Preview of Some Important 2015 Tax Figures

Here is some preliminary income tax information for your planning purposes.

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

About the Author

Ralph Smith has several decades of experience working with federal human resources issues. He has written extensively on a full range of human resources topics in books and newsletters and is a co-founder of two companies and several newsletters on federal human resources. Follow Ralph on Twitter: @RalphSmith47