Standard Deductions

Married Filing Joint- $12,400

Married Filing Seperately- $6,200

Head of Household- $9,100

Single – $6,200

 

Personal Exemptions are now $3,950 (up from $3,900 in 2013)

 

Qualified Plans:

Maximum elective deferral

401k, 403b, etc – $17,500

SIMPLE IRA – $12,000

Keogh and SEP IRAs – $52,000

Catch up contributions (individuals who will be at least age 50 by the end of the year)

401k, 403b, and 457 plans- $5,500

SIMPLE IRA – $2,500

ROTH IRA and Traditional IRA Contribution Limits:

Regular- $5,500

Catch Up- $1,000

 

Mileage Rates:

Business = 56 cents per mile

Medical = 23.5 cents per mile

Charitable = 14 cents per mile

Moving = 24 cents per mile