Key 2014 Tax Information

Item 2014 2013 Change
Maximum income tax rate 39.6% 39.6%
Maximum Medicare tax rate 2.35% 2.35%
Social Security employee rate 6.2% 6.2%
Max Dividend/Capital Gain rate 23.8% 23.8%
Personal Exemption $3,950 $3,900 +$50
Standard Deductions
Single $6,200 $6,100 +$100
Joint or Qualifying Widow 12,400 12,200 +$200
Head of Household 9,100 8,950 +$150
Married Filing Separate 6,200 6,100 +$100
Elderly/Blind: Married Add $1,200 Add $1,200
Elderly/Blind: Unmarried Add $1,550 Add $1,500 +$50
Key Credits
Child Tax Credit $1,000 $1,000
Adoption Credit $13,190 $12,770 +$420
Lifetime Learning Credit $2,000 $2,000
American Opportunity Credit $2,500 $2,500
Savers Credit $1,000 $1,000
Retirement Plan Contributions
Traditional IRA $5,500 $5,500
(age 50+ catchup) Add $1,000 Add $1,000
Roth IRA $5,500 $5,500
(age 50+ catchup) Add $1,000 Add $1,000
401(k), 403(b), 457 & SARSEP $17,500 $17,500
(age 50+ catchup) Add $5,500 Add $5,500
SIMPLE IRA $12,000 $12,000
(age 50+ catchup) Add $2,500 Add $2,500
Section 179 $25,000 $500,000 -$450,000
Property limit $200,000 $2 million -$1.8 million
Other Information
Tuition and Fees Deduction $2,000 $2,000
Medical Itemized Deduction AGI Threshold
(7.5% in 2014 for 65 and older)
10.0% 10.0%
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