Filing Status

Under 65

Over 65

Standard Deduction

Exemption

Over 65 or Blind  Additional

Single

$ 10,350

$ 11,900

$6,300

$4,050

$ 1,500

Head Of Household

$13,350

$14,900

$9,250

$4,050

$1,500

Married Filing Jointly

$20,700

$23,200

$12,600

$4,050

$1,200

Married Filing Separately

$4,050

$4,050

$6,300

$4,050

$1,200

Qualified Widow(er)

$16,500

$17,900

$12,600

$4,050

$1,200

Earnings Ceiling for Social Security for 2016

    * Under Full Retirement Age

    * At Full Retirement Age

    * Over Full Retirement Age

$15,720

$41,400

$Unlimited

Self-Employed Insurance Deduction

100%

Earned Income Credit Maximum

No Child $ 506  (1) Child $3,373   ( 2) or more $5,572 ( 3) or more $6,269

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

0.54

0.14

0.19

Jul 1 - Dec 31

0.54

0.14

0.19

Child's Unearned Income Limit

$2,000

Estate Tax Exclusion

$5,450,000

Gift Limit

$14,000

Adoption Credit

$13,460

IRA/Roth over 50 Limit

$6,500

Qualified Tuition Plan Gift Contribution Limit

$14,000

Retirement Contributions 2016

                                      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               $  15,550

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