2016 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) | $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 | $98,000 - $118,000 |
| Filing single or head-of-household and active participant in employer's retirement plan | $61,000 - $71,000 |
| 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) | $184,000 - $194,000 |
There are different phase-outs for who can contribute to a Roth IRA (based on AGI):
| Filing joint | $184,000 - $194,000 |
| Filing single or head-of-household | $117,000 - $132,000 |
| Married but filing separate | $0 - $10,000 |
Social Security
Amounts related to withholding or credits:
| Income subject to OASDI | $118,500 |
| Income subject to Medicare | No limit |
| OASDI to be paid by employee | $7,347 |
| Amount to earn 1 credit (self-employed) | $1,260 |
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. | $1,310 |
| Year of full retirement (only months prior to reaching full retirement age) Social Security benefit reduced $1 for every $3 over limit. | $3,490 |
| Full retirement age | No limit |
Medicare
| Standard Part B Premium | $121.80 |
| Maximum 2014 income for standard Part B premium (Single) | $85,000 |
| Maximum 2014 income for standard Part B premium (Joint) | $170,000 |
Health Saving Account (HSA) Limitations
Annual contribution limits:
| Self-only Coverage (Through Age 54) | $3,350 |
| Self-only Coverage (Age 55 and Up) | $4,350 |
| 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 use | 54.0¢ |
| Portion of business deduction allocated to depreciation | 24.0¢ |
| Medical and Moving | 19.0¢ |
| Charitable | 14.0¢ |
Miscellaneous Items
| Maximum annual gift amount | $14,000 |
| Kiddie Tax threshold (oversimplified - no earned income) | $2,100 |