Federal Tax Data Sheet |
2025 |
2024 |
| Standard Deduction | ||
| Joint or Qualifying Widow(er) | $30,000 | $29,200 |
| Single | $15,000 | $14,600 |
| Head of Household | $22,500 | $21,900 |
| Add’l for Elderly/Blind (Married) | $1,600 | $1,500 |
| Add’l for Elderly/Blind (Unmarried) | $2,000 | $1,950 |
| Taxpayer Claimed as Dependent | $1,350 | $1,300 |
| Personal/Dependent Exemption | $0 | $0 |
| Gift and Estate Tax | ||
| Estate and Gift Tax Exclusion | $13,990,000 | $13,610,000 |
| Annual Gift Tax Exclusion | $19,000 | $18,000 |
| FICA/SE Tax Max Earnings | $176,100 | $168,600 |
| Auto Standard Mileage Allowances | ||
| Business | $0.70 | $0.67 |
| Charity Work | $0.14 | $0.14 |
| Medical and Moving | $0.21 | $0.21 |
| Section 179 Deduction | $1,250,000 | $1,220,000 |
| Bonus Depreciation (New or Used) | 40% | 60% |
| Earning Ceiling for Social Security | ||
| Before Retirement Age 62-66 | $23,400 | $22,320 |
| Year Full Retirement Age Reached Age 66+ | $62,160 | $59,520 |
| Full Retirement Age | Unlimited | Unlimited |
| Roth IRA Contribution Eligibility (AGI) | ||
| Joint Return | $236,000/ | $230,000/ |
| $246,000 | $240,000 | |
| Single or Head of Household | $150,000/ | $146,000/ |
| $165,000 | $161,000 | |
| Married Filing Separately | $0/ | $0/ |
| $10,000 | $10,000 | |
| Retirement Plan Maximum Contributions | ||
| 401(k) | $23,500 | $23,000 |
| 401(k) – Additional Age 50+ | $7,500 | $7,500 |
| Simple Plans | $16,500 | $16,000 |
| Simple Plans – Additional Age 50+ | $3,500 | $3,500 |
| IRA | $7,000 | $7,000 |
| IRA – Additional Age 50+ | $1,000 | $1,000 |
| Child Tax Credit | ||
| Ages 5 or Younger | $2,000 | $2,000 |
| Ages 6 to 16 | $2,000 | $2,000 |
| Dependent Not Qualifying Child | $500 | $500 |