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