| 2015 Standard Deductions/Personal Exemption | New for 2015 |
Various Adjustments of Tax Numbers for 2015
Filing statuses: S=single, HH=head of household, MFS=married filing separately, MFJ=married filing joint, QW=qualifying widow(er);
Most references to AGI mean modified adjusted gross income for that deduction.
| Maximum Salary Deferrals: | $18,000 for 401(k), 403(b), 501(c), 457 plans; / $12,500 for SIMPLE 'catch-up'contribution limits for age 50+: (additional $6,000 / $3,000 for SIMPLE) $53,000 for SEP-IRA |
| Traditional IRA Contributions Limit: | $5,500 (up to amount of earned income for the year)
additional catch-up $1,000 for age 50+ |
Traditional IRA Contributions Deduction AGI Phaseout: (when also eligible to contribute to a retirement plan at work) |
MFJ, QW: $98,000-$118,000 S, HH: $61,000-$71,000 MFS: 0-$10,000 And when taxpayer not plan-eligible, but spouse covered by a plan, MFJ: $183,000-$193,000 |
Roth IRA Contributions AGI Phaseout: |
MFJ: $183,000-$193,000 S, HH: $116,000-$131,000 MFS: 0-$10,000 |
Retirement Savings Credit ('Saver's Credit') AGI limit: |
MFJ: $61,000 HH: $45,750 S: $30,500 |
| Social Security: |
Before retirement age, can earn up to $15,720 without repaying benefits. Benefits reduced $1 for each $2 earned over limit Preceding months in year of reaching retirement age: $41,880. Benefits reduced $1 for each $3 earned over limit After retirement month, no limit. Earnings subject to SS tax: Employee: $118,500 (maximum $7,347 w/h) Household help: cash wages over $1,900 |
| Health Savings Account: | Maximum HSA deduction $3,350 individual coverage / $6,650 family coverage.
additional catch-up $1,000 for age 55+ |
| Educational Credit: (MFS ineligible) | American Opportunity Credit (aka Hope Credit): 100% of first $2,000, 25% of next $2,000 tuition (all 4 years college) AGI phaseout: $80,000-$90,000 (individual); $160,000-$180,000 (MFJ) Lifetime Learning Credit: 20% of up to $10,000 tuition (any year college+) AGI phaseout: $55,000-$65,000 (individual); $110,000-$130,000 (MFJ) |
| Student Loan Interest: (MFS ineligible) | Up to $2,500 AGI phaseout: $65,000-$80,000 (individual); $130,000-$160,000 (MFJ) |
Earned Income Credit: (MFS ineligible) |
Earned income/modified AGI phaseout range: (All phaseout ranges increased by $5,510 if MFJ) One qualifying child: $18,110-$39,131$ (maximum credit $3,359) Two qualifying children: $18,110-$44,454 (maximum credit $5,548) Three/more qualifying children: $18,110-$47,747 (maximum credit $6,242) Qualifying without child: $8,240-$14,820 (maximum credit $503) (disqualified if investment income over $3,400, any filing status) |
| Adoption Credit: | Up to $13,400 (phaseout $201,010-$241,010) |
| 'Kiddie Tax' | Child under 18/full-time student under 24, with interest/dividends over $2,100 |
| Standard Mileage Rates: |
Business: 57.5¢ (Depreciation adjustment: 24¢) Charity: 14¢ Medical/Moving: 23¢ |
| Itemized Deduction phaseout: | Phaseout starts at AGI of $309,900 (MFJ), $284,050 (HH), $258,250 (S), $154,950 (MFS) |
| Personal Exemption AGI phaseout: | $311,300-$433,800 (MFJ, QW)
$285,350-$407,850 (HH) $259,400-$381,900 (S) $155,650-$216,900 (MFS) |
| Section 179 Expense: | tangible personal property: $25,000; placed-in-service phaseout $200K |
| Depreciation Limit (including using Section 179): | Passenger auto limit, first year business: $3,160; Trucks, vans: $3,460
(bonus depreciation extended for 2016) |
| Capital Gain Tax: | Long-term (holding over a year): 20% for the taxpayers in the highest 39.6% bracket 15% for taxpayers in other brackets, 0% for those in the 15%/10% brackets |
| Gift Tax Exclusion: | $14,000 |
| Foreign Income Exclusion: | $100,800 |
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See the original 'NEW TAX LAWS' menu for historical changes. |
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| 2015 Standard Deductions/Personal Exemption | New for 2015 |
