2016 Quick Facts

Question 1

Personal exemption

Answer 1

4,050

Question 2

Personal exemption and itemized deduction phase-out begins at AGI of…MFJ/QW

Answer 2

311,300

Question 3

Personal exemption and itemized deduction phase-out begins at AGI of…Single

Answer 3

259,400

Question 4

Personal exemption and itemized deduction phase-out begins at AGI of…HOH

Answer 4

285,350

Question 5

Personal exemption and itemized deduction phase-out begins at AGI of…MFS

Answer 5

155,650

Question 6

To qualify for EIC, earned income and AGI must be less than…. for no children:

Answer 6

20,430 (14,880 for HOH, Single)

5,550 less than MFJ

Question 7

To qualify for EIC, earned income and AGI must be less than…. for 1 child:

Answer 7

44,846 (39,296 for HOH, Single)

5,550 less than MFJ

Question 8

To qualify for EIC, earned income and AGI must be less than…. for no children:

Answer 8

50,198 (44,648 for HOH, Single)

5,550 less than MFJ

Question 9

To qualify for EIC, earned income and AGI must be less than…. for no children:

Answer 9

53,505 (47,955 for HOH, Single)

5,550 less than MFJ

Question 10

Advance payment of health insurance premium tax credit- repayment limit if income < 2x federal poverty limit (FPL)

Answer 10

600

Question 11

Advance payment of health insurance premium tax credit- repayment limit if income 2-3x federal poverty limit (FPL)

Answer 11

1,500

Question 12

Advance payment of health insurance premium tax credit- repayment limit if income < 3-4x federal poverty limit (FPL)

Answer 12

2,550

Question 13

Advance payment of health insurance premium tax credit- repayment limit if income < 4x federal poverty limit (FPL)

Answer 13

No limit

Question 14

Child tax credit

Answer 14

$1,000 per child

Question 15

Earned income floor- additional (refundable) floor for child tax credit

Answer 15

3,000

Question 16

adoption credit/exclusion

Answer 16

13,460

Question 17

adoption credit phase-out (for all except MFS)

Answer 17

201,920

Question 18

foreign earned income exclusion

Answer 18

101,300

Question 19

Max earnings subject to tax: Soc. Sec.

Answer 19

118,500

Question 20

Max earnings subject to tax: Medicare

Answer 20

No limit

Question 21

Employee- Soc. Sec.

Answer 21

7,347

Question 22

Self-employed- Soc. Sec.

Answer 22

14,694

Question 23

Employee or Self-employed- Medicare

Answer 23

No limit

Question 24

Additional Medicare tax begins at earnings of (MFJ):

Answer 24

250,000

Question 25

Additional Medicare tax begins at earnings of (Single, HOH, or QW):

Answer 25

200,000

Question 26

Additional Medicare tax begins at earnings of (MFS):

Answer 26

125,000

Question 27

Section 179 deduction- limit

Answer 27

25,000

Question 28

Section 179 deduction- SUV limit (per vehicle)

Answer 28

25,000

Question 29

Section 179 deduction- qualified real property limit

Answer 29

N/A

Question 30

Section 179 deduction- qualified real property phase-out threshold

Answer 30

200,000

Question 31

Depreciation limit- autos, trucks & vans

Answer 31

3,160, 3,460

Question 32

Mileage allowances: Business Charity work Medical

Answer 32

.575 .14 .23

Question 33

HSA, self-only coverage: Annual contribution limit Min deductible Out-of-pocket limit

Answer 33

3,350 1,300 6,550

Question 34

HSA, family coverage: Annual contribution limit Min deductible Out-of-pocket limit

Answer 34

All double those of self-only coverage.

Question 35

HSA additional contribution limit for 55+

Answer 35

1,000

Question 36

AMT exemption- MFJ/QW

Answer 36

83,800

Question 37

AMT exemption- Single/HOH

Answer 37

53,900

Question 38

AMT exemption- MFS

Answer 38

41,900

Question 39

AMT exemption- kiddie tax

Answer 39

7,400

Question 40

Net investment income tax begins at AGI of... MFJ/QW

Answer 40

250,000

Question 41

Net investment income tax begins at AGI of... Single/HOH

Answer 41

200,000

Question 42

Net investment income tax begins at AGI of... MFS

Answer 42

125,000

Question 43

Key employee compensation threshold (retirement saver's credit)

Answer 43

170,000

Question 44

Highly compensated threshold (retirement saver's credit)

Answer 44

120,000

Question 45

Max earnings and still receive soc. sec. benefits: under full retirement age at year-end, benefits reduced by $1 for each $2 earned over

Answer 45

15,720

Question 46

Max earnings and still receive soc. sec. benefits: year FRA reached, benefits reduced by $1 for each $3 earned over (months up to FRA only)

Answer 46

41,880

Question 47

Month FRA reached and later

Answer 47

No Limit

Question 48

Estate and gift tax exclusion

Answer 48

5,450,000

Question 49

GST tax exemption

Answer 49

5,450,000

Question 50

Gift tax annual exclusion

Answer 50

14,000