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Tax Facts

Income Tax: 

  • 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.

Estate: 

  • 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.

Retirement: 

  • 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. 

Investment:

  • The top rate for long term capital gains in 2016 is 20%.
  • The top rate for dividends in 2016 is 20%

Charitable:

  • 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

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