Small Business Taxes & Management--Copyright 2019-2024, 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
Maximum Section 179 Expense Deduction
Amount--$1,220,000 for 2024.
Amount--$1,160,000 for 2023.
Amount--$1,080,000 for 2022.
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 $3,050,000 for 2024.
SUV limitation--30,500 for 2024.
Phaseout--Begins at $2,890,000 for 2023.
SUV limitation--28,900 for 2023.
Phaseout--Begins at $2,700,000 for 2022.
SUV limitation--27,000 for 2022.
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--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).
Maximum annual HSA contributions deductible--$4,300 for individual; $8,550 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 $1,650 $8,300
Family Coverage 3,300 16,600
Excepted Benefit HRA $2,150
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
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
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
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
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
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%
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,600Dependent'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)
The phaseout has been suspended through 2025.
The personal exemption has been suspended.
$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.
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).
First $232,600 ($116,300 married, separate) of AMTI 26% Over $232,600 ($116,300 married, separate) of AMTI (Alternative Minimum Taxable Income) 28% Exemptions: Joint Filers $133.300 Married, separate $66,650 Single (and head of household) $85,700 Estates & Trusts $29,900 Child subject to Kiddie Tax $9,250 (plus child's earned income)
Exemption Phaseout: 25% of amount AMTI exceeds: $1,218,700 for married, joint and surviving spouses (phaseout complete $1,751,900) $609,350 single (and head of household) ($952,150) $609,350 married, filing separate ($875,950) $99,700 estates and trusts ($219,300)
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $12,390 $17,400 $17,400 $ 8260
Maximum Amount of Credit 4,213 6,960 7,830 632
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) 49,084 55,768 59,899 18,591
Threshold Phaseout (married, joint) 29,640 29,640 29,640 17,250
Completed Phaseout (married, joint) 56,004 62,688 66,819 25,511
Excessive Investment Income for Earned Income Tax Credit--$11,600
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
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--$1,730
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)
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--$168,600
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.
Unified Credit Against Estate Tax--$13,610,000
Annual Exclusion for Gifts--$18,000
Annual Exclusion for Gifts to Spouse not a Citizen--$185,000
Notice of Large Gifts Received from Foreign Persons--$19,570
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,850,000
Valuation of Qualified Real Property (special use) in Decendent's Gross Estate (Sec. 2032A)--$1,390,000
Special use value of real property used as a farm (Sec. 2032A) average annual interest rates varies from 5.27-5.78% Rev. Rul. 2024-16 IRB-2024-35.
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
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
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
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
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
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%
Filing Status Standard Deduction Married filing joint and surviving spouses $27,700 Heads of Household 20,800 Single individuals 13,850 Married, filing separate 13,850Dependent'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)
The phaseout has been suspended through 2025.
The personal exemption has been suspended.
$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.
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 $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
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)
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).
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.
Modified adjusted gross income phaseout--married, joint, $137,800--$167,800; all other filing status, $91,850--$106,850
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
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
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
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--$1,640
Retirement Earnings Test--$21,240 (under full retirement age); $56,520 (year of full retirement age)
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--$160,200
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.
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
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
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
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
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
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%
Filing Status Standard Deduction Married filing joint and surviving spouses $25,900 Heads of Household 19,400 Single individuals 12,950 Married, filing separate 12,950Dependent'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)
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 $10,980 $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
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)
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).
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.
Modified adjusted gross income phaseout--married, joint, $128,650--$158,650; all other filing status, $85,800--$100,800
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
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
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).
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
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--$1,510
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
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--$147,000
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.
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 9,950
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
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 $ 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
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.
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
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).
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
Copyright 2017-2024 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--09/17/24