2014

Minimum Filing Requirements

and Exemption/Deduction Amounts*

Filing Status

Under 65

Over 65

Standard Deduction

Exemption

Over 65 or Blind  Additional

Single

$ 10,150

$ 11,700

$6,200

$3,950

$ 1,550

Head Of Household

$13,050

$14,600

$9,100

$3,950

$1,550

Married Filing Jointly

$20,300

$22,700

$12,400

$3,950

$1,200

Married Filing Separately

$10,150

$11,700

$9,100

$3,950

$1,550

Qualified Widow(er)

$16,350

$17,550

$12,400

$3,950

$1,550

note:* certain personal tax situations may alter amounts shown


Other Helpful 2014 Information


Earnings Ceiling for Social Security for 2014

    * Under Full Retirement Age

    * At Full Retirement Age

    * Over Full Retirement Age


$15,480

$41,400

$Unlimited

Self-Employed Insurance Deduction

100%

Earned Income Credit Maximum

No Child $ 496  (1) Child $3,305   ( 2) or more $5,460 ( 3) or more $6,143

Education Credits

Hope Credit Maximum $2,500, Lifetime Credit maximum $2,000, College Tuition & Fees Deduction $4,000 Maximum

Child Tax Credit Maximum

$1,000

Standard Business Auto Rate Avg.

Charitable Rate

Medical / Moving Rate Avg.

Jan 1 - Jun 30

0.56

0.14

0.23

Jul 1 - Dec 31

0.56

0.14

0.24

Child's Unearned Income Limit

$2,000

Estate Tax Exclusion

$5,340,000

Gift Limit

$14,000

Adoption Credit

$13,190

IRA/Roth over 50 Limit

$6,500

Qualified Tuition Plan Gift Contribution Limit

$14,000

Retirement Contributions 2014

                                      under age 50     over  age 50

Traditional IRA/Roth        $  5,000               $  6,500

401-K & 403-B Plans       $18,000               $24,000

Simple IRA Plans           $  12,500               $  15,500

SEP Plans 25% of  earned maximum compensation limit of $53,000