2015 Tax Numbers to Know

2015 Tax Limits

401(k) / 403(b) / 457 / TSP limits increased from $17,500 to $18,000, and catch-up contributions for those 50 and over will increase from $5,500 to $6,000

No increase in IRA contribution limits ($5,500 and $1,000 catch-up contribution for 50 and over)

HSA contribution limits (employer and employee): Individual $3,350, Family $6,650. Catch-up contribution of $1,000 for 55 and over.

The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $61,000 and $71,000, up from $60,000 and $70,000 in 2014. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $98,000 to $118,000, up from $96,000 to $116,000.

For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $183,000 and $193,000, up from $181,000 and $191,000. For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 to $193,000 for married couples filing jointly, up from $181,000 to $191,000 in 2014. For singles and heads of household, the income phase-out range is $116,000 to $131,000, up from $114,000 to $129,000. For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

Coverdell Education Savings Account limits remains $2,000 per year (subject to MAGI income limits of $110,000 for individuals and $220,000 for joint returns).

Gift tax limits remain at $14,000 per beneficiary

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