2014 – 2015 Cost of Living Adjustments and Tax Act Changes
by CreativeOne | Jan 14, 2015 | Insurance
IRA, Simple
|
2014 |
2015 |
Maximum Contribution-Traditional
IRA, Roth IRA |
Age under 50
Age 50 or over |
$5,500
$6,500 |
|
Age under 50
Age 50 or over |
$5,500
$6,500 |
|
| Maximum SIMPLE Salary Reduction |
Age under 50
Age 50 or over |
$12,000
$14,500 |
|
Age under 50
Age 50 or over |
$12,500
$15,500 |
|
| Deductibility Phaseout |
Single filer
Joint Filer |
$60,000
$96,000 |
|
Single filer
Joint Filer |
$61,000
$98,000 |
|
Employer Sponsored Retirement Plans
Maximum Salary Deferral, 401(k),
403(b) (TSA), or 457 Plan |
Age under 50
Age 50 or over |
$17,500
$23,000 |
|
Age under 50
Age 50 or over |
$18,000
$24,000 |
|
| Maximum Plan Compensation |
$260,000 |
$265,000 |
| Defined Benefit Plan Dollar Limitation |
$210,000 |
$210,000 |
| Defined Contribution Dollar Limitation |
$52,000 |
$53,000 |
| Highly Compensated Employee |
$115,000 |
$120,000 |
Social Security
| Taxable Wage Base |
$117,000 |
$118,500 |
| Benefit Increase from Prior Year |
1.5% |
1.3% |
| Average Retirement Benefit, Individual |
$1,294 |
$1,328 |
| Average Retirement Benefit, Couple |
$2,111 |
$2,176 |
| Maximum Retirement Benefit |
Age 66, $2,642 |
Age 66, $2,663 |
Maximum Earnings, Early Retirement,
before Reduction of Benefits |
$15,480 |
$15,720 |
Estate Planning
| Applicable Credit Equivalent |
$5,340,000 |
$5,430,000 |
| Generation Skipping Transfer Tax |
$5,340,000 |
$5,430,000 |
| Annual Gift Tax Exclusion |
$14,000 |
$14,000 |
| Lifetime Gift Tax Exclusion |
$5,340,000 |
$5,430,000 |
Annual Gift Tax Exclusion, Non-US
Citizen Spouse |
$145,000 |
$147,000 |
