1.
The top 39.6% ordinary income and 20% long-term
capital gain tax rates apply when taxable income exceeds $466,950 for joint
filers (up from $464,850 in 2015) and $415,050 for single filers (up from $413,200
in 2015). For trusts and estates, the
top rates apply when taxable income exceeds $12,400 (up from $12,300 in 2015).
2.
Itemized deductions and personal exemptions
begin to “phase-out” once adjusted gross income exceeds $311,300 for joint
filers (up from $309,900 in 2015) and $259,400 for single filers (up from $258,250
in 2015). These phase-outs do not apply
to trusts and estates.
3.
The personal exemption is $4,050 (up from $4,000
in 2015).
4.
The contribution amount for traditional and Roth
IRAs remains $5,500 (the same as in 2015).
For those who are age 50 and older, the additional “catch-up”
contribution is $1,000 and is not indexed for inflation.
5.
The modified adjusted gross income phase-out
range for contributions to Roth IRAs is from $184,000 to $194,000 for joint
filers (up from between $183,000 and $193,000 in 2015); and from $117,000 to
$132,000 for single filers (up from $116,000 and $131,000 in 2015).
6.
The contribution amount for traditional and Roth
401(k) accounts remains $18,000 (the same as in 2015). For those who are age 50 and older, the
additional “catch-up” contribution remains $6,000 (the same as in 2015).
7.
The limit on the annual additions to a participant's
defined contribution account remains $53,000 (the same as in 2015).
8.
The annual exclusion from gift tax remains
$14,000 per donee (the same as in 2015).
9.
The lifetime exemption from estate, gift, and
generation-skipping transfer taxes increases to $5,450,000 (up from $5,430,000
in 2015).
10.
The Social Security tax wage base remains
$118,500 (the same as in 2015).
11.
The maximum annual contribution to a health
savings account remains $3,350 (the same as in 2015) for an individual-coverage-only
health plan, and $6,750 (up from $6,650 in 2015) for a family-coverage health
plan. For employees age 55 and older,
the additional HSA "catch-up" contribution is $1,000 and is not
indexed for inflation.
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