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Tax Facts

Indiana County Tax Rates

 

Tax Facts1

 
   

Deductions, Exemptions, Etc.

   
 

2021

2022

2023

   

FICA Wage Base

 $      142,800

 $      147,000

 $      160,200

   

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)

 $        12,550

 $        12,950

 $        13,850

   

Married Filing Jointly (MFJ)

 $        25,100

 $        25,900

 $        27,700

   

Head of Household (HOH)

 $        18,800

 $        19,400

 $        20,800

   

Married Filing Separately (MFS)

 $        12,550

 $        12,950

 $        13,850

   

Additional for age 65 or older or blind, each (MFJ, MFS)

 $          1,350

 $          1,400

 $          1,500

   

Additional for age 65 or older or blind, each (S, HOH)

 $          1,700

 $          1,750

 $          1,850

   

"Kiddie Tax" unearned income threshold

 $          1,100

 $          1,150

 $          1,250

   

Foreign earned income exclusion

 $      108,700

 $      112,000

 $      120,000

   
     

Standard Mileage Rates

   
 

2021

2022

2023

   

Standard Mileage

 $            0.56

 $          0.585

 $          0.625

   

Charity Mileage

 $            0.14

 $            0.14

 $            0.14

   

Medical/Moving Mileage

 $            0.16

 $            0.18

 $            0.22

   

Travel per diem:

See www.gsa.gov for location specific

   

Standard Rate: Lodging

 $          96.00

 $          96.00

 $          98.00

   

Standard Rate: M&I

 $          55.00

 $          59.00

 $          59.00

   
     

Retirement Plan Contribution Limits

   
 

2021

2022

2023

   

SIMPLE IRA Limit

 $        13,500

 $        14,000

 $        15,500

   

SIMPLE >50 Catch-up

 $          3,000

 $          3,000

 $          3,500

   

401(k) Limit

 $        19,500

 $        20,500

 $        22,500

   

401(k) Catch-up

 $          6,500

 $          6,500

 $          7,500

   

403(b) Limit

 $        19,500

 $        20,500

 $        22,500

   

403(b) Catch-up

 $          6,500

 $          6,500

 $          7,000

   

Regular IRA Limit

 $          6,000

 $          6,000

 $          6,500

   

Regular IRA Catch-up

 $          1,000

 $          1,000

 $          1,000

   

Roth IRA Limit

 $          6,000

 $          6,000

 $          6,500

   

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)

 $      105,000

 $      109,000

 $      116,000

   

MFJ (Non-participating Spouse)

 $      198,000

 $      204,000

 $      218,000

   

S, HOH

 $        66,000

 $        68,000

 $        73,000

   

MFS

 $                -  

 $                -  

 $                -  

   

Roth IRA Contributions Phase-out Begins at AGI of:

     

MFJ

 $      198,000

 $      204,000

 $      218,000

   

S, HOH

 $      125,000

 $      129,000

 $      138,000

   

MFS

 $                -  

 $                -  

 $                -  

   

Profit Sharing Plan/SEP Contribution Limit

 $        58,000

 $        61,000

 $        66,000

   

Compensation Limit (For Employer Contributions to Profit-sharing Plans)

 $      290,000

 $      305,000

 $      330,000

   
     

Qualified Long Term Care Premium Deduction

   
 

2021

2022

2023

   

40 or <

 $             450

 $             450

 $             480

   

50 or <

 $             850

 $             850

 $             890

   

50 or <

 $          1,690

 $          1,690

 $          1,790

   

70 or <

 $          4,420

 $          4,510

 $          4,770

   

> 70

 $          5,640

 $          5,640

 $          5,960

   

Long Term Care Excludable Per Diem

 $             400

 $             390

 $             420

   
           

Qualified Business Income Deduction

   
 

2021

2022

2023

   

Phaseout:

         

MFJ

 $      329,850

 $      340,100

 $      364,200

   

MFS

 $      164,900

 $      170,050

 $      182,100

   

S, HOH

 $      164,925

 $      175,050

 $      182,100

   
     

Section 179 Deduction

   
 

2021

2022

2023

   

Limit

 $   1,050,000

 $   1,080,000

 $   1,160,000

   

Qualifying Property Phase-out Threshold

 $   2,620,000

 $   2,700,000

 $   2,890,000

   

Depreciation Limit - Autos (1st Year)

 $        10,200

 $        11,200

     

Depreciation Limit - Autos (1st Year) with Bonus Depreciation

 $        18,200

 $        19,200

     
     

Education Deductions, Credits, & Phase-outs

   
 

2021

2022

2023

   

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

 $      160,000

   

S, HOH

 $        80,000

 $        80,000

 $        80,000

   

MFS

 Not Allowed

Not Allowed

Not Allowed

   

Lifetime Learning Credit Phase-out Begins at AGI of;

     

MFJ

 $      160,000

 $      160,000

 $      160,000

   

S, HOH

 $        80,000

 $        80,000

 $        80,000

   

MFS

Not Allowed

Not Allowed

Not Allowed

   

Student Loan Interest Deduction Phase-out Begins at AGI of:

     

MFJ

 $      140,000

 $      145,000

 $      155,000

   

S, HOH

 $        70,000

 $        70,000

 $        75,000

   

MFS

Not Allowed

Not Allowed

Not Allowed

   
     

Health Savings Account Limits

   
 

2021

2022

2023

   

Health Savings Accounts (HSA)

         

Self-only Coverage:

     

Contribution Limit

 $          3,600

 $          3,650

 $          3,850

   

Plan Minimum Deductible

 $          1,400

 $          1,400

 $          1,500

   

Plan Out-of-pocket Limit

 $          7,000

 $          7,050

 $          7,500

   

Family Coverage:

         

Contribution Limit

 $          7,200

 $          7,300

 $          7,750

   

Plan Minimum Deductible

 $          2,800

 $          2,800

 $          3,000

   

Plan Out-of-pocket Limit

 $        14,000

 $        14,100

 $        15,000

   

Additional Contribution Limit - Age 55 or Older

 $          1,000

 $          1,000

 $          1,000

   

Flexible Spending Account (FSA) Contribution Limit

 $          2,750

 $          2,850

 $          3,050

   
     

Gift Tax Exclusion

   
 

2021

2022

2023

   

Estate Tax Exclusion

 $ 11,700,000

 $ 12,060,000

 $ 12,920,000

   

Gift Tax Annual Exclusion

 $        15,000

 $        16,000

 $        17,000

   
     

Earned Income Credit

   
 

2021

2022

2023

   

AGI must be less than (MFJ)

 

   

No Qualifying Children

 $        21,920

 $        22,610

 $        24,210

   

One Qualifying Child

 $        48,108

 $        49,622

 $        53,120

   

Two Qualifying Children

 $        53,865

 $        55,529

 $        59,478

   

Three or More Qualifying Children

 $        57,414

 $        59,187

 $        63,398

   

Maximum Amount of Credit (All filers except MFS)

     

No Qualifying Children

 $             543

 $             560

 $             600

   

One Qualifying Child

 $          3,618

 $          3,733

 $          3,995

   

Two Qualifying Children

 $          5,980

 $          6,164

 $          6,604

   

Three or More Qualifying Children

 $          6,728

 $          6,935

 $          7,430

   
           

12023 Numbers are estimates and will not be finalized until 2023.