Tax Limitations: 2016

Retirement Plans
Salary deferrals into 401(k), 403(b), and 457 Plans $18,000
Catch-up contribution (age 50+) $6,000
Defined Contribution $53,000
Defined Benefit $210,000
IRA and Roth IRA $5,500
Catch-up contribution (age 50+) $1,000
IRA deduction phaseout for active participants:
Single $61,000 - $71,000
Married Filing Jointly $98,000 - $118,000
Married Filing Separately $0 - $10,000
Spousal IRA $184,000 - $194,000
Roth IRA phaseout:
Single $117,000 - $132,000
Married Filing Jointly $184,000 - $194,000

Estate and Gifting
Estate tax exclusion $5,450,000
Gift tax annual exclusion $14,000

Education
Coverdell Education Savings Account ($2,000 limit) phaseout:
Single $95,000 - $110,000
Married Filing Jointly $190,000 - $220,000
Lifetime Learning Credit (20% of qualified expenses up to $10,000) phaseout:
Single $55,000 - $65,000
Married Filing Jointly $111,000 - $131,000
American Opportunity Tax Credit (100% up to $2k of qualified expenses, 25% on next $2k) phaseout:
Single $80,000 - $90,000
Married Filing Jointly $160,000 - $180,000
Student loan interest deduction ($2,500) phaseout
Single $65,000 - $80,000
Married Filing Jointly $130,000 - $160,000

Deductions
Personal Exemption $4,050
Standard Deduction:
Single $6,300
Married Filing Jointly $12,600
Married Filing Separately $6,300
Head of Household $9,300
Personal Exemption and Itemized Deductions phaseout:
Single $259,400
Married Filing Jointly $311,300
Head of Household $285,350
Standard Mileage Use Rates:
Business $0.54 per mile
Charitable $0.14 per mile
Medical or Moving $0.19 per mile

Social Security & Medicare
Social Security tax rate (employee) 6.20%
Social Security tax rate (self-employed) 12.40%
Social Security taxable wage base $118,500
Retirement earnings exempt amount* $15,720/year
* $1 in social security benefits will be withheld for every $2 in earning above this amount
Medicare tax rate (employee) 1.45%
Medicare tax rate (self-employed) 2.90%
Medicare taxable wage base Unlimited
Medicare Part B:
Deductible $166
Coinsurance 20%
Monthly premium:
Single Married Filing Jointly  
$85,000 or less $170,000 or less $104.90
$85,001 - $107,000 $170,001 - $214,000 $170.50
$107,001 - $160,000 $214,001 - $320,000 $243.60
$160,001 - $214,000 $320,001 - $428,000 $316.70
$214,001 + $428,001 + $389.80