(775) 786-6141
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12/31/2025
2024 |
2023 |
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Retirement Plan Contribution Limits |
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| Individual Retirement Accounts | $ 7,000 | $ 6,500 | |||
| Section 401(k) plans | 23,000 | 22,500 | |||
| Section 415 limit for: | |||||
| Defined contributions plans | 69,000 | 66,000 | |||
| Over age 50 additional contributions: | |||||
| 401(k) type plans | 7,500 | 7,500 | |||
| IRAs | 1,000 | 1,000 | |||
| IRA AGI Deduction phase-out starting at: | |||||
| Joint Return (if taxpayers are covered by a workplace retirement plan) | 123,000 | 116,000 | |||
| Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered) | 230,000 | 218,000 | |||
| Single or Head of Household | 77,000 | 73,000 | |||
| ROTH IRA AGI Deduction phase-out starting at: | |||||
| Joint Return | 230,000 | 218,000 | |||
| Single or Head of Household | 146,000 | 138,000 | |||
Social Security Beneficiaries Earnings Limits |
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| Under full retirement age | 22,320 | 21,240 | |||
| Full retirement age | 4,960/mo. | 4,710/mo. | |||
FICA Taxable Wage Base Limits |
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| Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) | 168,600 | 160,200 | |||
| Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) | No limit | No limit | |||
Health Savings Accounts |
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| Individual | 4,150 | 3,850 | |||
| Family | 8,300 | 7,750 | |||
| Catch-Up (55 or older) | 1,000 | 1,000 | |||
Section 179 Expense |
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| Maximum expense election | 1,220,000 | 1,160,000 | |||
| Phaseout threshold | 3,050,000 | 2,890,000 | |||
Estate Taxes |
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| Estate tax exemption | 13,610,000 | 12,290,000 | |||
| Top estate tax rate | 40% | 40% | |||
Gift Taxes |
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| Lifetime gift tax exemption | 13,610,000 | 12,290,000 | |||
| Annual gift tax exemption | |||||
| Gifts per person | 18,000 | 17,000 | |||
| Joint gifts by spouse | 36,000 | 34,000 | |||
Standard Mileage Rates |
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| Business | 67¢ per mile | 65.5¢ per mile | |||
| Charitable | 14¢ per mile | 14¢ per mile | |||
| Medical and Moving | 21¢ per mile | 22¢ per mile | |||
12/18/2024
