2021 Tax Reference Amounts
Here is a list of the common items that we are asked about the corresponding amounts.
Retirement Accounts
| IRA Contribution Limit (Through Age 49) | $6,000 |
| IRA Contribution Limit (Age 50 and Up) | $7,000 |
| 401(k) Contribution Limit (Through Age 49) | $19,500 |
| 401(k) Contribution Limit (Age 50 and Up) | $26,000 |
The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):
| Filing joint and active participant in employer's retirement plan | $105,000 - $125,000 |
| Filing single or head-of-household and active participant in employer's retirement plan | $66,000 - $76,000 |
| 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) | $198,000 - $208,000 |
There are different phase-outs for who can contribute to a Roth IRA (based on AGI):
| Filing joint | $198,000 - $208,000 |
| Filing single or head-of-household | $125,000 - $140,000 |
| Married but filing separate | $0 - $10,000 |
Social Security
Amounts related to withholding or credits:
| Income subject to OASDI (SS updated this) | $142,800 |
| Income subject to Medicare | No limit |
| Maximum OASDI to be paid by employee (6.2%) | $8,853.60 |
| Amount to earn 1 credit (self-employed) | $1,470 |
Maximum earnings and still receive full Social Security benefits:
| Under full retirement age (prior years) Social Security benefit reduced $1 for every $2 over limit. | $18,960/yr $1,580/mo |
| Year of full retirement (only months prior to reaching full retirement age) Social Security benefit reduced $1 for every $3 over limit. | $50,520/yr $4,210/mo |
| Full retirement age | No limit |
Medicare
| Standard Part B Premium (ignoring hold-harmless provision) | $148.50 |
| Maximum 2019 income for standard Part B premium (Single) | $88,000 |
| Maximum 2019 income for standard Part B premium (Joint) | $176,000 |
Health Saving Account (HSA) Limitations
Annual contribution limits:
| Self-only Coverage (Through Age 54) | $3,600 |
| Self-only Coverage (Age 55 and Up) | $4,600 |
| Family Coverage (Through Age 54) | $7,200 |
| Family Coverage (Age 55 and Up) | $8,200 |
Minimum annual policy deductibles:
| Self-only Coverage | $1,400 |
| Family Coverage | $2,800 |
Maximum annual deductible and out-of-pocket expense:
| Self-only Coverage | $7,000 |
| Family Coverage | $14,000 |
Mileage Rates
| Business use | 56¢ |
| Portion of business deduction allocated to depreciation | 26¢ |
| Medical and Moving | 16¢ |
| Charitable (statutory) | 14¢ |
Miscellaneous Items
| Maximum annual gift amount | $15,000 |
| Kiddie Tax threshold (oversimplified - no earned income) | $1,100 |