We are pleased to provide this information as a reference tool for our clients. However, because many of the limitations and amounts referenced below are subject to adjustment and/or phaseout depending on the taxpayer’s adjusted gross income, taxpayers are encouraged to seek professional guidance before utilizing this information. As always, the team at GGA&M is ready to assist should you have any questions or concerns.
2014 Standard Deduction Amounts*
- Married Filing Joint or Qualifying Widow(er): $12,400
- Single & Married Filing Separate: $6,200
- Head of household: $9,100
* For individuals who can be claimed as a dependent, the standard deduction is limited to the greater of $1,000 or the sum of $350 plus earned income, not to exceed $6,200
Add’l Standard Deduction for 65 or over and/or blind
- Unmarried: $1,550
- Married or surviving spouse: $1,200
Personal Exemption Amount: $3,950
Kiddie Tax Threshold: $2,000 (unearned income)
Retirement Plan Contribution Limits
- Standard IRA & Roth IRA: $5,500 plus “catch-up” contribution of $1,000 for those 50 or older
- 401(k) & 403(b) Plans: $17,500 plus “catch-up” contribution of $5,500 for those 50 or older
- SIMPLE IRA: $12,000 plus “catch-up” contribution of $2,500 for those 50 or older
- SEP Plan Contribution Limit / Compensation Limit: $52,000 / $260,000
Health Savings Account Contribution Limits*
- Self-Only Coverage: $3,300
- Family Coverage: $6,550
* Additional contribution of $1,000 allowed for individuals 55 or older
Estate & Gift Tax*
- Gift Tax Annual Exclusion: $14,000
- Estate and Gift Tax Exclusion Amount: $5,340,000
* Estate & Gift tax rates above reflect those applicable to 2014 tax-year. For 2015 gifts, the annual exclusion remains $14,000. The exclusion amount for estates rises by $90,000, to $5,430,000 in 2015.
Standard Mileage Rates*
- Business mileage: 56 cents
- Medical & moving-expense mileage: 23.5 cents
- Charitable mileage: 14 cents
* Mileage rates above reflect those applicable to 2014 tax-year. See our separate blog post for 2015 mileage rates