Income Tax Changes for

20152014 Filing Year

Health Care• Health Care: Individual Responsibility• You must Either

o Claim an exemption from the health care coverage requiremento Make a shared responsibility payment

• This applies if you (or your dependents) did not have coverage for any months in 2014 and did not qualify for an exemption

• Premium Tax Credito You may be eligible if you, your spouse, or a dependent enrolled in

health insurance through the Health Insurance Marketplaceo If you have received Form 1095-A, it will help you figure your Premium

Tax Credit

Expired Tax Benefits• Tuition and fees deduction• Deduction for educator expenses• Deduction for state and local general sales taxes• Exclusion from income of qualified charitable

distributions from IRAs• Certain energy credits• Deduction for mortgage insurance premiums

Inflation Adjustments• Standard Deduction

• Personal Exemptiono $3,950 per person/dependent

Filing Status Amount

Single $6,200

Head of Household $9,100

Married Filing Jointly $12,400

Married Filing Separately

$6,200

Inflation Adjustments• IRA Contribution Limit

• IRA Deduction Phase-out

Amount

Regular $5,500

Age 50+ $6,500

Filing Status Modified AGI

Single $60,000 – 70,000

Married Filing Jointly

$96,000 – 116,000

Spousal IRA $181,000 – 191,000

Inflation Adjustments• 401k & 403b Contribution Limit

• Simple IRA Contribution Limit

Amount

Regular $17,500

Age 50+ $23,000

Amount

Regular $12,000

Age 50+ $14,500

Inflation Adjustments• Mileage Deduction

Type Amount Per Mile

Business 56 cents

Medical/Moving 23.5 cents

Charitable 14 cents

Alternative Minimum Tax (AMT)

• AMT Thresholds

Filing Status Amount

All Single Filers $52,800

Married Filing Jointly $82,100

Married Filing Separate $41,050

Direct Deposit• Only 3 Refunds per year can be direct deposited

into a single financial account or prepaid debit card

Direct Pay• Taxpayers can pay the IRS online with IRS Direct

Pay• Click “Pay Your Tax Bill” on IRS.gov