2015

Minimum Filing Requirements

and Exemption/Deduction Amounts*

Filing Status

Under 65

Over 65

Standard Deduction

Exemption

Over 65 or Blind  Additional

Single

$ 10,300

$ 11,850

$6,300

$4,000

$ 1,550

Head Of Household

$13,250

$14,800

$9,250

$4,000

$1,550

Married Filing Jointly

$20,600

$23,100

$12,600

$8,000

$2,500

Married Filing Separately

$4,000

$4,000

$6,300

$4,000

$1,550

Qualified Widow(er)

$16,600

$17,850

$12,600

$4,000

$1,250

note:* certain personal tax situations may alter amounts shown


Other Helpful 2015 Information


Earnings Ceiling for Social Security for 2015

    * Under Full Retirement Age

    * At Full Retirement Age

    * Over Full Retirement Age


$15,720

$41,880

$Unlimited

Self-Employed Insurance Deduction

100%

Earned Income Credit Maximum

No Child $ 503  (1) Child $3,359   ( 2) or more $5,480 ( 3) or more $6,242

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

0.575

0.14

0.235

Jul 1 - Dec 31

0.575

0.14

0.235

Child's Unearned Income Limit

$2,100

Estate Tax Exclusion

$5,430,000

Gift Limit

$14,000

Adoption Credit

$13,400

IRA/Roth over 50 Limit

$6,500

Qualified Tuition Plan Gift Contribution Limit

$14,000

Retirement Contributions 2015

                                      under age 50     over  age 50

Traditional IRA/Roth        $  6,500               $  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