Tax year 2014 tax limit guidelines

There are always limits that the IRS places on various items in your financial arsenal, and this post is meant to be a brief summary of the 2014 tax limit guidelines. The list below is only meant to be brief and is far from complete, but these are some of the basic numbers that most people should be aware of in order to help guide their financial futures in a more effective way. Feel free to mouse-over the green links for more information.
   

Limits/Rates for 2014
Category (main category) Limit/Rate/Amount
(catch-up)
Link(s)
IRA
Single / Married Filing Jointly / Married Filing Separate / Head-Of-Household
$5,500 / person
(+ $1,000 / person)
IRS
401k / 403b / 457 (most) / TSP
Single / Married Filing Jointly / Married Filing Separate / Head-Of-Household
$17,500
(+ $5,500 / person)
IRS
Social Security
max. taxable income is $117,000
$7,254
6.2%
SSA
Medicare
no max. limit on taxed income
$∞
1.45% rate
SSA
Saver's Credit — IRA Deductibility
• if NOT eligible for retirement account through work

• if eligible for retirement account through work
rates of 50%, 20%, or 10%
 
 
$5,000 / person
(+ $1,000)
 
 
$1,000 / person
$60,000/$30,000
 
 
IRS
P590
 
 
IRS
f8880

You can make the changes for 1 year and then adjust your W–4 according if you would like to, as I wrote in this previous article. You should always keep track of your tax limit guidelines.

If there are any that you may think could greatly help someone else to be in on location, feel free to add a respond below, or send an email to me at this email address.

This entry was posted in 401k, Financial Arsenal, Income or Pay, Income Tax, IRA, Roth IRA, Social Security, Tax guidelines and tagged , , , , , , , , . Bookmark the permalink.

One Response to Tax year 2014 tax limit guidelines

  1. Pingback: My Credit Card Was Breached, Was Yours? - Life And My Finances

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Protected by WP Anti Spam