- Marginal tax rates will remain the same for 2016, with 39.6% being the top rate.
- The standard deduction for joint filers will remain the same for 2016 at $12,600.
- The personal exemption increased $50 in 2016 to $4,050.
- The annual gift exclusion remains the same for 2016 at $14,000.
- The gift and estate tax exclusion increased in 2016 to $5,450,000.
- The maximum annual salary deferral into a 401(k) plan remains the same for 2016 at $18,000, with an additional $6,000 allowed for those ages 50 or older.
- The maximum annual contribution into IRAs and Roth IRAs remains the same for 2016 at $5,500, with an additional $1,000 for those ages 50 or older.
- The top rate for long term capital gains in 2016 is 20%.
- The top rate for dividends in 2016 is 20%.
- You may deduct up to 50% of your AGI to a public charity in 2016.
- You may deduct up to 30% of your AGI to a private foundation in 2016.
Click here for 2016 Key Tax Code Numbers