Tax Numbers
for 2016 and 2015 – Part 2
The
numbers for 2015 in the chart below apply to your 2015 returns, and the numbers
for 2016 should be used in your 2016 tax planning.
2016 2015
Income
(AGI) phase-out for personal
exemption
and itemized deductions
*
Single Starts
at $259,400 Starts at $258,250
*
Joint returns and surviving spouses Starts
at $311,300 Starts at $309,900
*
Married filing separately Starts
at $155,650 Starts at $154,950
*
Head of household Starts
at $285,350 Starts at $284,050
Health
savings account contribution limit
*
Individual $3,350 $3,350
*
Family $6,750 $6,650
*
Additional for 55 & older $1,000 $1,000
Automobile
standard mileage rate
*
Business 54¢ 57.5¢
*
Medical/moving expense 19¢ 23¢
*
Charitable work 14¢ 14¢
Estate
tax top rate 40% 40%
Estate
tax exclusion $5,450,000 $5,430,000
Annual
gift tax exclusion (per donee) $14,000 $14,000
Alternative
minimum tax exemption
*
Single $53,900 $53,600
*
Married, joint $83,800 $83,400
*
Married, separate $41,900 $41,700
Section
179 deduction limit $ 500,000 $ 500,000
Section
179 purchase limit $
2,000,000 $ 2,000,000
