While official numbers for 2015 are not yet released by the Internal Revenue Service (IRS), computations are formulas set within the Internal Revenue Code (IRC) or are based on the Consumer Price Index (CPI) published by the Department of Labor. Using the release of recent CPI figures, a number of references are projecting key figures for 2015.
This may be useful for your planning purposes:
Tax Brackets: While the actual income brackets for tax rates are not set for 2015, the rate of inflation impacting income levels for each tax rate is likely to raise income tax brackets by about 1.55-1.60%.
Personal Exemption: $4,000 in 2015 ($3,950 in 2014)
Standard Deductions:
| Deduction | Tax Year 2015 | Tax Year 2014 |
|---|---|---|
| Single | $6,300 | $6,200 |
| Head of Household | 9,250 | 9,100 |
| Married Filing Joint | 12,600 | 12,400 |
| Married Filing Separately | 6,300 | 6,200 |
| Dependents (kiddie tax) | 1,050 | 1,000 |
| 65 or Blind: Married | Add $1,250 | Add $1,200 |
| Single | Add $1,550 | Add $1,550 |
Other Key figures:
| Estate & Gift Tax Exclusion | $5.43 million | $5.34 million |
| Annual Gift Tax Exclusion | $14,000 | $14,000 |
| Roth and Traditional IRA Contribution Limit | $5,500 | $5,500 |
