IRS Releases 2015 Inflation Adjustments

The IRS has released various inflation-adjustments for 2015 (IR 2014-104 & Rev. Proc. 2014-61; IR 2014-99), including:

• Gift Tax Exemption:  $14,000 (same as 2014)
• Unified Credit:  $5,430,000 (up $90,000 from 2014)
• Top 39.6% Income Tax Rate:  $413,200 single/$464,850 joint (up $6,450/$7,250 from 2014)
• Standard Deduction:  $6,300 single/$12,600 joint (up $100/$200  from 2014)
• Personal Exemption:  $4,000 (up $50 from 2014)
• AMT Exemption:  $53,600 single/$83,400 joint (up $800/$1,300 from 2014)
• Contribution Limit for 401(k)/403(b)/457 Plans:  $18,000 (up $500 from 2014)
• Catch-Up Contribution Limit (Age 50+) for 401(k)/403(b)/457 Plans:  $6,000 (up $500 from 2014)
• Income Limit for Full IRA Deduction:  $61,000 single/$98,000 joint (up $1,000/$2,000 from 2014)
• Income Limit for Full Roth IRA Contribution:  $116,000 single/$183,000 joint (up $2,000 from 2014)
• Defined Benefit Plan Annual Benefit Limit:  $215,000 (up $5,000 from 2014)