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Updated Income Tax, Estate Tax and Retirement Plan Amounts

December 16, 2014

Here is a quick guide to increases in some tax-related amounts in 2015 compared to 2014.

Gift and GST tax annual exclusion – remains at $14,000.

Estate, gift tax and GST lifetime exclusion – increases to $5,430,000 from $5,340,000.

FICA wage base – increases to $118,500 from $117,000.

Auto standard mileage rate – $.575 up from $.56.

Compensation limit for defined compensation plans – Increases to $265,000 from $260,000

Defined contribution plan annual contribution limit – $53,000 up from $52,000

401k, 403b, SARSEP, and 475 plan annual deferral limit – $18,000 up from $17,500

“ catch up contribution – increases to $6,000 from $5,500

SIMPLE Plan – up to $12,500 from $12,000

“ catch up contributions – up to $3,000 from $2,500

IRA and catch up – remains at $5,500 and $1,000

 

There are others, but these are some of the more popular amounts that affect our clients.  If you email me your postal mailing address, I’ll send you a handy chart with all the changed amounts.  My email: emendlowitz@withum.com

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