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IRS Publishes 2015 Tax Numbers'1 min read
* SOCIAL SECURITY taxable wage limit increases from 2014
limit of $117,000 to $118,500 for 2015. Retirees under
full retirement age can earn up to $15,720 without
losing benefits.
* AMT EXEMPTIONS for 2015 are $53,600 for singles,
$83,400 for couples, and $41,700 for married couples
filing separately.
* 401(k) MAXIMUM salary deferral increases to $18,000
for 2015. The catch-up limit for 50 and older increases
to $6,000.
* SIMPLE maximum deferral increases to $12,500 for 2015.
The catch-up limit for 50 and older increases to $3,000.
* IRA CONTRIBUTION limit remains at $5,500 for 2015
($6,500 for 50 and older).
* HSA CONTRIBUTION limit increases for 2015 to $3,350
for individuals and to $6,650 for families.
* KIDDIE TAX threshold for 2015 increases to $2,100.
* NANNY TAX threshold remains at $1,900 for 2015.
* ANNUAL GIFT TAX EXCLUSION remains at $14,000.
* ESTATE TAX EXEMPTION increases from the 2014 amount
of $5,340,000 to $5,430,000 for 2015.
By Simons Bitzer
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