Tax Facts1
|
Deductions, Exemptions, Etc.
|
| |
2019 |
2020 |
2021 |
| FICA Wage Base |
$ 132,900 |
$ 137,700 |
$ 142,800 |
| Medicare Additional Tax Wage Base |
|
| Single (S) |
$ 200,000 |
$ 200,000 |
$ 200,000 |
| Married Filing Jointly (MFJ) |
$ 250,000 |
$ 250,000 |
$ 250,000 |
| Standard Deduction |
|
| Single (S) |
$ 12,200 |
$ 12,400 |
$ 12,550 |
| Married Filing Jointly (MFJ) |
$ 24,400 |
$ 24,800 |
$ 25,100 |
| Head of Household (HOH) |
$ 18,350 |
$ 18,650 |
$ 18,800 |
| Married Filing Separately (MFS) |
$ 12,200 |
$ 12,400 |
$ 12,550 |
| Additional for age 65 or older or blind, each (MFJ, MFS) |
$ 1,300 |
$ 1,300 |
$ 1,350 |
| Additional for age 65 or older or blind, each (S, HOH) |
$ 1,650 |
$ 1,650 |
$ 1,700 |
| "Kiddie Tax" unearned income threshold |
$ 1,100 |
$ 1,100 |
$ 1,100 |
| Foreign earned income exclusion |
$ 105,900 |
$ 107,600 |
$ 108,700 |
| |
Standard Mileage Rates
|
| |
2019 |
2020 |
2021 |
| Standard Mileage |
$ 0.580 |
$ 0.58 |
$ 0.56 |
| Charity Mileage |
$ 0.140 |
$ 0.14 |
$ 0.14 |
| Medical/Moving Mileage |
$ 0.200 |
$ 0.17 |
$ 0.16 |
| Travel per diem: |
See www.gsa.gov for location specific |
| Standard Rate: Lodging |
$ 94.00 |
$ 96.00 |
$ 96.00 |
| Standard Rate: M&I |
$ 55.00 |
$ 55.00 |
$ 55.00 |
| |
Retirement Plan Contribution Limits
|
| |
2019 |
2020 |
2021 |
| SIMPLE IRA Limit |
$ 13,000 |
$ 13,500 |
$ 13,500 |
| SIMPLE >50 Catch-up |
$ 3,000 |
$ 3,000 |
$ 3,000 |
| 401(k) Limit |
$ 19,000 |
$ 19,500 |
$ 19,500 |
| 401(k) Catch-up |
$ 6,000 |
$ 6,500 |
$ 6,500 |
| 403(b) Limit |
$ 19,000 |
$ 19,500 |
$ 19,500 |
| 403(b) Catch-up |
$ 6,000 |
$ 6,500 |
$ 6,500 |
| Regular IRA Limit |
$ 6,000 |
$ 6,000 |
$ 6,000 |
| Regular IRA Catch-up |
$ 1,000 |
$ 1,000 |
$ 1,000 |
| Roth IRA Limit |
$ 6,000 |
$ 6,000 |
$ 6,000 |
| Roth IRA Catch-up |
$ 1,000 |
$ 1,000 |
$ 1,000 |
| Regular IRA Contribution Phase-out Begins at AGI of Active Retirement Plan Participants: |
|
| MFJ (Participating Spouse) |
$ 103,000 |
$ 104,000 |
$ 105,000 |
| MFJ (Non-participating Spouse) |
$ 193,000 |
$ 196,000 |
$ 198,000 |
| S, HOH |
$ 64,000 |
$ 65,000 |
$ 66,000 |
| MFS |
$ - |
$ - |
$ - |
| Roth IRA Contributions Phase-out Begins at AGI of: |
|
| MFJ |
$ 193,000 |
$ 196,000 |
$ 198,000 |
| S, HOH |
$ 122,000 |
$ 124,000 |
$ 125,000 |
| MFS |
$ - |
$ - |
$ - |
| Profit Sharing Plan/SEP Contribution Limit |
$ 56,000 |
$ 57,000 |
$ 58,000 |
| Compensation Limit (For Employer Contributions to Profit-sharing Plans) |
$ 280,000 |
$ 285,000 |
$ 290,000 |
| |
Qualified Long Term Care Premium Deduction
|
| |
2019 |
2020 |
2021 |
| 40 or < |
$ 420 |
$ 430 |
$ 450 |
| 50 or < |
$ 790 |
$ 810 |
$ 850 |
| 60 or < |
$ 1,580 |
$ 1,630 |
$ 1,690 |
| 70 or < |
$ 4,220 |
$ 4,350 |
$ 4,520 |
| > 70 |
$ 5,270 |
$ 5,430 |
$ 5,640 |
| Long Term Care Excludable Per Diem |
$ 370 |
$ 380 |
$ 400 |
| |
|
|
|
Qualified Business Income Deduction
|
| |
2019 |
2020 |
2021 |
| Phaseout: |
|
|
|
| MFJ |
$ 321,400 |
$ 326,600 |
$ 329,850 |
| MFS |
$ 160,725 |
$ 163,300 |
$ 164,900 |
| S, HOH |
$ 160,700 |
$ 163,300 |
$ 164,925 |
| |
Section 179 Deduction
|
| |
2019 |
2020 |
2021 |
| Limit |
$ 1,000,000 |
$ 1,040,000 |
$ 1,050,000 |
| Qualifying Property Phase-out Threshold |
$ 2,500,000 |
$ 2,590,000 |
$ 2,620,000 |
| Depreciation Limit - Autos (1st Year) |
$ 10,100 |
$ 10,100 |
|
| Depreciation Limit - Autos (1st Year) with Bonus Depreciation |
$ 18,100 |
$ 18,100 |
|
| |
Education Deductions, Credits, & Phase-outs
|
| |
2019 |
2020 |
2021 |
| American Opportunity Tax Credit - Maximum Per Student |
$ 2,500 |
$ 2,500 |
$ 2,500 |
| Lifetime Learning Credit - Maximum Credit Per Return |
$ 2,000 |
$ 2,000 |
$ 2,000 |
| Education Loan Interest |
$ 2,500 |
$ 2,500 |
$ 2,500 |
| American Opportunity Tax Credit Phase-out Begins at AGI of: |
|
| MFJ |
$ 160,000 |
$ 160,000 |
|
| S, HOH |
$ 80,000 |
$ 80,000 |
|
| MFS |
Not Allowed |
Not Allowed |
|
| Lifetime Learning Credit Phase-out Begins at AGI of; |
|
| MFJ |
$ 116,000 |
$ 118,000 |
$ 119,000 |
| S, HOH |
$ 58,000 |
$ 59,000 |
$ 59,000 |
| MFS |
Not Allowed |
Not Allowed |
Not Allowed |
| Student Loan Interest Deduction Phase-out Begins at AGI of: |
|
| MFJ |
$ 140,000 |
$ 140,000 |
$ 140,000 |
| S, HOH |
$ 70,000 |
$ 70,000 |
$ 70,000 |
| MFS |
Not Allowed |
Not Allowed |
Not Allowed |
| |
Health Savings Account Limits
|
| |
2019 |
2020 |
2021 |
| Health Savings Accounts (HSA) |
|
|
|
| Self-only Coverage: |
|
| Contribution Limit |
$ 3,500 |
$ 3,550 |
$ 3,600 |
| Plan Minimum Deductible |
$ 1,350 |
$ 1,350 |
$ 1,400 |
| Plan Out-of-pocket Limit |
$ 6,750 |
$ 6,750 |
$ 7,000 |
| Family Coverage: |
|
|
|
| Contribution Limit |
$ 7,000 |
$ 7,100 |
$ 7,200 |
| Plan Minimum Deductible |
$ 2,700 |
$ 2,750 |
$ 2,800 |
| Plan Out-of-pocket Limit |
$ 13,500 |
$ 13,650 |
$ 14,000 |
| Additional Contribution Limit - Age 55 or Older |
$ 1,000 |
$ 1,000 |
$ 1,000 |
| Flexible Spending Account (FSA) Contribution Limit |
$ 2,700 |
$ 2,750 |
$ 2,750 |
| |
Gift Tax Exclusion
|
| |
2019 |
2020 |
2021 |
| Estate Tax Exclusion |
$ 11,400,000 |
$11,580,000 |
$ 11,700,000 |
| Gift Tax Annual Exclusion |
$ 15,000 |
$ 15,000 |
$ 15,000 |
| |
Earned Income Credit
|
| |
2019 |
2020 |
2021 |
| AGI must be less than (MFJ) |
|
| No Qualifying Children |
$ 21,370 |
$ 21,710 |
$ 21,920 |
| One Qualifying Child |
$ 46,884 |
$ 47,646 |
$ 48,108 |
| Two Qualifying Children |
$ 52,493 |
$ 53,330 |
$ 53,865 |
| Three or More Qualifying Children |
$ 55,952 |
$ 56,844 |
$ 57,414 |
| Maximum Amount of Credit (All filers except MFS) |
|
| No Qualifying Children |
$ 529 |
$ 538 |
$ 543 |
| One Qualifying Child |
$ 3,526 |
$ 3,584 |
$ 3,618 |
| Two Qualifying Children |
$ 5,828 |
$ 5,920 |
$ 5,980 |
| Three or More Qualifying Children |
$ 6,557 |
$ 6,660 |
$ 6,728 |
| |
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| 12021 Numbers are estimates and will not be finalized until 2021. |
