Contribution Limits
Federal Income Tax Brackets
| Tax Rate | Married Filing Jointly (MFJ) | Single | Estates & Trusts |
|---|---|---|---|
| 10% | $0 – $24,800 | $0 – $12,400 | $0 – $3,300 |
| 12% | $24,801 – $100,800 | $12,401 – $50,400 | – |
| 22% | $100,801 – $211,400 | $50,401 – $105,700 | – |
| 24% | $211,401 – $403,550 | $105,701 – $201,775 | $3,301 – $11,700 |
| 32% | $403,551 – $512,450 | $201,776 – $256,225 | – |
| 35% | $512,451 – $768,700 | $256,226 – $640,600 | $11,701 – $16,000 |
| 37% | Over $768,700 | Over $640,600 | Over $16,000 |
Standard Deduction
| Filing Status | Standard Deduction | Additional Deduction Category | Additional Deduction |
|---|---|---|---|
| MFJ | $32,200 | Married (Each Eligible Spouse) | $1,650 |
| Single | $16,100 | Unmarried (Single, HOH) | $2,050 |
Itemized Deductions (Schedule A)
| Type | Amount | Phaseout Range |
|---|---|---|
| SALT | $10,000 – $40,400 | $505,000 – $605,000 (single or MFJ)1 |
Non-Itemized Below-the-Line Deductions
| Type | Amount | Phaseout Range |
|---|---|---|
| Senior (65+) | $6,000 (per eligible individual) | $75,000 – $175,000 (single) $150,000 – $250,000 (MFJ) |
| Charitable | $1,000 (single) $2,000 (MFJ) | N/A |
| Car Loan Interest | $10,000 (on US-assembled vehicles) | $100,000 – $150,000 (single) $200,000 – $250,000 (MFJ) |
| QBI | Up to 20% of QBI ($400 minimum) | $201,750 – $276,750 (single)2 $403,500 – $553,500 (MFJ)2 |
Alternative Minimum Tax (AMT)
| Item | MFJ | Single |
|---|---|---|
| Exemption Amount | $140,200 | $90,100 |
| 28% Tax Rate Applies To Income Over | $244,500 | $244,500 |
| Exemption Phaseout Threshold | $1,000,000 | $500,000 |
| Exemption Elimination | $1,280,400 | $680,200 |
Long-Term Capital Gains Tax
| Taxpayer | 0% Rate | 15% Rate | 20% Rate |
|---|---|---|---|
| MFJ | ≤ $98,900 | $98,901 – $613,700 | > $613,700 |
| Single | ≤ $49,450 | $49,451 – $545,500 | > $545,500 |
| Estates/Trusts | ≤ $3,300 | $3,301 – $16,250 | > $16,250 |
3.8% Net Investment Income Tax (NIIT)
| Filing Status | Threshold |
|---|---|
| MFJ | $250,000 |
| Single | $200,000 |
Selected Tax Credits
| Type | Amount | Phaseout Range |
|---|---|---|
| Child Tax Credit (Under 17) | $2,200 ($1,700 refundable) | Begins at $200,000 (single) Begins at $400,000 (MFJ) |
| Child and Dependent Care | 20–50% of the first $3,000 in qualified expenses (or the first $6,000 if you have 2 or more children) |
Education Credits & Deductions
| Type | Amount | Phaseout Range |
|---|---|---|
| American Opportunity | 100% (first $2,000) 25% (next $2,000) | $80,000 – $90,000 (single) $160,000 – $180,000 (MFJ) |
| Lifetime Learning | 20% (first $10,000) | $80,000 – $90,000 (single) $160,000 – $180,000 (MFJ) |
| Student Loan Interest | $2,500 | $85,000 – $100,000 (single) $175,000 – $205,000 (MFJ) |
Estate & Gift Tax
| Lifetime Exemption | Tax Rate | Gift Tax Annual Exclusion |
|---|---|---|
| $15,000,000 | 40% | $19,000 |
Retirement Plans
| Item | Value |
|---|---|
| Elective Deferrals (401(k), 403(b), 457) – Contribution Limit | $24,500 |
| Elective Deferrals – Catch Up (Age 50+) | $8,000 |
| Elective Deferrals – Catch Up (Ages 60–63) | $11,250 |
| Elective Deferrals – 403(b) Additional Catch Up (15+ Years of Service) | $3,000 |
| Defined Contribution Plan – Eligible Compensation Limit | $360,000 |
| Defined Contribution Plan – Limit Per Participant | $72,000 |
| Defined Benefit Plan – Max Annual Benefit | $290,000 |
SIMPLE IRA
| Item | Value |
|---|---|
| Contribution Limit | $17,000 ($18,100, if eligible for 10% increase) |
| Catch Up (Age 50+) | $4,000 ($3,850, if eligible for 10% increase) |
| Catch Up (Ages 60–63) | $5,250 |
SEP IRA
| Item | Value |
|---|---|
| Maximum % of Comp (Adj. Net Earnings If Self–Employed) | 25% |
| Contribution Limit | $72,000 |
| Minimum Compensation | 800 |
Traditional IRA & Roth IRA Contributions
| Item | Value |
|---|---|
| Contribution Limit | $7,500 |
| Catch Up (Age 50+) | $1,100 |
Roth IRA Eligibility
| Item | Range |
|---|---|
| Single MAGI Phaseout | $153,000 – $168,000 |
| MFJ MAGI Phaseout | $242,000 – $252,000 |
Traditional IRA Deductibility (If Covered by Work Plan)
| Item | Range |
|---|---|
| Single MAGI Phaseout | $81,000 – $91,000 |
| MFJ MAGI Phaseout | $129,000 – $149,000 |
| MFJ (If Only Spouse Is Covered) | $242,000 – $252,000 |
Qualified Longevity Annuity Contract (QLAC)
| Item | Value |
|---|---|
| QUALIFIED LONGEVITY ANNUITY CONTRACT | $210,000 (lifetime limit) |
Qualified Charitable Distribution (QCD)
| Item | Value |
|---|---|
| QUALIFIED CHARITABLE DISTRIBUTION | $111,000 (per year) |
Social Security
| Item | Value |
|---|---|
| Social Security Wage Base | $184,500 |
| Medicare Wage Base | No Limit |
| COLA | 2.8% |
| Full Retirement Age | Age 67 (if born in 1960 or later) |
| Earnings Limit (Below FRA) | $24,480 |
| Earnings Limit (Reaching FRA) | $65,160 |
| Taxability of Benefits | MFJ Provisional Income | Single Provisional Income |
|---|---|---|
| 0% Taxable | < $32,000 | < $25,000 |
| 50% Taxable | $32,000 – $44,000 | $25,000 – $34,000 |
| 85% Taxable | > $44,000 | > $34,000 |
Medicare Premiums & IRMAA Surcharge
| Item | Value |
|---|---|
| Part B Premium | $202.90 |
| Part A Premium | Less than 30 Credits: $565 |
| Part A Premium (30–39 Credits) | 30-39 Credits: $311 |
| MFJ MAGI | Single MAGI | Part B Surcharge | Part D Surcharge |
|---|---|---|---|
| $218,000 or less | $109,000 or less | – | – |
| $218,001 – $274,000 | $109,001 – $137,000 | $81.20 | $14.50 |
| $274,001 – $342,000 | $137,001 – $171,000 | $202.90 | $37.50 |
| $342,001 – $410,000 | $171,001 – $205,000 | $324.60 | $60.40 |
| $410,001 – $749,999 | $205,001 – $499,999 | $446.30 | $83.30 |
| $750,000 or more | $500,000 or more | $487 | $91 |
Health Savings Account (HSA)
| Coverage | Contribution | Minimum Annual Deductible | Max Out-of-Pocket |
|---|---|---|---|
| Individual | $4,400 | $1,700 | $8,500 |
| Family | $8,750 | $3,400 | $17,000 |
| Age 55+ Catch Up | $1,000 | – | – |
Flexible Spending Accounts (FSA)
| Account Type | Limit |
|---|---|
| Health Care FSA (or LPFSA) | $3,400 ($680 carryover limit) |
| Dependent Care FSA | $7,500 |
Trump Account
| Item | Value |
|---|---|
| Contribution Limit (Under 18) | $5,000 |
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