FACTOIDS FOR 2015 AND 2016

INCLUDING MILEAGE RATES, IRA LIMITS,  QUALIFIED PLAN LIMITS, ESTATE TAX LIMITS,

GIFTING LIMITS & FOREIGN EARNED INCOME LIMITS

STANDARD MILEAGE RATES

For 2015, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) are:

• 57.5 cents per mile for business miles driven
• 23 cents per mile driven for medical/ moving purposes
• 14 cents per mile driven in service of charitable organizations – it takes an act of Congress to change charitable mileage…so we are pretty sure this won’t change anytime soon

For 2016 (Reductions!)

• 54 cents per mile for business miles driven
• 19 cents per mile driven for medical/moving purposes
• 14 cents per mile driven in service of charitable

TRADITIONAL AND ROTH IRA CONTRIBUTION LIMITS—FUND BY APRIL 18!

Tax Year	Under age 50	Age 50 or Older
2015	$5,500	$6,500
2016	$5,500	$6,500

THERE ARE SOME IMPORTANT RESTRICTIONS – GIVE US A CALL BEFORE FUNDING

FROM SOCIAL SECURITY ADMINISTRATION: http://www.ssa.gov/pressoffice/colafacts.htm

Retirement Earning Text Exempt Amounts:	2015	2016
Under full retirement age NOTE: One dollar in benefits will be withheld for every $2 in earning above the limit.	$15,720/yr ($1,310/mo)	$15,720/yr ($1,310/mo)

There is no limit on earnings beginning the month an individual attains full retirement age.  See http://www.socialsecurity.gov/retire2/agereduction.htm

Remember – it is NOT 65 for everyone!!

Maximum Earning Taxable:	2015	2016
Social Security (OASDI only)	$118,500	$118,500

NEWS ON THE ESTATE FRONT:

Estate Planning	2015	2016
Estate Tax Exclusion	$5.43 Million	$5.45 Million
Gift Tax Exclusion	$5.43 Million	$5.45 Million
Annual Gifting – to anyone	$14,000	$14,000

QUALIFIED PLAN LIMITS

	2015	2016
Elective Deferrals	$18,000	$18,000
Catch-Up Contributions	$6,000	$6,000
Defined Benefit Plan Annual Benefit Limit	$210,000	$210,000
Defined Contribution 415 limit (eg 401k, SEP)	$53,000	$53,000

FOREIGN EARNED INCOME EXCLUSION:

• 2015                $ 100,800
• 2016                $101,300