2014 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	$96,000 - $116,000
Filing single or head-of-household and active participant in employer's retirement plan	$60,000 - $70,000
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)	$181,000 - $191,000

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

Filing joint	$181,000 - $191,000
Filing single or head-of-household	$114,000 - $129,000
Married but filing separate	$0 - $10,000

Maximum amounts related to withholding:

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 age	No limit

Annual contribution limits:

Self-only Coverage (Through Age 54)	$3,300
Self-only Coverage (Age 55 and Up)	$4,300
Family Coverage (Through Age 54)	$6,550
Family Coverage (Age 55 and Up)	$7,550

Minimum annual policy deductibles:

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

Maximum annual deductible and out-of-pocket expense:

Self-only Coverage	$6,350
Family Coverage	$12,700

Business use	56¢
Portion of business deduction allocated to depreciation	22¢
Medical and Moving	23.6¢
Charitable	14.0¢