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.
