2 216 important deadlines Last day to... January 15 Pay fourth-quarter 215 federal individual estimated income tax January 26 Buy in to close a short-against-the-box position (regular-way settlement) for 215 March 15 Establish and fund SEP plans for corporations for 215 (filing an extension extends the deadline) Fund employer contributions for retirement plans for corporations (filing an extension extends the deadline) April 1 Take 215 required minimum distribution (RMD) from traditional IRAs if you reached age 71/2 in 215 April 18 File 215 federal individual income tax return (or file an extension) Pay first-quarter 216 federal individual income tax Make 215 contribution to traditional IRA, Roth IRA, or Education Savings Account (ESA) Establish and fund SEP plans for sole proprietorships and partnerships for 215 (filing an extension extends the deadline) June 15 Pay second-quarter 216 federal individual estimated income tax September 15 Establish a SIMPLE IRA/safe harbor 41(k) October 17 File 215 federal individual income tax return subject to automatic extensions Re-characterize a 215 Roth IRA conversion November 29 Double up to avoid violating the wash sale rule December 3 Sell stock or listed options to realize a gain or loss Take 216 RMDs from traditional IRAs and most qualified plans if you reached the age of 71/2 before 216 Complete a Roth IRA conversion Complete a 529 plan contribution Sell shares acquired through the 216 exercise of incentive stock options (ISOs) in disqualifying disposition to limit alternative minimum tax (AMT) exposure December 31 Establish a new qualified plan (calendar-year taxpayers) Complete gifts for the current calendar year (charitable or other)
3 216 income tax rate schedules Married taxpayer filing jointly/surviving spouse Taxable income* Tax Over But not over Pay + % on excess Of the amount over 18,55. 1% 18,55 75,3 1, % 18,55 75,3 151,9 1, % 75,3 151,9 231,45 29, % 151,9 231,45 413,35 51, % 231,45 413,35 466,95 111, % 413,35 466,95-13, % 466,95 Single Taxpayer Taxable income* Tax Over But not over Pay + % on excess Of the amount over 9,275. 1% 9,275 37, % 9,275 37,65 91,15 5, % 37,65 91,15 19,15 18, % 91,15 19,15 413,35 46, % 19,15 413,35 415,5 119, % 413,35 415,5-12, % 415,5 Head of Household Taxable income* Tax Over But not over Pay + % on excess Of the amount over 13,25. 1% 13,25 5,4 1, % 13,25 5,4 13,15 6, % 5,4 13,15 21,8 26, % 13,15 21,8 413,35 49, % 21,8 413,35 441, 116, % 413,35 441, - 125, % 441, Married taxpayer filing separately Taxable income* Over 9,275 37,65 75,95 115,725 26, ,475 But not over 9,275 37,65 75,95 115,725 26, ,475 - Pay , , , , , Tax + % on excess 1% 15% 25% 28% 33% 35% 39.6% * Taxable income is income after all deductions (including either itemized or standard deduction) and exemptions. Of the amount over 9,275 37,65 75,95 115,725 26, ,475
4 Standard deductions Married/ joint 12,6 Single 6,3 Head of Dependents Married/ household separate 9,3 1,5 6,3 For dependents with earned income, the deductions greater of 1,5 or earned income +35 (up to 6,3). Additional standard deductions Married, age 65 or older or blind Married, age 65 or older and blind Single, age 65 or older or blind Single, age 65 or older and blind * per person 1,25* 2,5* 1,55 3,1 Personal and dependency exemption: 4,5 Personal and dependency exemption phaseouts Phaseouts Exemption reduced when AGI* exceeds Exemption phased out when AGI exceeds Married/joint Single Head of household Married/separate * AGI = adjusted gross income 311,3 259,4 285,35 155,65 433,8 381,9 47,85 216,9 Itemized deduction phaseouts Married/joint Single Phaseouts Head of household Married/separate Deduction reduced when AGI exceeds* 311,3 259,4 285,35 155,65 * Itemized deductions will be trimmed by 3% of the amount by which your AGI exceeds these thresholds. However, the amount of your itemized deductions will never be reduced by more than 8%. Tax credit for dependent children Married/joint Modified adjusted gross income (MAGI) - 11, Tax credit for each child younger than 17 1, Single - 75, 1, Tax credit is reduced by5 for each 1, by which the taxpayer s MAGI exceeds the maximum threshold.
5 Alternative minimum tax (AMT) Tax Brackets AMT income Up to 186,3* Over 186,3 * 93,15 if married filing separately Tax 26% 28% AMT exemption Married filing joint and surviving spouse Unmarried individual Married filing separately Estates and trusts Exemption 83,8 53,9 41,9 23,9 Phased out on excess over 159,7 119,7 79,85 79,85 Capital gains and losses and dividends 1% and 15% tax brackets 25% up to 35% tax brackets 39.6% tax bracket Short-term (one year or less) Ordinary rate Ordinary rate Ordinary rate Long-term (longer than one year) %* 15% 2% Dividends Qualified dividends are taxed and the long-term capital gain rates; nonqualified dividends are taxed at ordinary income tax rates. * To the extent taxable income remains in these brackets. Consult your tax advisor about how this applies to you situation. Higher rates apply to collectibles and unrecaptured 125 gain. Netting capital gains and losses 1. Net short-term gains and short-term losses. 2. Net long-term gains and long-term losses. 3. Net short-term against long-term. 4. Deduct up to 3, of excess losses against ordinary income per year. 5. Carry over any remaining losses to furniture tax.
6 Education planning Education Savings Accounts (ESA) Maximum non deductible contribution is 2, per child, per year. Must be established for the benefit of a child younger than the age of 18. Maximum contribution amount is lowered if a contributor s modified adjusted gross income (MAGI) is between: -95, and 11, for individual filers - 19, and 22, for joint filers No contributions can be made if contributor s MAGI exceeds the stated limits or the beneficiary is age 18 or older. Interest, dividends, and capital gains grow tax-deferred and may be distributed federal-income-tax free as long as the money is used to pay qualified education expenses. 529 plans Earnings accumulates tax-deferred; qualified withdrawals may be federal-income-tax-free. No income, state-residency, or age restrictions. Potential state-tax incentives available in some states. Contributions up to 7, (single and 14, (married couple) allowed in one year with out a reduction in the applicable gift/estate tax exclusion (see page 11). No additional gifting in the current year or next four without incurring potential gift tax implications. Please consider the investment objectives, risk, charges, and expenses carefully before investing in a 529 savings plan. The official statement, which contains this and other information, can be obtained by calling your Financial Advisor. Read it carefully before you invest. American Opportunity Credit Maximum Credit MAGI phaseouts: Married filing jointly Single filer American Opportunity Credit Maximum Credit MAGI phaseouts: Married filing jointly Single filer 2,5 per student for first four of qualified expenses paid 16, - 18, 8, - 9, 2% of first 1, (per tax return) of qualified expenses paid in , - 131, 55, - 65,
7 Exclusion of U.S. Savings Bond interest MAGI phaseouts: Married filing jointly Others 116,3-146,3 77,55-92,55 Bonds must be titled in name(s) of taxpayer(s) only. Owner must be age 24 or older at time of issue. Must be Series EE issued after 1989 or any Series 1 bonds. Proceeds must be used for qualified postsecondary education expenses of the taxpayer, spouse, or dependent. Student loan interest deduction Maximum phaseouts: MAGI phaseouts: Married filing jointly Others 2,5 13, - 16, 65, - 8, Kiddie tax Children who have not reached the age of 19 by the end of the tax year are subject to the kiddie tax rules. If the child continues to be a full-time student, the rules apply until he or she turns age 24. The following tax rate schedule will apply (assumes no earned income). Unearned Income Less than 1,5 1,5-2,1 More than 2,1 Tax Treatment No tax Taxed at child s rate Taxed at the higher of the parent s top marginal rate or the child s tax rate Estimated annual college costs Public 2,846 24,52 28,842 33,925 Private 45,17 53,647 63,716 75,675
8 Retirement accounts Pretax 41(k), 43(b), 457, Roth 41(k), or 43(b) Employee maximum deferral contributions 18, Catch-up contribution (if age 5 or older) 6, Combined limit for Roth 41(k) or Roth 43(b) and pretax traditional (41(k) or pretax 43(b) deferral contributions is 18, for those younger than 5. Traditional and Roth IRA Maximum contribution 5,5 Traditional IRA deductibility limits Catch-up contribution (if age 5 or older) 1, 216 contributions must be made no later than the tax-filing deadline, regardless of tax extensions. Traditional IRA contributions cannot be made for the year the owner turns age 71/2 or subsequent. If neither individual nor spouse is a participant in another plan: 5,5* maximum deduction If the individual is an active participant in another plan: Married/joint MAGI + Single/MAGI + Deduction Up to 98, Up to 61, 5,5 ± 98, - 118, 61, - 71, Phased out 118, and over 71, and over * If a spouse (working or non working) is not covered by a retirement plan but his or her spouse is covered, the spouse who is not covered is allowed full deductibility up to 184, joint MAGI, phased out at 194, joint MAGI. + Modified adjusted gross income ± Maximum deduction is 6,5 if age 5 or older Note: Phaseout for married filing separately is 1-1, Roth IRA qualifications Contribution amount is limited if modified adjusted gross income (MAGI) is between: - 117, and 132, for individual returns * - 184, and 194, for married/joint filers - and 1, for married filing separate Cannot contribute if MAGI exceeds limits. Contributions are not deductible. Contributions are allowed after the age of 7 1 /2 if made from earned income. * Includes single filers, head of household, and married filing separately if you did not live with your spouse at any time during the year.
9 Retirement plan limits Maximum elective deferral to SIMPLE IRA and SIMPLE 41(k) plans Catch-up contributions for SIMPLE IRA and SIMPLE 41(k) plans (if age 5 or older) Maximum annual defined contribution plan limit Maximum compensation for calculating qualified plan contributions Maximum annual defined benefit limit Thrshold for highly compensated employee Threshold for key employee in top-heavy plans Maximum SEP contribution is lesser of limit or 25% of eligible income 12,5 3, 53, 265, 21, 12, 17, 53, Uniform Lifetime/Minimum Distribution Table Age Life Expectancy Factor Age Life Expectancy Factor
10 Social Security benefits Earnings test The earnings test indicates the level of earnings permissible for Social Security benefits recipients without incurring a deduction from benefits. These limits are indexed to increase in national earnings. Worker younger than full retirement age Year worker reaches full retirement age (applies only to earnings for months prior to attaining full retirement age) Worker at full retirement age 15, No limit Maximum monthly benefit: 2,639 This benefit is for an individual who reaches full retirement age in 216 and earns at least the maximum wage base amount for the best 35. Information provided by the Social Security Administration Taxation thresholds Up to a certain percentage of an individual s Social Security benefits is subject to taxation when his or her provisional income* exceeds certain threshold amounts: Married/joint Single Up to 5% taxed 32, - 44, 25, - 34, Up to 85% taxed More than 44, More than 34, Married filing 85% taxable + separately * Provisional income generally includes modified adjusted gross income (MAGI plus nontaxable interest and one-half of Social Security benefits. + There is an exception to this rule if you lived apart from your spouse for the entire year. Consult your tax advisor for more information. Social Security tax rates Maximum wage base for Social Security Employee Employer Self-employed 118,5 6.2% 6.2% 12.4%
11 Medicare tax rates Thresholds Single Married/joint Married/separate Trust/estate 2, 25, 125, 12,4 Below threshold Above threshold Tax rate on employee compensation Compare thresholds to Medicare wages as reported on IRS Form W-2 Employee s tax rate 1.45% 2.35%* Employer s tax rate 1.45% 1.45% Tax rate on self-employement income Compare threshold to net self-employeement income as determined by IRS Form 14 Schedule SE Owner s rate 2.9% 3.8%* Tax rate on net investment income Compare threshold to MAGI Investor s tax rate.% 3.8% * Includes the.9% Medicare surtax. Health and long-term care Long-term care deduction for medical care* Age attained before the close of the taxable year 4 or less More than 4 but not more than 5 More than 5 but not more than 6 More than 6 but not more than 7 More than 7 * limitations apply based on type of taxpayer. You should consult your tax advisor regarding your situation Health Savings Account (HSA) limits Maximum contribution Minimum health insurance plan deductible Single Family 1,3 2,6 Maximum out-of-pocket expenses Single Family 6,55 13,1 Limit on premiums ,46 3,9 4,87 Single Family 3,35 6,75 1, catch-up contribution allowed per individual age 55 or older
12 Federal trust and estate income tax Tax rates Taxable income Tax More than But not more than Pay + % on excess Of the amount more than 2,55. 15% 2,55 5, % 2,55 5,95 9,5 1, % 5,95 9,5 12,4 2,1.5 33% 9,5 12,4 3, % 12,4 Estate, gift, and generationskipping transfer tax Gift tax annual exclusion 14, An individual can give up to 14, per person per year to any number of beneficiaries (family or nonfamily) without paying gift tax or using up any available applicable exclusion amount. Estate and gift tax-basic exclusion 5,45, Estate of gift taxes apply to the extent that your cumulative transfers (lifetime exclusion gifts plus the taxable estate at death)exceed your applicable exclusion. Your applicable exclusion consists of your 5,45, basic exclusion plus any unused exclusion received from a spouse who predeceased you. Exclusion portability : A deceased spouse s unused exclusion can only be transferred if (1) the spouse died after December 31,21, and (2) the deceased spouse s executor made an election to transfer any unused exclusion to the surviving spouse by filing a timely estate tax return. Generation-skipping transfer (GST) tax exemption 5,45, Estate, gift, and GST tax rate 4% Applies to transfers in excess of the applicable exclusion/ GST exemption.
13 Corporate income tax Tax rates Taxable income Tax Over But not over Pay + % on excess 5, 75, 1, 335, 1,, 15,, 18,333,333 5, 75, 1, 335, 1,, 15,, 18,333,333 7,5 13,75 22,25 113,9 3,4, 5,15, 6,416,667 15% 25% 34% 39% 34% 35% 38% 35% Of the amount over 5, 75, 1, 335, 1,, 15,, 18,333,333 Note: There are no special federal capital gains rates for corporations. For corporations, capital losses are deductible only against capital gains. Corporations pay alternative minimum tax (AMI) at a 3% rate. Stay abreast of pending tax legislation and keep in touch with your Financial Advisor. Suggested spending guidelines Mortgage payments Discretionary expenses (clothing, entertainment, restaurants, etc.) Auto loans and credit card debt Combined monthly debt Not to exceed 28% of gross (pretax) income Not to exceed 2% of after-tax income Not to exceed 2% of after -tax income Not to exceed 36% of monthly gross (pretax) income
14 Compounding A hypothetical rates of return 4% Monthly investment 6% , Monthly investment , 5 3, 3,326 6, 6,652 3, 33,26 6, 66,52 5 3, 3,56 6, 7,12 3, 35,59 6, 7,119 6, 7,387 12, 14,774 6, 73,87 12, 147, , 8,235 12, 16,47 6, 82,349 12, 164,699 12, 18,4 24, 36,8 12, 183,998 24, 367, , 23,218 24, 46,435 12, 232,176 24, 464, , 34,818 36, 69,636 18, 348,181 36, 696, , 5,477 36, 1,954 18, 54,769 36, 1,9,538 8% Monthly investment , 5 3, 3,698 6, 7,397 3, 36,983 6, 73, , 9,28 12, 18,417 6, 92,83 12, 184, , 29,647 24, 59,295 12, , 592, , 75,15 36, 15,3 18, 75,148 36, 1,5,295 s shown are based on investments made at the beginning of each month, compounded monthly, and do not reflect the return of any investment. These tables are for illustrative purposes only and do not reflect the effects of taxes or transaction costs.
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