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2017 Tax Reference Amounts

Here is a list of the common items that we are asked for the amounts.

Retirement Accounts

IRA Contribution Limit (Through Age 49)$5,500
IRA Contribution Limit (Age 50 and Up)$6,500
401(k) Contribution Limit (Through Age 49)$18,000
401(k) Contribution Limit (Age 50 and Up)$24,000

The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):

Filing joint and active participant in employer's retirement plan$99,000 - $119,000
Filing single or head-of-household and active participant in
employer's retirement plan
$62,000 - $72,000
Married but filing separate and active participant in employer's
retirement plan
$0 - $10,000
Not active participant in employer's retirement plan but spouse
is an active participant (filing joint)
$186,000 - $196,000

There are different phase-outs for who can contribute to a Roth IRA (based on AGI):

Filing joint$186,000 - $196,000
Filing single or head-of-household$118,000 - $133,000
Married but filing separate$0 - $10,000

Social Security

Amounts related to withholding or credits:

Income subject to OASDI$127,200
Income subject to MedicareNo limit
OASDI to be paid by employee$7,886.40
Amount to earn 1 credit (self-employed)$1,300

Maximum monthly earnings and still receive full Social Security benefits:

Under full retirement age (prior years)
Social Security benefit reduced $1 for every $2 over limit.
$1,410
Year of full retirement (only months prior to reaching full
retirement age)
Social Security benefit reduced $1 for every $3 over limit.
$3,740
Full retirement ageNo limit

Medicare

Standard Part B Premium (ignoring hold-harmless provision)$134.00
Maximum 2015 income for standard Part B premium (Single)$85,000
Maximum 2015 income for standard Part B premium (Joint)$170,000

Health Saving Account (HSA) Limitations

Annual contribution limits:

Self-only Coverage (Through Age 54)$3,400
Self-only Coverage (Age 55 and Up)$4,400
Family Coverage (Through Age 54)$6,750
Family Coverage (Age 55 and Up)$7,750

Minimum annual policy deductibles:

Self-only Coverage$1,300
Family Coverage$2,600

Maximum annual deductible and out-of-pocket expense:

Self-only Coverage$6,550
Family Coverage$13,100

Mileage Rates

Business use53.5¢
Portion of business deduction allocated to depreciation25.0¢
Medical and Moving17.0¢
Charitable (statutory)14.0¢

Miscellaneous Items

Maximum annual gift amount$14,000
Kiddie Tax threshold (oversimplified - no earned income)$2,100

2016 Tax Reference Amounts