Quick Reference Charts Revised 04-15-16 QRC - 1
Table of Contents Federal Tax Information... 3 Federal AGI Phase-Out Ranges... 5 Retirement Plans, IRAs & Employee Benefits... 7 QRC - 2
Federal Tax Information Beginning of Bracket (1 below this threshold) Head of Household (HOH) Beginning of 25% Bracket Head of Household Beginning of 28% Bracket Head of Household Beginning of 33% Bracket Head of Household Beginning of 35% Bracket Married Filing Joint, Surviving Spouse,, HOH Beginning of 39.6% Bracket Head of Household Maximum Long-Term Capital Gain Tax Rates Collectibles & 1202 Gains Unrecaptured 1250 Gains LTCGs taxed @ 39.6% ordinary income tax rate LTCGs taxed > & < 39.6% ordinary income tax rate LTCGs taxed the ordinary income tax rate Qualified Dividends Maximum Rates Qualified dividends taxed @ 39.6% ord. income tax rate Qualified dividends taxed > ord. income tax rate Qualified dividends taxed the ord. income tax rate Alternative Minimum Tax (AMT) Exemption or Head of Household AMT Beginning 28% Rate (26% below this threshold) Married Filing Joint, Surviving Spouse,, HOH 2016 2015 2014 $18,550 $9,275 $13,250 $9,275 $0 $75,300 $37,650 $50,400 $37,650 $2,550 $151,900 $91,150 $130,150 $75,950 $5,950 $231,450 $190,150 $210,800 $115,725 $9,050 $413,350 $206,675 N/A $466,950 $415,050 $441,000 $233,475 $12,400 $18,450 $9,225 $13,150 $9,225 $0 $74,900 $37,450 $50,200 $37,450 $2,500 $151,200 $90,750 $129,600 $75,600 $5,900 $230,450 $189,300 $209,850 $115,225 $9,050 $411,500 $205,750 N/A $464,850 $413,200 $439,000 $232,425 $12,300 $18,150 $9,075 $12,950 $9,075 $0 $73,800 $36,900 $49,400 $36,900 $2,500 $148,850 $89,350 $127,550 $74,425 $5,800 $226,850 $186,350 $206,600 $113,425 $8,900 $405,100 $202,550 N/A $457,600 $406,750 $432,200 $228,800 $12,150 QRC - 3 28% 25% 2 2 $83,800 $53,900 $41,900 $23,900 28% 25% 2 2 $83,400 $53,600 $41,700 $23,800 28% 25% 2 2 $82,100 $52,800 $41,050 $23,500 $186,300 $185,400 $182,500 $93,150 $92,700 $91,250 Child Tax Credit $1,000 $1,000 $1,000 Personal/Dependent Exemption $4,050 $4,000 $3,950
Standard Deduction Joint or Qualifying Widow(er) (MFJ) Head of Household (HOH) ly (MFS) Additional for Elderly/Blind Married Additional for Elderly/Blind Unmarried Taxpayer Claimed as Dependent 2016 2015 2014 $12,600 $6,300 $9,300 $6,300 $1,250 $1,550 > $1,050 or $350 + earned income $12,600 $6,300 $9,250 $6,300 $1,250 $1,550 > $1,050 or $350 + earned income $12,400 $6,200 $9,100 $6,200 $1,200 $1,550 > $1,000 or $350 + earned income Unearned Income without Kiddie Tax $2,100 $2,100 $2,000 Gift and Estate Tax Estate & Gift Tax Exclusion Estate & Gift Maximum Tax Rate Gift Tax Annual Exclusion $5,450,000 + 4 $14,000 $5,430,000 + 4 $14,000 $5,340,000 + 4 $14,000 + The estate & gift tax exclusion amount is adjusted for the amount of any deceased spouse unused exclusion amount. FICA/SE Tax Max Earnings OASDI Maximum Earnings (12.4%) HI Maximum Earnings (2.9%) Additional.9% Medicare Tax Earned Income & Wages Threshold Married Filing Joint (MFJ) & Head of Household (HOH) (MFS) 3.8% Net Investment Income Tax MAGI Threshold Married Filing Joint (MFJ) & Head of Household (HOH) (MFS) Earnings Ceiling for Social Security Below Full Retirement Age * In Year of Full Retirement Age ** Full Retirement Age $118,500 $15,720/year $41,880/year $118,500 $15,720/year $41,880/year $117,000 $15,480/year $41,400/year * The SSA will deduct $1 from the taxpayer s benefits for each $2 that the taxpayer earned above the limit. ** The SSA will deduct $1 from the taxpayer s benefits for each $3 that the taxpayer earned above the limit until the month that the taxpayer turns the full retirement age (i.e., age 67 for anyone born in 1960 or later). Auto Standard Mileage Allowances (per mile) Business Charity Work Medical/Moving Depreciation Limits - Autos First Year without/with 168(k) bonus depreciation Second Year Third Year Fourth Year & Thereafter Depreciation Limits - Light Trucks and Vans First Year without/with 168(k) bonus depreciation Second Year Third Year Fourth Year & Thereafter 179 Deduction Limits Annual Deduction Limit Maximum Equipment Purchase Phase-Out Threshold Heavy SUV Maximum Deduction Qualifying Real Property Limit $0.54 $0.14 $0.19 $3,160/$11,160 $5,100 $3,050 $1,875 $3,560/$11,560 $5,700 $3,350 $2,075 $500,000 $2,010,000 $25,000 N/A $0.575 $0.14 $0.23 $3,160/$11,160 $5,100 $3,050 $1,875 $3,460/$11,460 $5,600 $3,350 $1,975 $500,000 $2,000,000 $25,000 $0.56 $0.14 $0.235 $3,160/$11,160 $5,100 $3,050 $1,875 $3,460/$11,460 $5,500 $3,350 $1,975 $500,000 $2,000,000 $25,000 QRC - 4
Federal AGI Phase-Out Ranges AGI/MAGI Phase-Out Ranges Description MFJ / HOH MFS Adoption Credit/Exclusion Phase-out 1 2014 ($13,190 credit) 2015 ($13,400 credit) 2016 ($13,460 credit) AMT Exemption Phase-Out Range 3 2014 ($82,100/$52,800/$41,050 exemption) 2015 ($83,400/$53,600/$41,700 exemption) 2016 ($83,800/$53,900/$41,900 exemption) $197,880 - $237,880 $201,010 - $241,010 $201,920 - $241,920 $156,500 - $484,900 $158,900 - $492,500 $159,700 - $494,400 $197,880 - $237,880 $201,010 - $241,010 $201,920 - $241,920 $117,300 - $328,500 $119,200 - $333,600 $119,700 - $335,300 /exclusion /exclusion /exclusion $78,250 - $242,450 $79,450 - $246,250 $79,850 - $247,450 Child Credit Phase-out Starts (not adjusted) 1,5 $110,000 $75,000 $55,000 Itemized Deduction Phase-Out Starts (AGI >) 2014 2015 2016 $305,050 $309,900 $311,300 $254,200/$279,650 $258,250/$284,050 $259,400/$285,350 $152,525 $154,950 $155,650 Personal Exemption Phase-Out Range 2014 2015 2016 $305,050-427,550 $309,900-432,400 $311,300-433,800 $254,200-376,700/ $279,650-402,150 $258,250-380,750/ $284,050-406,550 $259,400-381,400/ $285,350-407,850 $152,525-213,775 $154,950-216,200 $155,650-216,900 Coverdell Education Savings Accounts 1 $190,000 - $220,000 $95,000 - $110,000 $95,000 - $110,000 Dependent Care Credit (35% to 2 expenses) $15,000 - $43,000 $15,000 - $43,000 Student Loan Interest Deduction 1 2014 2015 2016 $130,000 - $160,000 $130,000 - $160,000 $130,000 - $160,000 $65,000 - $80,000 $65,000 - $80,000 $65,000 - $80,000 Elderly / Disabled Credits 4,6 $10,000 - $25,000 $7,500 - $17,500 $5,000 - $12,500 American Opportunity (Hope) Credit 1 2014 ($2,500 per student) 2015 ($2,500 per student) 2016 ($2,500 per student) Lifetime Learning Credit 1 2014 ($2,000 per tax return) 2015 ($2,000 per tax return) 2016 ($2,000 per tax return) Savings bond interest exclusion 1 2014 2015 2016 Tuition deduction (2009 2016) $4,000 deduction $2,000 deduction $160,000 - $180,000 $160,000 - $180,000 $160,000 - $180,000 $108,000 - $128,000 $110,000 - $130,000 $111,000 - $131,000 $113,950 - $143,950 $115,750 - $145,750 $116,300 - $146,300 $130,000 $160,000 $80,000 - $90,000 $80,000 - $90,000 $80,000 - $90,000 $54,000 - $64,000 $55,000 - $65,000 $55,000 - $65,000 $76,000 - $91,000 $77,200 - $92,200 $77,550 - $92,550 $65,000 $80,000 No exclusion No exclusion No exclusion After 2016 Footnotes 1. Modifications to AGI apply depending on the applicable Code sections. 2. Future year increases are specifically provided in the statute. 3. Phase-out is based on AMTI rather than AGI. 4. Applies only to MFS taxpayers that lived apart during the entire year. 5. Phase-out depends on the number of qualifying children in the family. 6. Married individuals normally must file MFJ to get the credit even though a MFS phase-out range is shown. QRC - 5
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Retirement Plans, IRAs & Employee Benefits 2016 2015 2014 Compensation Limit [ 401(a)(17)] $265,000 $265,000 $260,000 Defined Benefit Plan Annual Benefit Limit $210,000 $210,000 $210,000 Defined Contribution Plan Annual Contribution Limit (including SEPs) $53,000 $53,000 $52,000 SEP Compensation Threshold $600 $600 $550 401(k), 403(b), 457 & SARSEPs Annual Deferral Limit $18,000 $18,000 $17,500 Catch-up Contribution age 50 or older $6,000 $6,000 $5,500 SIMPLE Plan Annual Deferral Limit $12,500 $12,500 $12,000 Catch-up Contribution age 50 or older $3,000 $3,000 $2,500 IRA (Traditional & Roth combined limit) Annual Contribution Limit $5,500 $5,500 $5,500 Catch-up Contribution age 50 or older $1,000 $1,000 $1,000 Highly Compensated Employee Compensation Threshold $120,000 $120,000 $115,000 Key Employee Officer Compensation Threshold $170,000 $170,000 $170,000 Control Employee Compensation Limit Auto commuting rule 1.61-21(f)(5)(i) Employee under 1.61-21(f)(5)(iii) $105,000 $215,000 $105,000 $215,000 $105,000 $210,000 Traditional IRA Deduction AGI Phase-Out for Active Participating Taxpayers Married Filing Joint (MFJ) active participating spouse non-active participating spouse & Head of Household (HOH) (MFS) $98,000 - $118,000 $184,000 - $194,000 $61,000 - $71,000 $0 - $10,000 $98,000 - $118,000 $183,000 - $193,000 $61,000 - $71,000 $0 - $10,000 $96,000 - $116,000 $181,000 - $191,000 $60,000 - $70,000 $0 - $10,000 Roth IRA Contribution Eligibility AGI Married Filing Joint $184,000 - $194,000 $183,000 - $193,000 $181,000 - $191,000 & Head of Household $117,000 - $132,000 $116,000 - $131,000 $114,000 - $129,000 $0 - $10,000 $0 - $10,000 $0 - $10,000 MAGI Limit for Conversion to Roth IRA Married Filing Joint, & HOH No limit No limit No limit No limit No limit No limit Health FSA Contribution Limit $2,550 $2,550 $2,500 Archer Medical Savings Accounts (MSAs) Self-Coverage Only Deductible between $2,250 - $3,350 $2,200 - $3,300 $2,200 - $3,250 Maximum out-of-pocket expenses $4,450 $4,450 $4,350 Maximum MSA Contribution (65%) $2,177.50 $2,145 $2,112.50 Family Coverage Deductible between $4,450 - $6,700 $4,450 - $6,650 $4,350 - $6,550 Maximum out-of-pocket expenses $8,150 $8,150 $8,000 Maximum MSA Contribution (75%) $5,025 $4,987.50 $4,912.50 QRC - 7
2016 2015 2014 Health Savings Accounts (HSAs) Health Insurance Plan Minimum Deductible Self-Coverage $1,300 $1,300 $1,250 Family Coverage $2,600 $2,600 $2,500 Maximum Out-of-Pocket Medical Expenses Self-Coverage $6,550 $6,450 $6,350 Family Coverage $13,100 $12,900 $12,700 Maximum HSA Contribution Self-Coverage $3,350 $3,350 $3,300 Family Coverage $6,750 $6,650 $6,550 Catch-up HSA Contributions age 55 or older $1,000 $1,000 $1,000 Eligibility for Contributions to Coverdell Education Savings Accounts (ESA) Married Filing Joint $190,000 220,000 $190,000 220,000 $190,000 220,000 & Head of Household $95,000 110,000 $95,000 110,000 $95,000 110,000 $95,000 110,000 $95,000 110,000 $95,000 110,000 Qualified Transportation Fringe Transit Pass Limit Commuter Highway Vehicle Qualified Parking Limit Low-Cost Locality Per Diem Substantiation Lodging Meals & Incidentals (M&IE) High-Cost Locality Per Diem Substantiation Lodging Meals & Incidentals (M&IE) $255/month $255/month $255/month $185 $128 $57 $275 $207 $68 $172 $120 $52 $259 $194 $65 $170 $118 $52 $251 $186 $65 Incidentals Only (traveling away from home) $5 $5 $5 Transportation Workers Within the CONUS Outside the CONUS $63 $68 $59 $65 $59 $65 Eligible Long-Term Care Per Diem $340 $330 $330 Eligible Long-Term Care Premiums Age 40 & under Age 41 50 Age 51 60 Age 61 70 Over age 70 $390 $730 $1,460 $3,900 $4,870 $380 $710 $1,430 $3,800 $4,750 $370 $700 $1,400 $3,720 $4,660 QRC - 8