)--$66,000.

Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$22,500.

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)--$7,500; under Sec. 414(v)(2)(B)(ii) for plan described in Sec. 401(k)(11) or Sec. 408(p)--$3,500.

Elective deferral limit (Sec. 402(g)(1)--$22,500.

Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$22,500.

Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $330,000.

Separated from service before January 1, 2022 limitation under Sec. 415(b)(1)(B) as adjusted through 2022 is 1.0833

Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $130,000.

Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $265,000.

Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$215,000

Highly compensated employee (Sec. 414(q)(1)(B))--$150,000

Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$265,000

Dollar limit on premiums paid with respect to qualifying longevity annuity contract Sec. 1.401(a)(9)-6, A-17(b)(2)(i) $200,000

For additional facts see Notice 2022-55.

 

 

Tax Facts for Individuals--2022

Tax Rate--Single Taxpayers--2022

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 10,275        $    0.00   10       $      0
  10,275       41,775         1,027.50   12         10,275
  41,775       89,075         4,807.50   22         41,775
  89,075      170,050        15,213.50   24         89,075
 170,050      215,950        34,647.50   32        170,050
 215,950      539,900        49,335.50   35        215,950
 539,900      .......       162,718.00   37        539,900
 

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2022

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 20,550        $     0.00  10       $      0
  20,500       83,550          2,055.00  12         20,550
  83,550      178,150          9,615.00  22         83,550
 178,150      340,100         30,427.00  24        178,150
 340,100      431,900         69,295.00  32        340,100
 431,900      647,850         98,671.00  35        431,900
 647,850      .......        174,253.50  37        647,850 
 

Tax Rates--Heads of Households--2022

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 14,650        $     0.00  10       $      0
  14,650       55,900          1,465.00  12         14,650
  55,900       89,050          6,415.00  22         55,900
  89,050      170,050         13,708.00  24         89,050
 170,050      215,950         33,148.00  32        170,050
 215,650      539,900         47,836.00  35        215,650
 539,900      .......        161,218.50  37        539,900 
 

Tax Rates--Married Filing Separate--2022

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 10,275        $    0.00   10       $      0
  10,275       41,775         1,027.50   12         10,275
  41,775       89,075         4,807.50   22         41,775
  89,075      170,050        15,213.50   24         89,075
 170,050      215,950        34,647.50   32        170,050
 215,650      323,925        49,335.50   35        215,650
 323,925      .......        87,126.75   37        323,925 
 

Tax Rates--Estates and Trusts--2022

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $  2,750        $     0.00  10       $      0
   2,750        9,850            275.00  24          2,750
   9,850       13,450          1,979.00  35          9,850
  13,450      .......          3,239.00  37         13,450 
 

Long-Term Capital Gains and Qualifying Dividends Rates-2022

For married filing joint, maximum taxable income of $83,350 ($41,675 married filing separate)--0%

For head of household, maximum taxable income of $55,800--0%

For single, maximum taxable income of 41,675--0%

For an estate or trust, maximum taxable income of $2,800--0%

For married filing joint, maximum taxable income of $517,200 ($258,600, married filing separate)--15%

For head of household, maximum taxable income of $488,500--15%

For single, maximum taxable income of 459,750--15%

For an estate or trust, maximum taxable income of $13,700--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%

 

Standard Deduction--2022

Filing Status                       Standard Deduction

Married filing joint and 
surviving spouses                       $25,900

Heads of Household                       19,400
   
Single individuals                       12,950

Married, filing separate                 12,950

Dependent's Standard Deduction--No more than the greater of $1,100 or $400 plus the individual's earned income.

Additional standard deduction for aged or blind--$1,400 each ($1,750 if individual is unmarried and not surviving spouse)

 

Phaseout of Itemized Deductions--2022

The phaseout has been suspended through 2025.

 

Personal Exemption--2022

The personal exemption has been suspended.

 

Child Tax Credit--2022

$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.

 

Unearned Income Medicare Contributions Tax (Net Investment Income Tax)--2022

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 Medicare Tax on Wages and Self-Employment Income--2022

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).

 

Earned Income Tax Credit (EITC)--2022

                                                 Number of Qualifying Children
Item                                         One   Two or More  Three or More  None

Earned Income Amount                       $10,980   $15,410      $15,410   $ 7,320
Maximum Amount of Credit                     3,733     6,164        6,953       560
Threshold Phaseout (single, surviving
  spouse or head of household)              20,130    20,130       20,130     9,160
Completed Phaseout (single, surviving 
  spouse or head of household)              43,492    49,399       53,057    16,480
Threshold Phaseout (married, joint)         28,260    28,260       28,260    15,290
Completed Phaseout (married, joint)         49,622    55,529       59,187    22,610
Excessive Investment Income for Earned Income Tax Credit--$10,300

 

Alternative Minimum Tax--2022


First $206,100 ($103,050 married, separate) of AMTI                        26%

Over $206,100 ($103,050 married, separate) of AMTI (Alternative Minimum Taxable Income)      28%

Exemptions:

Joint Filers                       $118,100 

Married, separate                   $59,050

Single (and head of household)      $75,900  

Estates & Trusts                    $26,500 

Child subject to Kiddie Tax $8,200 (plus child's earned income)


Exemption Phaseout:

25% of amount AMTI exceeds:

$1,079,800 for married, joint and surviving spouses (phaseout complete $1,552,200)

$539,900 single (and head of household) ($843,500)

$539,900 married, filing separate ($776,100)

$88,300 estates and trusts ($194,300)
 

Lifetime Learning Credit--2022

Credit amount $2,000 per student.

Reduction in credit begins at modified adjusted gross income of $80,000; $160,000 for a joint return; credit not available for married filing separate. Phaseout complete at $69,000; $139,000).

 

Interest on Education Loans--2022

Maximum deduction--$2,500; phaseout begins at modified adjusted gross income of $145,000 (married, joint), $70,000 all others; phaseout complete at $175,000 and $85,000.

 

Savings Bond/Higher Education Expense Exclusion--2022

Modified adjusted gross income phaseout--married, joint, $128,650--$158,650; all other filing status, $85,800--$100,800

 

Adoption Expenses--2022

Maximum credit for child with special needs--$14,890

Maximum credit, other adoptions--$14,890

Other adoptions, gross income exclusion, qualified expenses up to $14,890

Phaseout range, modified adjusted gross income--$223,410 to $263,410

 

Estate and Gift--2022

Unified Credit Against Estate Tax--$12,060,000

Annual Exclusion for Gifts--$16,000

Annual Exclusion for Gifts to Spouse not a Citizen--$164,000

Notice of Large Gifts Received from Foreign Persons--$17,339

Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,640,000

Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,230,000

 

Miscellaneous--2022

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; health flexible spending)--$2,750; maximum carryover $550.

Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$27,800

Exception for Qualified Small Employer Health Reimbursement Arrangements--$5,450 ($11,050 for family coverage)

Unearned Income of Minor Child (Kiddie Tax)--$1,150 ($11,500 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--$112,000

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--$575,400

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 $1,690 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $8,440.

Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $10,900. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $5,050.

Low-cost article/insubstantial benefits for fully deductible charitable contributions--$11.70; $58.50; $117.

Qualified Transportation Fringe Benefit--commuter highway vehicle-$270; monthly limitation for qualified parking $270.

Revocation or Denial of Passport in case of Certain Tax Deliquencies--$55,000.

Failure to File S Corporation or Partnership Return Penalty--$220 Threshold for Excess Business Loss--$262,000 ($524,000 for joint returns).

 

Health Savings Accounts--2022

Maximum annual HSA contributions deductible--$3,650 for individual; $7,300 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                         $ 7,050

Family Coverage       2,800                          14,100

Social Security--2022

Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
Modified AGI includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.

50% inclusion threshold:

$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)

$32,000 no more than $44,000--married filing joint

85% inclusion threshold:

more than $34,000--single, head of household, married living apart ($0 for married, separate)

more than $44,000--married filing joint

OASDI Wage Base--$147,000

Quarter of coverage--$1,510

Retirement Savings Test--$19,560 (under full retirement age); $51,960 (year of full retirement age)

For a fact sheet on the COLA go to Social Security Factsheets

 

IRAs, SEPs, Pension Plans, etc.--2022

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--$109,000 ($129,000, phaseout end)(MFJ, qualifying widow); $68,000 ($78,000) all others except MFS ($0-$10,000).

IRA (traditional, deductible) AGI deduction phaseout start where only spouse covered by plan starts at $204,000 ($214,000 phaseout end)(MFS $0-$10,000).

Roth IRA phaseout start $204,000 ($214,000 end) (MFJ, qualifying widow); $129,000 ($144,000 end) all others except MFS ($0-$10,000).

SIMPLE plan, maximum elective deferral (Sec. 408(k)(2)(C)--$14,000; age 50 catch-up--$3,000.

SEP--Maximum contribution percentage--25%; maximum dollar contribution $61,000; compensation covered $650.

Defined contribution plan limits (Sec. 415(c)(1)(A)--$61,000.

Elective deferral limit (Sec. 401(k); 403(b); most 457 plans; TSP)--$20,500.

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)--$20,500.

Deferrals under state/local/tax exempt plan (Sec. 457(e)(15)--$20,500.

Compensation limit under Secs. 401(a)(17), 404(l), 408(k)(3)(C), 408(k)(6)(D(ii) is $305,000.

Separated from service before January 1, 2022 limitation under Sec. 415(b)(1)(B) as adjusted through 2021 is 1.0534

Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(i) is $120,000.

Control employee for fringe benefit valuation (Sec. 1.61-21(f)(5)(iii) is $245,000.

Key employee, top heavy plan (Sec. 416(i)(1)(A)(i))--$200,000

Highly compensated employee (Sec. 414(q)(1)(B))--$135,000

Defined benefit plan maximum annual benefit (Sec. 415(b)(1)(A))--$245,000

Dollar limit on premiums paid with respect to qualifying longevity annuity contract Sec. 1.401(a)(9)-6, A-17(b)(2)(i) $145,000

For additional facts see Notice 2021-61.

 

 

Tax Facts for Individuals--2021

Tax Rate--Single Taxpayers--2021

      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
 

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2021

      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 
 

Tax Rates--Heads of Households--2021

      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 
 

Tax Rates--Married Filing Separate--2021

      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      314,150        47,843.00   35        209,425
 314,150      .......        84,496.75   37        314,150 
 

Tax Rates--Estates and Trusts--2021

      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 
 

Long-Term Capital Gains and Qualifying Dividends Rates-2021

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%

 

Standard Deduction--2021

Filing Status                       Standard Deduction

Married filing joint and 
surviving spouses                       $25,100

Heads of Household                       18,800
   
Single individuals                       12,550

Married, filing separate                 12,550

Dependent'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)

 

Phaseout of Itemized Deductions--2021

The phaseout has been suspended through 2025.

 

Personal Exemption--2021

The personal exemption has been suspended.

 

Child Tax Credit--2021

$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.

 

Unearned Income Medicare Contributions Tax (Net Investment Income Tax)--2021

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 Medicare Tax on Wages and Self-Employment Income--2021

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).

 

Earned Income Tax Credit (EITC)--2021

                                                 Number of Qualifying Children
Item                                         One   Two or More  Three or More  None

Earned Income Amount                       $10,640   $14,950      $14,950   $ 9,820
Maximum Amount of Credit                     3,618     5,980        6,728     1,592
Threshold Phaseout (single, surviving
  spouse or head of household)              19,520    19,520       19,520    11,610
Completed Phaseout (single, surviving 
  spouse or head of household)              42,158    47,915       51,464    21,430
Threshold Phaseout (married, joint)         25,470    25,470       25,470    17,560
Completed Phaseout (married, joint)         48,108    53,865       57,414    27,380
Excessive Investment Income for Earned Income Tax Credit--$10,000

 

Child and Dependent Tax Credit--2021

Credit equal to 50 percent of qualifying expenses. Maximum employment-related dependent care expenses--

$8,000 for one qualifying individual; $16,000 for two or more qualifying individuals

Phaseout begins at AGI $125,000; credit reduced by 1 percent for each $2,000 of AGI above $125,000; 20% is minimum credit percentage until AGI exceeds $400,000 where phaseout resumes. No credit if AGI exceeds $440,000.

 

Alternative Minimum Tax--2021


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)
 

Lifetime Learning Credit--2021

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).

 

Interest on Education Loans--2021

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.

 

Savings Bond/Higher Education Expense Exclusion--2021

Modified adjusted gross income phaseout--married, joint, $124,800--$155,800; all other filing status, $83,200--$98,200

 

Adoption Expenses--2021

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

 

IRAs, SEPs, Pension Plans, etc.--2021

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

 

Estate and Gift--2021

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

 

Miscellaneous--2020

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; health flexible spending)--$2,750; maximum carryover $550.

Employer Health Insurance Credit (Sec. 45R)--Average annual wage phaseout--$27,800

Exception for Qualified Small Employer Health Reimbursement Arrangements--$5,300 ($10,700 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--$108,700

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--$558,000

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 $1,640 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $8,180.

Property Exempt from Levy--Property exempt from levy under Sec. 6334(a)(2) cannot exceed $9,790. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,890.

Low-cost article/insubstantial benefits for fully deductible charitable contributions--$11.30; $56.50; $113.

Qualified Transportation Fringe Benefit--commuter highway vehicle-$270; monthly limitation for qualified parking $270.

Revocation or Denial of Passport in case of Certain Tax Deliquencies--$54,000.

Threshold for Excess Business Loss--$262,000 ($524,000 for joint returns).

Health Savings Accounts--2021

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

Social Security--2021

Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
Modified AGI includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.

50% inclusion threshold:

$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)

$32,000 no more than $44,000--married filing joint

85% inclusion threshold:

more than $34,000--single, head of household, married living apart ($0 for married, separate)

more than $44,000--married filing joint

OASDI Wage Base--$142,800

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

 

 

Tax Facts for Individuals--2020

Tax Rate--Single Taxpayers--2020

      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
 

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2020

      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 
 

Tax Rates--Heads of Households--2020

      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 
 

Tax Rates--Married Filing Separate--2020

      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 
 

Tax Rates--Estates and Trusts--2020

      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 
 

Long-Term Capital Gains and Qualifying Dividends Rates-2020

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%

 

Standard Deduction--2020

Filing Status                       Standard Deduction

Married filing joint and 
surviving spouses                       $24,800

Heads of Household                       18,650
   
Single individuals                       12,400

Married, filing separate                 12,400

Dependent'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)

 

Phaseout of Itemized Deductions--2020

The phaseout has been eliminated for 2020.

 

Personal Exemption--2020

The personal exemption has been suspended.

 

Child Tax Credit--2020

$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.

 

Unearned Income Medicare Contributions Tax (Net Investment Income Tax)--2020

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 Medicare Tax on Wages and Self-Employment Income--2020

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).

 

Earned Income Tax Credit (EITC)--2020

                                                 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

 

Alternative Minimum Tax--2020


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
 

Lifetime Learning Credit--2020

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.

 

Interest on Education Loans--2020

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.

 

Savings Bond/Higher Education Expense Exclusion--2020

Modified adjusted gross income phaseout--married, joint, $123,550--$153,550; all other filing status, $82,350--$97,350

 

Adoption Expenses--2020

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

 

IRAs, SEPs, Pension Plans, etc.--2020

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

 

Estate and Gift--2020

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

 

Miscellaneous--2020

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).

Health Savings Accounts--2020

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

Social Security--2020

Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
Modified AGI includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.

50% inclusion threshold:

$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)

$32,000 no more than $44,000--married filing joint

85% inclusion threshold:

more than $34,000--single, head of household, married living apart ($0 for married, separate)

more than $44,000--married filing joint

OASDI Wage Base--$137,700

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

 

Eligible Long-Term Care Premiums--2020


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

 

Standard Meal and Snack Rates for Day Care Providers--2020

   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

 

Tax Facts for Individuals--2019

Tax Rate--Single Taxpayers--2019

      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
 

Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2019

      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 
 

Tax Rates--Heads of Households--2019

      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 
 

Tax Rates--Married Filing Separate--2019

      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 
 

Tax Rates--Estates and Trusts--2019

      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 
 

Long-Term Capital Gains and Qualifying Dividends--2019

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%

 

Standard Deduction--2019

Filing Status                       Standard Deduction

Married filing joint and 
surviving spouses                       $24,400

Heads of Household                       18,350
   
Single individuals                       12,200

Married, filing separate                 12,200

Dependent'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)

 

Phaseout of Itemized Deductions--2019

The phaseout has been eliminated for 2019.

 

Personal Exemption--2019

The personal exemption has been suspended.

 

Child Tax Credit--2019

$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.

 

Dependent Tax Credit--2019

$500 for qualifying relatives (none refundable).

Maximum gross income of dependent--$4,150.

 

Unearned Income Medicare Contributions Tax (Net Investment Income Tax)--2019

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 Medicare Tax on Wages and Self-Employment Income--2019

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).

 

Earned Income Tax Credit (EITC)--2019

                                                 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

 

Alternative Minimum Tax--2019


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
 

Lifetime Learning Credit--2019

Reduction in credit begins at modified adjusted gross income of $58,000; $116,000 for a joint return.

 

Interest on Education Loans--2019

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.

 

Savings Bond/Higher Education Expense Exclusion--2019

Modified adjusted gross income phaseout--married, joint, $121,600--$151,600; all other filing status, $81,100--$96,100

 

Adoption Expenses--2019

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

 

IRAs, SEPs, Pension Plans, etc.--2019

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

 

Estate and Gift--2019

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

 

Miscellaneous--2019

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).

 

Health Savings Accounts--2019

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

Social Security--2019

Taxable Thresholds--Social security payments includable in income if modified AGI exceeds base amounts.
Modified AGI includes certain excluded income (e.g., tax exempt interest) and 1/2 of social security payments.

50% inclusion threshold:

$25,000 no more than $34,000--single, head of household, married living apart ($0 for married, separate)

$32,000 no more than $44,000--married filing joint

85% inclusion threshold:

more than $34,000--single, head of household, married living apart ($0 for married, separate)

more than $44,000--married filing joint

OASDI Wage Base--$132,900

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

 

 


Copyright 2015-2023 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


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Last update--11/21/23