Qualified Plan and IRA Contribution & Catch Up Limits for 2014
401(k) –
Contribution Limit                          $17,500
Catch Up Limit if over 50                $5,500

403(b) –
Contribution Limit                          $17,500
Catch Up Limit if over 50                $5,500
Traditional IRA* –
Contribution Limit                            $5,500
Catch Up Limit if over 50                $1,000
Roth IRA* –
Contribution Limit                            $5,500
Catch Up Limit if over 50                $1,000
* Contributions are subject to certain phases outs.

2014 Income Tax Rates
SINGLE                             MARRIED FILING JOINTLY                      ORDINARY INCOME
above $0                                         above $0                                                                10%
above $9,075                                 above $18,150                                                       15%
above $36,900                               above $73,800                                                      25%
above $89,350                               above $148,850                                                    28%
above $186,350                             above $226,850                                                    33%
above $200,000 (AGI)                above $250,000 (AGI)                                         33%
above $405,100                            above $405,100                                                     35%
above $406,750                             above $457,600                                                  39.6%

Estate and Gift Taxes
Federal Estate Tax Exemption              $5,340,000
Gift Tax Exemption                                 $5,340,000
Annual Gift Tax Exclusion                      $      14,000
Annual Gift Tax Exclusion for gifts
to a Non-Citizen Spouse                           $   145,000

This information is not intended as legal or tax advice. This information was compiled by the Phillips Law Firm, Inc. and is intended solely to provide information and education. It must not be used as a basis for legal or tax advice, and is not intended to be used and cannot be used to avoid penalties that may be imposed on a taxpayer. Taxpayers should seek individual advice regarding their particular circumstances from an independent tax adviser.

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