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2013 Tax Reference Amounts

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

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)$17,500
401(k) Contribution Limit (Age 50 and Up)$23,000

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

Filing joint and active participant in employer's retirement plan$95,000 - $115,000
Filing single or head-of-household and active participant in employer's retirement plan$59,000 - $69,000
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)$178,000 - $188,000

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

Filing joint$178,000 - $188,000
Filing single or head-of-household$112,000 - $127,000
Married but filing separate$0 - $10,000

Social Security

Maximum amounts related to withholding:

Income subject to OASDI$113,700
Income subject to MedicareNo limit
OASDI to be paid by employee$7,049.40

Maximum monthly earnings and still receive full Social Security benefits:

Under full retirement age (prior years)$1,260
Year of full retirement (only months prior to reaching full retirement age)$3,340
Full retirement ageNo limit

Health Saving Account (HSA) Limitations

Annual contribution limits:

Self-only Coverage (Through Age 54)$3,250
Self-only Coverage (Age 55 and Up)$4,250
Family Coverage (Through Age 54)$6,450
Family Coverage (Age 55 and Up)$7,450

Minimum annual policy deductibles:

Self-only Coverage$1,250
Family Coverage$2,500

Maximum annual deductible and out-of-pocket expense:

Self-only Coverage$6,250
Family Coverage$12,500

Mileage Rates

Business use56.5¢
Portion of business deduction allocated to depreciation23.0¢
Medical and Moving24.0¢

2014 Tax Reference Amounts