2016 Key Amounts

Question 1

MFJ

Answer 1

12600

Question 2

HOH

Answer 2

9300

Question 3

MFS

Answer 3

6300

Question 4

QW

Answer 4

12600

Question 5

Single

Answer 5

6300

Question 6

Dependent

Answer 6

1050

Question 7

EIC: No children

Answer 7

506

Question 8

EIC: 1 child

Answer 8

3,373

Question 9

EIC: 2 children

Answer 9

5,572

Question 10

EIC: >2 children

Answer 10

6,269

Question 11

EIC: Investment income limit

Answer 11

3,400

Question 12

Traditional IRA Deduction Phase-Out Begins at AGI of…MFJ/QW

Answer 12

98,000

Question 13

Traditional IRA Deduction Phase-Out Begins at AGI of….MFJ, noncovered spouse

Answer 13

184,000

Question 14

Traditional IRA Deduction Phase-Out Begins at AGI of…Single

Answer 14

61,000

Question 15

Traditional IRA Deduction Phase-Out Begins at AGI of…HOH

Answer 15

61,000

Question 16

Traditional IRA Deduction Phase-Out Begins at AGI of…MFS

Answer 16

0

Question 17

Add… for age 65 or blind, each for MFJ/QW, MFS

Answer 17

1,250

Question 18

Add… for age 65 or blind, each for Single, HOH, Dependent

Answer 18

1,550

Question 19

Gift tax annual exclusion

Answer 19

14,000

Question 20

Kiddie tax threshold

Answer 20

2,100

Question 21

Cannot claim a child care credit for children age__ or older.

Answer 21

13

Question 22

Contributions no longer allowed to traditional IRAs; RMDs from non-Roth IRA plans must begin at age___.

Answer 22

70 1/2

Question 23

Cannot claim $1,000 child tax credit for children age__ or older.

Answer 23

17

Question 24

Generally must distribute ESA when beneficiary reaches age___.

Answer 24

30

Question 25

Eligible for penalty-free withdrawal from employer retirement plan if separated from service. Also eligible for catch-up contributions to HSAs at age___.

Answer 25

55

Question 26

Income exclusion for health insurance coverage and self-employed health insurance deduction for coverage of children expires at age___.

Answer 26

27

Question 27

Children working for parents' unincorporated business subject to FUTA at age___.

Answer 27

21

Question 28

Eligible for catch-up contributions to IRAs, 401(k) | Penalty-free withdrawals of govt. pension plans

Answer 28

50

Question 29

Exemption for dependent who are no full-time students expires. Kiddie tax only applies to full-time students.

Answer 29

19

Question 30

Exemption for dependent children who are full-time students expires. Can purchase savings bonds and exclude income used for education. Kiddie tax no longer applies.

Answer 30

24

Question 31

Penalty for early withdrawal of IRAs expires. | Roth IRA distributions are tax-free

Answer 31

59 1/2

Question 32

Children working for parents' unincorporated business subject to FICA. Cannot contribute to ESA for child at this age. Adoption credit no longer available. Qualifies for saver's credit (if not a dependent or full-time student). Kiddie tax does not apply if child's earned income > than half of his support.

Answer 32

18

Question 33

Taxpayers w/no children qualify for EIC.

Answer 33

25

Question 34

Non-itemizers become eligible for higher standard deduction. Taxpayers w/no children no longer qualify for EIC. HSA and MSA withdrawals are taxed but no longer subject to 20% penalty. 7.5% (rather than 10%) AGI threshold applies to medical expenses. Eligible for credit for the elderly.

Answer 34

65