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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

Social Security

Maximum amounts related to withholding:

Income subject to OASDI$117,000
Income subject to MedicareNo limit
OASDI to be paid by employee$7,254

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)$3,300
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

Mileage Rates

Business use56¢
Portion of business deduction allocated to depreciation22¢
Medical and Moving23.6¢

2013 Tax Reference Amounts
2015 Tax Reference Amounts