Key Tax Numbers for 2014
| Exemptions | ||
| Each allowable exemption (21.1) | $ 3,950 | |
| Phaseout starts/ends (21.12) | ||
| Joint return/Qualifying widow/widower | $305.050/$427,550 | |
| Head of Household | $279,650/$402,150 | |
| Single | $254,200/$376,700 | |
| Married filing separately | $152,525/$213,775 | |
| Standard Deduction (13.1) | ||
| Joint return/Qualifying widow/widower | $ 12,400 | |
| Head of Household | $ 9,100 | |
| Single | $ 6,200 | |
| Married filing separately | $ 6,200 | |
| Dependents-minimum deduction (13.5) | $ 1,000 | |
| Additional deduction if age 65 or older, or blind (13.4) | ||
| Married-per spouse, filing jointly or separately | $ 1,200 ($2,400 for age and blindness) | |
| Qualifying widow/widower | $ 1,200 ($2,400 for age and blindness) | |
| Single or head of household | $ 1,500 ($3,000 for age and blindness) | |
| Long-term Care Premiums (17.15) | ||
| Limit on premium allowed as medical expense | ||
| Age 40 or under | $ 370 | |
| Over 40 but not over 50 | $ 700 | |
| Over 50 but not over 60 | $ 1,400 | |
| Over 60 but not over 70 | $ 3,720 | |
| Over 70 | $ 4,660 | |
| IRA Contributions | ||
| Traditional IRA contribution limit (8.2) | $ 5,500 | |
| Additional contribution if age 50 or older but under 70½ | $ 1,000 | |
| Deduction phaseout for active plan participant (8.4) | ||
| Single or head of household | $ 60,000 – $ 70,000 | |
| Married filing jointly, two participants | $ 96,000 – $ 116,000 | |
| Married filing jointly, one participant | ||
| Participant spouse | $ 96,000 – $ 116,000 | |
| Non-participant spouse | $ 181,000 – $ 191,000 | |
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