Every year, certain important information on changes of tax and other important numbers are revised. The following is a listing of some of the most important numbers for 2014. Some have changed, and some have remained the same.
- Social Security Tax Wage Base- $117,000
- Individual Retirement Account- Traditional Contribution- $5,500
- ROTH, IRA- Individual Contribution- $5,500
- 401k, and other types of Retirement Plans limit - $17,500
- Additional catch-up contribution if 50 or older-$5,500
- Business mileage- .56 cents/mile
- Charitable Mileage- .14 cents/mile
- Standard deduction on income taxes for married filing jointly-$12,400
- Standard deduction for single person (or married filing separately)- $6,200
- Personal exemption- $3,950
- Phase out of personal exemption (married filing jointly)- begins at $305,050
- Phase out of personal exemption (unmarried individuals)-$254,200
- Estate tax limit (federal)-$5.34 million
- Gift exclusion(annual) - $14,000
- Gift exclusion (lifetime) - $5.34 million
- Rate of tax above exclusion for estate and gift purposes- 40%
- Maximum amount for community spouse if other spouse is institutionalized- $117,240
- Maximum amount the institutionalized spouse is permitted to have (could change by state) - $2,000
- Home equity limit for long-term care purposes: Minimum - $543,000, Maximum - $814,000
Hyman G. Darling, Esq.