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Tax Facts

Indiana County Tax Rates

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  
Charity Mileage  $          0.140  $           0.14  
Medical/Moving Mileage  $          0.200  $           0.17  
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
50 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
       
12021 Numbers are estimates and will not be finalized until 2021.