QUICK TAX REFERENCE: 2014
General Tax Calendar 2015
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Individuals Quarterly Estimated Tax Payments
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Corporations (FORM 1120-W) Tax Payments
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Q1 Jan 15, 2015
Q2 April 15, 2015
Q3 Sept 15, 2015
Q4 Jan 15, 2016
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Q1 Feb 17, 2015
Q2 April 15, 2015
Q3 Sept 15th, 2015
Q4 Dec 15th, 2015
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Other Dates
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04/15/2015 - 2014 Returns Due
10/15/2015 - 2014 Returns with a valid extension due
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*REFERENCE: http://www.irs.gov/pub/irs-pdf/p509.pdf
2014 FILING REQUIREMENT/EXEMPTION/STANDARD DEDUCTION
FED TAX FILING REQUIREMENT THRESHOLDS (NonDependents)
| |
Single
Age 65 or Older
|
$10,150
$11,700
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Married Filing Jointly
One spouse age 65 or older
Both spouses age 65 or older
|
$20,300
$21,500
$22,700
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Married Filing Separately
|
$3,950
|
Head of Household Age 65 or older
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$13,050
$14,600
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Qualifying Widower
Age 65 or older
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$16,350
$17,550
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All Self-Employed Individuals
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$400
|
*REFERENCE PUB 17 PG 6
STANDARD DEDUCTION
| |
Single
Age 65 or older or blind (each)
|
$6,200
+$1,550
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Married Filing Jointly
Age 65 or older or blind (each)
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$12,400
+$1,200
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Married Filing Separately
Age 65 or older or blind (each)
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$6,200
+$1,200
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Head-of-Household
Age 65 or older or blind (each)
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$9,100
+$1,550
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Qualifying Widower
Age 65 or older or blind (each)
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$12,400
+$1,200
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Dependents - Greater of
|
|
*REFERENCE IRS PUB 17 PG 143 TABLE 20-1
Exemption Amount for 2014 is $3,950
2014 Tax Rate Schedules
*REFERENCE PUB 17 PG 262
Single
“If your taxable income is….”
Over____
|
but not over___
|
The Tax is___ + ____%
|
...of the amount ($) over___
|
$0
|
$9,075
|
10%
|
0
|
$9,075
|
$36,900
|
$907.50 + 15%
|
$9,075
|
$36,900
|
$89,350
|
$5081.25 + 25%
|
$36,00
|
$89,350
|
$186,350
|
$18,193.75 + 28%
|
$89,350
|
$186,350
|
$405,100
|
$45,353.75 + 33%
|
$186,350
|
$405,100
|
$406,750
|
$117,541.25 + 35%
|
$405,100
|
$406,750
|
...
|
$118,118.75 + 39.6%
|
$406,750
|
Married Filing Jointly or Qualifying Widower
“If your taxable income is….”
Over____
|
but not over___
|
The Tax is___ + ____%
|
...of the amount ($) over___
|
$0
|
$18,150
|
10%
|
0
|
$18,150
|
$73,800
|
$1,815 + 15%
|
$18,150
|
$73,800
|
$148,850
|
$10,162.50 + 25%
|
$73,800
|
$148,850
|
$226,850
|
$28,925 + 28%
|
$148,850
|
$226,850
|
$405,100
|
$50,765 + 33%
|
$226,850
|
$405,100
|
$457,600
|
$109,587.50 + 35%
|
$405,100
|
$457,600
|
...
|
$127,962.50 + 39.6%
|
$457,600
|
Married Filing Separately
“If your taxable income is….”
Over____
|
but not over___
|
The Tax is___ + ____%
|
...of the amount ($) over___
|
$0
|
$9,075
|
10%
|
0
|
$9,075
|
$36,900
|
$907.50 + 15%
|
$9,075
|
$36,900
|
$74,425
|
$5,081.25 + 25%
|
$36,900
|
$74,425
|
$113,425
|
$14,462.50 + 28%
|
$74,425
|
$113,425
|
$202,550
|
$25,382.50 + 33%
|
$113,425
|
$202,550
|
$228,800
|
$54793.75 + 35%
|
$202,550
|
$228,800
|
...
|
$63,981.25 + 39.6%
|
$228,800
|
Head-of-Household
“If your taxable income is….”
Over____
|
but not over___
|
The Tax is___ + ____%
|
...of the amount ($) over___
|
$0
|
$12,950
|
10%
|
0
|
$12,950
|
$49,400
|
$1,295.00 + 15%
|
$12,950
|
$49,400
|
$127,550
|
$6,762.50 + 25%
|
$49,400
|
$127,550
|
$206,600
|
$26,300.00 + 28%
|
$127,550
|
$206,600
|
$405,100
|
$48,434.00 + 33%
|
$206,600
|
$405,100
|
$432,200
|
$113,939.00 + 35%
|
$405,100
|
$432,200
|
...
|
$123,424.00 + 39.6%
|
$432,200
|
KEY INFORMATION FOR TAX YEAR 2014
Additional Child Tax Credit (FORM 8812)
Maximum Credit??
|
Child and Dependent Care (FORM 2441)
Maximum eligible expense for credit:
1 Qualifying Child $3,000
2 QCs $6,000
Deemed full-time students/disabled earnings:
1 QC?
2 QCs?
Maximum pre-tax contribution to employer:
125 Plan ?
|
Additional Medicare Tax (FORM 8959 or 1040 LINE 62)
0.9% tax is imposed on individual’s wages, compensation, and self-employment income that exceeds:
S/HH/QW $200,000
MFJ $250,000
MFS $125,000
|
Child Tax Credit REF PUB 17 PG 221
Maximum credit - $1,000 per child under 17
Phase-out begins with a Modified AGI of:
S/HOH/QW $75,000
MFJ $110,000
MFS $55,000
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Adoption (FORM 8839)
Maximum credit per child $13,190
Maximum employer-provided benefits exclusion: $13,190
|
Coverdell ESA (PUB 970 needs UPDATE)
Maximum contribution
Phase-out:
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Alternative Minimum Tax (FORM 6251)
Exemption:
S/HH $52,800 ($117,300 phase-out)
MFJ/QW $82,100 ($156,500 phase-out)
MFS $41,050 ($78,250 phase-out)
|
Earned Income Tax Credit (PUB 596)
Age 25 but less than 65
Earned income AND AGI must both be less than:
S/HH/QW $14,590
+1 Qualifying Child $38,511
+2 QCs $43,756
+3 QCs or more $46,997
MFJ $20,020
+1 QC $43,941
+2 QCs $49,186
+3 QCs or more $52,427
Maximum Credit
Investment income must be $3,350 or less.
*REFERENCE
http://www.irs.gov/Individuals/EITC-Income-Limits,-Maximum-Credit--Amounts-and-Tax-Law-Updates
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Bonus Depreciation
?
|
Educator Expense Deduction (PUB 17 PG 138)
NO DEDUCTION FOR 2014
|
Cars, Trucks and Vans
1st year depreciation limits: (SECTION 179) (PUB 17 PG 174
Cars $3,160
Trucks and Vans $3,460
|
Estate Tax
Lifetime exemption $5,250,000
Maximum Rate 40%
|
Exemptions, Personal/Dependent
$3,950 (PUB 17 PG 2)
| |
Foreign Earned Income Exclusion (FORM 2555) (PUB 54 PG 19)
Maximum exclusion:
$99,200
or
Foreign earned income - foreign housing exclusion
|
Student Loan Interest Max Deductible
$2,500
|
Gift Tax (FORM 709) PUB 559
Annual exclusion $14,000
Lifetime exclusion?
Maximum rate?
| |
Health Savings Account (FORM 8889) PUB 969
NEEDS UPDATING ONLY 2013
|
“Kiddie Tax” (FORM 8615)
File Form 8615 if child under 18 or full-time student under age 24 earns more than $2,000 from investments.
|
Household Employees (Schedule H)
FICA threshold $1,900
Must file w-2
FUTA (Fed Unemployment Tax) (SCHEDULE H INSTRUCTIONS)
threshold ??
|
Mortgage Insurance Premium Deduction
EXPIRED FOR 2014
|
IRA - Traditional (PUB 17 PG 122)
Contribution limit
Non-participant $5,500
Age 50 or older $6,500
Deduction phase-out range:
Active retirement plan participants:
S/HH More than $60,000 Less than $70,000
MFS Less than $10,000
MFJ
|
Non-Business Energy Credit??
|
Residential Energy Credit
30% of your costs of qualified solar electric property, solar water heating property, fuel cell property, small wind energy property, and geothermal heat pump property.
|
Retirement Plans (PUB 939 OUTDATED)
Maximum contribution:
401k, 403b, 457, SEP ??
Catch-up Age 50+ ??
SIMPLE ??
Catch-up Age 50+ ??
|
Saver’s Credit (FORM 8880)??
| |
Section 179 Deduction (PUB 946 OUTDATED) (FORM 4562) (PUB 463 OUTDATED)
Maximum deduction??
Investment limit??
| |
Standard Mileage Rates
Business: $0.56 / mile
Charity: $0.14 / mile
| |
Student Loan Interest Deduction(PUB 970 OUTDATED)
Maximum adjustment $2,500
Phase-out: (REF PUB 17 PG 137)
MFJ $130,000 - $155,000
S/HH/QW $65,000 - $75,000
| |
Tuition and Fees Deduction
EXPIRED 2014
| |
Education Credits (FORM 8863) REF PUB 17 PG 223
American Opportunity Credit
|
Lifetime Learning Credit
| |
Maximum credit
|
Up to $2,500 credit per eligible student
|
Up to $2,000 credit per return
|
Limit on modified adjusted gross income (MAGI)
|
S/HH/QW $90,000
MFJ $180,000
|
S/HH/QW $64,000
MFJ $128,000
|
Refundable or Non-Refundable
|
40% of credit refundable
|
Non-refundable
|
# of Years of Post-secondary Education
|
Available ONLY if the student has not completed the first 4 years of post-secondary education before 2014
|
Available for all years of post-secondary education including course to acquire or improve job skills
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# of tax years credit available
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Only 4 years per eligible student (including any years the Hope credit was claimed)
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Available for an unlimited amount of tax years.
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Type of program required
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Must pursue leading to a degree or other recognized credential
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Does not
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Number of Courses
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Must be enrolled at least for at least one time per academic period in 2014 or 1st 3 months of 2015 if qualified expenses were paid in 2014)
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Available for one or more courses
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Felony drug convictions
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Ineligible if convicted
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Does not affect
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Qualified Expenses
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Tuition, required enrollment fees, and course materials that the student needs for a course of study whether or not the materials are bought at the educational institution as a condition of enrollment or attendance
|
Tuition and required enrollment fees (including amounts required to be paid to the institution for course-related books, supplies, and equipment)
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Payments for academic periods
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Payments made for 2014 and the first 3 months of 2015
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Payments made for 2014 and the first 3 months of 2015
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Test for Qualifying Child
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Test for Qualifying Relative
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1. The child must be your son, daughter, stepchild, foster child, brother, sister, half brother, half sister, stepbrother, stepsister, or a descendant of any of them.
2. The child must be (a) under age 19 at the end of the year and younger than you (or your spouse, if filing jointly), (b) under age 24 at the end of the year, a student, and younger than you (or your spouse, if filing jointly), or (c) any age if permanently and totally disabled.
3. The child must have lived with you for more than half of the year.2
4. The child must not have provided more than half of his or her own support for the year.
5. The child must not be filing a joint return for the year (unless that return is filed only to get a refund of income tax withheld or estimated tax paid).
|
1. The person cannot be your qualifying child or the qualifying child of any other taxpayer.
2. The person either (a) must be related to you in one of the ways listed under Relatives who do not have to live with you, or (b) must live with you all year as a member of your household2 (and your relationship must not violate local law).
3. The person's gross income for the year must be less than $3,950.3
4. You must provide more than half of the person's total support for the year.4
|
Exemptions To ACA FORM
Federal Poverty Line For Use with ACA
|
|
Premium Tax Credit Eligibility
|
You are eligible for the premium tax credit if you meet all of the following requirements:
|
ACA Calculation
Shared Responsibility Payment
For 2014, the annual SRP amount is the greater of:
● 1 percent of the household income that is above the tax return filing threshold for the taxpayer’s filing status, or
Household Income - fed tax threshold x .01 (1%) = 12 month Shared Responsibility Payment
- Divide by 12 for monthly payment
● The family’s flat dollar amount, which is $95 per adult and $47.50 per child (under age 18), limited to a family
maximum of $285.
*REFERENCE PUB 5187 PG7
Household Income = Modified Adjusted Gross Income of you and spouse + MAGI of any dependents
*FORM 8965 PG2
Box 12 W-2
COBRA, EMPLOYER, MEDICARE A&B (but not D possibly)
EITC Income Limits
Filing Status
|
Earned income and adjusted gross income must each be less than:
|
Maximum Credit for Tax Year 2014
|
Single/Hoh/Widow
|
$14,590
|
$496
|
+1 QC
|
$38,511
|
$3,305
|
+2 QCs
|
$43,756
|
$5,460
|
+3 or More QCs
|
$46,997
|
$6,143
|
MFJ
|
$20,020
|
$496
|
+1 QC
|
$43,941
|
$3,305
|
+2 QCs
|
$49,186
|
$5,460
|
+3 QCs
|
$52,427
|
$6,143
|
** Investment income must be $3,350 or less for the year
**Cannot receive MFS
| ||
ACA Exemptions and Codes (Form 8965)
Coverage Exemption
|
Granted By Marketplace
|
Claimed On Tax Return
|
Code for Exemption
|
Unaffordable - the minimum for premiums is more than 8% of household income
|
X
|
A
| |
Short Coverage Gap - you went less than 3 consecutive months without coverage
|
X
|
B
| |
Citizens Living Abroad & Certain Non-Citizens: You are - a. US citizen or resident who spent 330 days or more outside of the country b. US resident or bona fide resident of another country or U.S. territory C. Neither a U.S. citizen or resident or LEGAL alien
|
X
|
C
| |
Household Income Below Filing Threshold
|
X
|
No Code
| |
Members of a Healthcare Share Ministry
|
X
|
X
|
D
|
Members of a Federally Recognized Indian Tribe
|
X
|
X
|
E
|
Incarceration
|
X
|
X
|
F
|
Members of Certain Religious Sects
|
X
|
No Code
| |
Limited Benefit Medicaid and TRICARE programs - Do not meet minimum coverage
|
X
|
H
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Fiscal Year Employer Coverage
|
X
|
H
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Hardships:
| |||
Two or more family members' aggregate cost of self-only employer-sponsored
coverage is more than 8% of household income, as is the cost of any available
employer-sponsored coverage for the entire family.
|
X
|
G
| |
You purchased insurance through the Marketplace during the initial enrollment period
but have a coverage gap at the beginning of 2014.
|
X
|
G
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You applied for CHIP coverage during the initial open enrollment period and were found
eligible for CHIP based on that application but have a coverage gap at the beginning of
2014.
|
X
|
G
| |
You are an American Indian, Alaska native, or a spouse or descendant of either who is
eligible for services through an Indian health care provider.
|
X
|
X
|
E
|
Your gross income is below the filing threshold.
|
X
|
No Code
| |
You are experiencing circumstances that prevent you from obtaining coverage under a
qualified health plan.
|
X
|
No Code
| |
You do not have access to affordable coverage based on your projected household
income.
|
X
|
No Code
| |
You are ineligible for Medicaid solely because the state in which you live does not
participate in the Medicaid expansion under the Affordable Care Act.
|
X
|
No Code
| |
You have been notified that your health insurance policy will not be renewed and you
consider the other plans available unaffordable.
|
X
|
No Code
|
ACA National Average Bronze Plan for 2014 was $204 per month
Common E-File Reject Codes
R0000-507-01
|
Dependent SSN already claimed. Make sure SSN is correct.
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R0000-504-02
|
Dependent SSN doesn’t match IRS. Confirm SSN.
|
F1040-429
|
First Time Hombuyer Installment payment is due on Line 60b. Attach form 5405
|
FW2-502
|
EIN typo on W2
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