Secure Act Summary

In the closing months of 2019 Congress Passed the Secure Act and it has some relatively large impacts on retirement savings and retirement plans going forward. I have read several articles digesting the impact of the act but I think Fidelity has put together the best article that details the impacts fairly well.

Secure Act – Fidelity’s Article here

https://www.fidelity.com/learning-center/personal-finance/retirement/understanding-the-secure-act-and-retirement

Secure Act – High Level points:

  • Require Minimum Distribution Age has been changed to 72 from 70.5
    • This only impacts those that have not started RMDs. Those who started RMD’s in 2019 will need to continue to do so even if they are younger than 72
    • As a reminder this is the age you MUST start taking distributions from your retirement accounts that are tax deferred (Roth’s are post tax and are not subject to RMD’s as of the time of this article).
  • Removed the age limit on Traditional IRA contributions (still required earned income)
  • If you worked part time > 1000 hours in one year or > 500 hours over 3 years, you are now eligible for your employers 401k.
  • Parents can withdraw Penalty free up to $5k from retirement accounts the year of a child’s birth or adoption
    • NOTE – This will still be subject to income taxes
  • Basically killed the “stretch” IRA. If someone inherits an IRA that is a non-spouse, funds must be distributed and pay tax with 10 years
  • Added a tax credit for small businesses starting a retirement plan
  • Allows up to 10k to be distributed from a 529 plan to pay down student debt.

If you have any questions on how this may apply to you, please do not hesitate contact me. Please note that the information from this post is meant to be educational and should not be considered advice. Clients should contact me to receive specific advice on your situation.

2016 Federal & CA Tax Rates, Tax Tables, Personal Exemptions, and Standard Deductions | US Tax Center

I am always finding myself looking up the Federal and California tax brackets so I thought I would add the info here for quick reference.

2016 Federal Tax Rates, Tax Tables, Personal Exemptions and Standard Deductions

Source:https://www.irs.com/articles/2016-federal-tax-rates-personal-exemptions-and-standard-deductions

Single

Taxable Income Tax Rate
$0—$9,275 10%
$9,276—$37,650 $927.50 plus 15% of the amount over $9,275
$37,651—$91,150 $5,183.75 plus 25% of the amount over $37,650
$91,151—$190,150 $18,558.75 plus 28% of the amount over $91,150
$190,151—$ 413,350 $46,278.75 plus 33% of the amount over $190,150
$413,351—$415,050 $119,934.75 plus 35% of the amount over $413,350
$415,051 or more $120,529.75 plus 39.6% of the amount over $415,050

 

Married Filing Jointly or Qualifying Widow(er)

Taxable Income Tax Rate
$0—$18,550 10%
$18,551—$75,300 $1,855 plus 15% of the amount over $18,550
$75,301—$151,900 $10,367.50 plus 25% of the amount over $75,300
$151,901—$231,450 $29,517.50 plus 28% of the amount over $151,900
$231,451—$413,350 $51,791.50 plus 33% of the amount over $231,450
$413,351—$466,950 $111,818.50 plus 35% of the amount over $413,350
$466,951 or more $130,578.50 plus 39.6% of the amount over $466,950

 

Married Filing Separately

Taxable Income Tax Rate
$0—$9,275 10%
$9,276—$37,650 $927.50 plus 15% of the amount over $9,275
$37,651—$75,950 $5,183.75 plus 25% of the amount over $37,650
$75,951—$115,725 $14,758.75 plus 28% of the amount over $75,950
$115,726—$206,675 $25,895.75 plus 33% of the amount over $115,725
$206,676—$233,475 $55,909.25 plus 35% of the amount over $206,675
$233,476 or more $65,289.25 plus 39.6% of the amount over $233,475

 

Head of Household

Taxable Income Tax Rate
$0—$13,250 10%
$13,251—$50,400 $1,325 plus 15% of the amount over $13,250
$50,401—$130,150 $6,897.50 plus 25% of the amount over $50,400
$130,151—$210,800 $26,835 plus 28% of the amount over $130,150
$210,801—$413,350 $49,417 plus 33% of the amount over $210,800
$413,351—$441,000 $116,258.50 plus 35% of the amount over $413,350
$441,001 or more $125,936 plus 39.6% of the amount over $441,000

 

2016 Personal Exemption Amounts

For tax year 2016, the personal exemption amount is $4,050 (compared to $4,000 in 2015).

You are allowed to claim one personal exemption for yourself and one for your spouse (if married). However, if somebody else can list you as a dependent on their tax return, you are not permitted to claim a personal exemption for yourself.

The personal exemption amount “phases out” for taxpayers with higher incomes. The Personal Exemption Phaseout (PEP) thresholds are as follows:

Filing Status PEP Threshold Starts PEP Threshold Ends
Single $259,400 $381,900
Married Filing Jointly $311,300 $433,800
Married Filing Separately $155,650 $216,900
Head of Household $285,350 $407,850

 

2016 Standard Deduction Amounts

There are two main types of tax deductions: the standard deduction and itemized deductions. You can claim one type of deduction on your tax return, but not both.

For example, if you claim the standard deduction, you cannot itemize deductions – and vice versa (if you itemize deductions, you cannot claim the standard deduction). You are allowed to use whichever type of deduction results in the lowest tax.

The standard deduction is subtracted from your Adjusted Gross Income (AGI), thereby reducing your taxable income. For tax year 2016, the standard deduction amounts are as follows:

Filing Status Standard Deduction
Single $6,300
Married Filing Jointly $12,600
Married Filing Separately $6,300
Head of Household $9,300
Qualifying Widow(er) $12,600

 

Note that there is an additional standard deduction for elderly or blind taxpayers, which is $1,250 for tax year 2016. The additional standard deduction amount increases to $1,550 if the individual is also unmarried and not a qualifying widow(er).

 

Please Note that Information Below these lines, refers to California Taxes, Rates, Deduction and the Information Above these lines and this Statement refers to Federal Taxes, Rates, Deductions, Etc.

 

2016 California Tax Rates, Tax Tables, Personal Exemptions and Standard Deductions

Source: https://www.ftb.ca.gov/forms/2015_California_Tax_Rates_and_Exemptions.shtml

Rate of inflation

The rate of inflation in California, for the period from July 1, 2015, through June 30, 2016, was 2.1%. The 2016 personal income tax brackets are indexed by this amount.

Corporate tax rates

Entity type Tax rate
Corporations other than banks and financials 8.84%
Banks and financials 10.84%
Alternative Minimum Tax (AMT) rate 6.65%
S corporation rate 1.5%
S corporation bank and financial rate 3.5%

Individual tax rates

  • The maximum rate for individuals is 12.3%
  • The AMT rate for individuals is 7%
  • The Mental Health Services Tax Rate is 1% for taxable income in excess of $1,000,000.

Exemption credits

Filing Status/Qualification Exemption amount
Married/Registered Domestic Partner (RDP) filing jointly or qualifying widow(er) $222
Single, married/RDP filing separately, or head of household $111
Dependent $344
Blind $111
Age 65 or older $111

Phaseout of exemption credits

Higher-income taxpayers’ exemption credits are reduced as follows:

Filing status Reduce each credit by: For each: Federal AGI exceeds:
Single $6 $2,500 $182,459
Married/RDP filing separately $6 $1,250 $182,459
Head of household $6 $2,500 $273,692
Married/RDP filing jointly $12 $2,500 $364,923
Qualifying widow(er) $12 $2,500 $364,923

When applying the phaseout amount, apply the $6/$12 amount to each exemption credit, but do not reduce the credit below zero. If a personal exemption credit is less than the phaseout amount, do not apply the excess against a dependent exemption credit.

Standard deductions

The standard deduction amounts for:

Filing status Deduction amount
Single or married/RDP filing separately $4,129
Married/RDP filing jointly, head of household, or qualifying widow(er) $8,258
The minimum standard deduction for dependents $1,050

Reduction in itemized deductions

Itemized deductions must be reduced by the lesser of 6% of the excess of the taxpayer’s federal AGI over the threshold amount or 80% of the amount of itemized deductions otherwise allowed for the taxable year.

Filing status AGI threshold
Single or married/RDP filing separately $182,459
Head of household $273,692
Married/RDP filing jointly or qualifying widow(er) $364,923

Earned Income Tax Credit

The California earned income tax credit is available to California households with federal adjusted gross income (AGI) of:

  • Less than $6,718 if there are no qualifying children.
  • Less than $10,088 if there is one qualifying child.
  • Less than $14,162 if there are two or more qualifying children.

The maximum amount of investment income to remain eligible for the credit is $3,471.

Nonrefundable Renter’s credit

This nonrefundable, non-carryover credit for renters is available for:

  • Single or married/RDP filing separately with a California AGI of $39,062 or less.
    • The credit is $60.
  • Married/RDP filing jointly, head of household, or qualifying widow(er) with a California AGI of $78,125 or less.
    • The credit is $120.

Miscellaneous credits

  • Qualified senior head of household credit
    • 2% of California taxable income
    • Maximum California AGI of $71,370
    • Maximum credit of $1,345
  • Joint custody head of household credit/dependent parent credit
    • 30% of net tax
    • Maximum credit of $440

AMT exemption

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $89,467
Single or head of household $67,101
Married/RDP filing separately, estates, or trusts $44,732

AMT exemption phaseout

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $335,502
Single or head of household $251,626
Married/RDP filing separately, estates, or trusts $167,749

FTB cost recovery fees

Fee type Fee
Bank and corporation filing enforcement fee $100
Bank and corporation collection fee $365
Personal income tax filing enforcement fee $81
Personal income tax collection fee $266

The personal income tax fees apply to individuals and partnerships, as well as limited liability companies that are classified as partnerships. The bank and corporation fees apply to banks and corporations, as well as limited liability companies that are classified as corporations. Interest does not accrue on these cost recovery fees.

2016 California Tax Rate Schedules

Schedule X — Single or married/RDP filing separately

If the taxable income is
Over But not over Tax is Of amount over
$0 $8,015 $0.00 plus 1.00% $0
$8,015 $19,001 $80.15 plus 2.00% $8,015
$19,001 $29,989 $299.87 plus 4.00% $19,001
$29,989 $41,629 $739.39 plus 6.00% $29,989
$41,629 $52,612 $1,437.79 plus 8.00% $41,629
$52,612 $268,750 $2,316.43 plus 9.30% $52,612
$268,750 $322,499 $22,417.26 plus 10.30% $268,750
$322,499 $537,498 $27,953.41 plus 11.30% $322,499
$537,498 AND OVER $52,248.30 plus 12.30% $537,498

Schedule Y — Married/RDP filing jointly, or qualifying widow(er) with dependent child

If the taxable income is
Over But not over Tax is Of amount over
$0 $16,030 $0.00 plus 1.00% $0
$16,030 $38,002 $160.30 plus 2.00% $16,030
$38,002 $59,978 $599.74 plus 4.00% $38,002
$59,978 $83,258 $1,478.78 plus 6.00% $59,978
$83,258 $105,224 $2,875.58 plus 8.00% $83,258
$105,224 $537,500 $4,632.86 plus 9.30% $105,224
$537,500 $644,998 $44,834.53 plus 10.30% $537,500
$644,998 $1,074,996 $55,906.82 plus 11.30% $644,998
$1,074,996 AND OVER $104,496.59 plus 12.30% $1,074,996

Schedule Z — Head of household

If the taxable income is
Over But not over Tax is Of amount over
$0 $16,040 $0.00 plus 1.00% $0
$16,040 $38,003 $160.40 plus 2.00% $16,040
$38,003 $48,990 $599.66 plus 4.00% $38,003
$48,990 $60,630 $1,039.14 plus 6.00% $48,990
$60,630 $71,615 $1,737.54 plus 8.00% $60,630
$71,615 $365,499 $2,616.34 plus 9.30% $71,615
$365,499 $438,599 $29,947.55 plus 10.30% $365,499
$438,599 $730,997 $37,476.85 plus 11.30% $438,599
$730,997 AND OVER $70,517.82 plus 12.30% $730,997

Individual Filing Requirements

If your gross income or adjusted gross income is more than the amount shown in the chart below for your filing status, age, and number of dependents, then you have a filing requirement.

Filing Status Age as of December 31, 2016* California Gross Income California Adjusted Gross Income
Dependents Dependents
0 1 2 or more 0 1 2 or more
Single or head of household Under 65 $16,597 $28,064 $36,664 $13,278 $24,745 $33,345
65 or older $22,147 $30,747 $37,627 $18,828 $27,428 $34,308
Married/RDP filing jointly or separately Under 65 (both spouses/RDPs) $33,197 $44,664 $53,264 $26,558 $38,025 $46,625
65 or older (one spouse) $38,747 $47,347 $54,227 $32,108 $40,708 $47,588
65 or older
(both spouses/RDPs)		 $44,297 $52,897 $59,777 $37,658 $46,258 $53,138
Qualifying widow(er) Under 65 N/A $28,064 $36,664 N/A $24,745 $33,345
65 or older N/A $30,747 $37,627 N/A $27,428 $34,308
Dependent of another person (Any filing status) Under 65 More than your standard deduction
65 or older More than your standard deduction

* If you turn 65 on January 1, 2017, you are considered to be age 65 at the end of 2016.

 

For 2015 Federal & CA Tax Rates, Tax Tables, Personal Exemptions, and Standard Deductions  please see our older post here:

2015 Federal & CA Tax Rates, Tax Tables, Personal Exemptions, and Standard Deductions | US Tax Center

PLEASE NOTE THAT I HAVE COMPILED THIS INFORMATION FOR AN EASY PLACE TO LOOK UP AND REFER TO THE DATA.  I BELIEVE IT ALL TO BE CORRECT BUT I AM NOT RESPONSIBLE FOR ANY TYPOS.  THIS PAGE IS FOR INFORMATIONAL PURPOSES, PLEASE SPEAK WITH YOUR TAX EXPERT/PREPARER WHEN MAKING TAX DECISIONS.  THIS PAGE SHOULD NOT BE CONSIDERED TAX ADVICE.

2015 Federal & CA Tax Rates, Tax Tables, Personal Exemptions, and Standard Deductions | US Tax Center

I am always finding myself looking up the Federal and California tax brackets so I thought I would add the info here for quick reference.

For your 2016 Federal & CA Tax Rates, Tax Tables, Personal Exemptions, and Standard Deductions | US Tax Center please click here for our updated article.

2015 Federal & CA Tax Rates, Tax Tables, Personal Exemptions, and Standard Deductions | US Tax Center

This post is fairly long and is one of my most popular pages.  I made some Quick Links to make it easier to navigate to the section you want:

Federal Tax Rates, Tax Brackets, Personal Exemptions, Standard Deductions

2015 California Tax Rates, Tax Tables, Personal Exemptions and Standard Deductions

2015 Federal Tax Rates, Tax Tables, Personal Exemptions and Standard Deductions

This article gives you the tax rates and related numbers that you will need to prepare your 2015 income tax return. In general, 2015 individual tax returns are due by April 15, 2016.

Source: 2015 Federal Tax Rates, Personal Exemptions, and Standard Deductions | US Tax Center

 

Single:

Taxable Income Tax Rate
$0 to $9,225 10%
$9,226 to $37,450 $922.50 plus 15% of the amount over $9,225
$37,451 to $90,750 $5,156.25 plus 25% of the amount over $37,450
$90,751 to $189,300 $18,481.25 plus 28% of the amount over $90,750
$189,301 to $411,500 $46,075.25 plus 33% of the amount over $189,300
$411,501 to $413,200 $119,401.25 plus 35% of the amount over $411,500
$413,201 or more $119,996.25 plus 39.6% of the amount over $413,200

 

Married Filing Jointly or Qualifying Widow(er):

Taxable Income Tax Rate
$0 to $18,450 10%
$18,451 to $74,900 $1,845.00 plus 15% of the amount over $18,450
$74,901 to $151,200 $10,312.50 plus 25% of the amount over $74,900
$151,201 to $230,450 $29,387.50 plus 28% of the amount over $151,200
$230,451 to $411,500 $51,577.50 plus 33% of the amount over $230,450
$411,501 to $464,850 $111,324.00 plus 35% of the amount over $411,500
$464,851 or more $129,996.50 plus 39.6% of the amount over $464,850

 

Married Filing Separately:

Taxable Income Tax Rate
$0 to $9,225 10%
$9,226 to $37,450 $922.50 plus 15% of the amount over $9,225
$37,451 to $75,600 $5,156.25 plus 25% of the amount over $37,450
$75,601 to $115,225 $14,693.75 plus 28% of the amount over $75,600
$115,226 to $205,750 $25,788.75 plus 33% of the amount over $115,225
$205,751 to $232,425 $55,662.00 plus 35% of the amount over $205,750
$232,426 or more $64,998.25 plus 39.6% of the amount over $232,425

 

Head of Household:

Taxable Income Tax Rate
$0 to $13,150 10%
$13,151 to $50,200 $1,315.00 plus 15% of the amount over $13,150
$50,201 to $129,600 $6,872.50 plus 25% of the amount over $50,200
$129,601 to $209,850 $26,772.50 plus 28% of the amount over $129,600
$209,851 to $411,500 $49,192.50 plus 33% of the amount over $209,850
$411,501 to $439,000 $115,737.00 plus 35% of the amount over $411,500
$439,001 or more $125,362.00 plus 39.6% of the amount over $439,000

 

2015 Personal Exemption Amounts

You are allowed to claim one personal exemption for yourself and one for your spouse (if married). However, if somebody else can list you as a dependent on their tax return, you are not permitted to claim a personal exemption for yourself.

For tax year 2015, the personal exemption amount is $4,000 (up from $3,950 in 2014).

The personal exemption amount “phases out” for taxpayers with higher incomes. The Personal Exemption Phaseout (PEP) thresholds are as follows:

Filing Status PEP Threshold Starts PEP Threshold Ends
Single $258,250 $380,750
Married Filing Jointly $309,900 $432,400
Married Filing Separately $154,950 $216,200
Head of Hosuehold $284,050 $406,550

 

2015 Standard Deduction Amounts

There are two main types of tax deductions: the standard deduction and itemized deductions. You can claim one type of deduction on your tax return, but not both. For example, if you claim the standard deduction, you cannot itemize deductions – and vice versa (if you itemize deductions, you cannot claim the standard deduction). You are allowed to use whichever type of deduction results in the lowest tax.

The standard deduction is subtracted from your Adjusted Gross Income (AGI), thereby reducing your taxable income. For tax year 2015, the standard deduction amounts are as follows:

Filing Status Standard Deduction
Single $6,300
Married Filing Jointly $12,600
Married Filing Separately $6,300
Head of Household $9,250
Qualifying Widow(er) $12,600

 

Please Note that Information Below these lines, refers to California Taxes, Rates, Deduction and the Information Above these lines and this Statement refers to Federal Taxes, Rates, Deductions, Etc.

 

2015 California Tax Rates, Tax Tables, Personal Exemptions and Standard Deductions

Source: https://www.ftb.ca.gov/forms/2015_California_Tax_Rates_and_Exemptions.shtml

Rate of inflation

The rate of inflation in California, for the period from July 1, 2014, through June 30, 2015, was 1.3%. The 2015 personal income tax brackets are indexed by this amount.

Corporate tax rates

Entity type Tax rate
Corporations other than banks and financials 8.84%
Banks and financials 10.84%
Alternative Minimum Tax (AMT) rate 6.65%
S corporation rate 1.5%
S corporation bank and financial rate 3.5%

Individual tax rates

  • The maximum rate for individuals is 12.3%
  • The AMT rate for individuals is 7%
  • The Mental Health Services Tax Rate is 1% for taxable income in excess of $1,000,000.

Exemption credits

Filing Status/Qualification Exemption amount
Married/Registered Domestic Partner (RDP) filing jointly or qualifying widow(er) $218
Single, married/RDP filing separately, or head of household $109
Dependent $337
Blind $109
Age 65 or older $109

Phaseout of exemption credits

Higher-income taxpayers’ exemption credits are reduced as follows:

Filing status Reduce each credit by: For each: Federal AGI exceeds:
Single $6 $2,500 $178,706
Married/RDP filing separately $6 $1,250 $178,706
Head of household $6 $2,500 $268,063
Married/RDP filing jointly $12 $2,500 $357,417
Qualifying widow(er) $12 $2,500 $357,417

When applying the phaseout amount, apply the $6/$12 amount to each exemption credit, but do not reduce the credit below zero. If a personal exemption credit is less than the phaseout amount, do not apply the excess against a dependent exemption credit.

Standard deductions

The standard deduction amounts for:

Filing status Deduction amount
Single or married/RDP filing separately $4,044
Married/RDP filing jointly, head of household, or qualifying widow(er) $8,088
The minimum standard deduction for dependents $1,050

Reduction in itemized deductions

Itemized deductions must be reduced by the lesser of 6% of the excess of the taxpayer’s federal AGI over the threshold amount or 80% of the amount of itemized deductions otherwise allowed for the taxable year.

Filing status AGI threshold
Single or married/RDP filing separately $178,706
Head of household $268,063
Married/RDP filing jointly or qualifying widow(er) $357,417

Nonrefundable Renter’s credit

This nonrefundable, non-carryover credit for renters is available for:

  • Single or married/RDP filing separately with a California AGI of $38,259 or less.
    • The credit is $60.
  • Married/RDP filing jointly, head of household, or qualifying widow(er) with a California AGI of $76,518 or less.
    • The credit is $120.

Miscellaneous credits

  • Qualified senior head of household credit
    • 2% of California taxable income
    • Maximum California AGI of $69,902
    • Maximum credit of $1,317
  • Joint custody head of household credit/dependent parent credit
    • 30% of net tax
    • Maximum credit of $431

AMT exemption

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $87,627
Single or head of household $65,721
Married/RDP filing separately, estates, or trusts $43,812

AMT exemption phaseout

Filing status Amount
Married/RDP filing jointly or qualifying widow(er) $328,601
Single or head of household $246,451
Married/RDP filing separately, estates, or trusts $164,299

FTB cost recovery fees

Fee type Fee
Bank and corporation filing enforcement fee $92
Bank and corporation collection fee $334
Personal income tax filing enforcement fee $79
Personal income tax collection fee $226

The personal income tax fees apply to individuals and partnerships, as well as limited liability companies that are classified as partnerships. The bank and corporation fees apply to banks and corporations, as well as limited liability companies that are classified as corporations. Interest does not accrue on these cost recovery fees.

2015 California Tax Rate Schedules

Schedule X — Single or married/RDP filing separately

If the taxable income is
Over But not over Tax is Of amount over
$0 $7,850 $0.00 plus 1.00% $0
$7,850 $18,610 $78.50 plus 2.00% $7,850
$18,610 $29,372 $293.70 plus 4.00% $18,610
$29,372 $40,773 $724.18 plus 6.00% $29,372
$40,773 $51,530 $1,408.24 plus 8.00% $40,773
$51,530 $263,222 $2,268.80 plus 9.30% $51,530
$263,222 $315,866 $21,956.16 plus 10.30% $263,222
$315,866 $526,443 $27,378.49 plus 11.30% $315,866
$526,443 AND OVER $51,173.69 plus 12.30% $526,443

Schedule Y — Married/RDP filing jointly, or qualifying widow(er) with dependent child

If the taxable income is
Over But not over Tax is Of amount over
$0 $15,700 $0.00 plus 1.00% $0
$15,700 $37,220 $157.00 plus 2.00% $15,700
$37,220 $58,744 $587.40 plus 4.00% $37,220
$58,744 $81,546 $1,448.36 plus 6.00% $58,744
$81,546 $103,060 $2,816.48 plus 8.00% $81,546
$103,060 $526,444 $4,537.60 plus 9.30% $103,060
$526,444 $631,732 $43,912.31 plus 10.30% $526,444
$631,732 $1,052,886 $54,756.97 plus 11.30% $631,732
$1,052,886 AND OVER $102,347.37 plus 12.30% $1,052,886

Schedule Z — Head of household

If the taxable income is
Over But not over Tax is Of amount over
$0 $15,710 $0.00 plus 1.00% $0
$15,710 $37,221 $157.10 plus 2.00% $15,710
$37,221 $47,982 $587.32 plus 4.00% $37,221
$47,982 $59,383 $1,017.76 plus 6.00% $47,982
$59,383 $70,142 $1,701.82 plus 8.00% $59,383
$70,142 $357,981 $2,562.54 plus 9.30% $70,142
$357,981 $429,578 $29,331.57 plus 10.30% $357,981
$429,578 $715,962 $36,706.06 plus 11.30% $429,578
$715,962 AND OVER $69,067.45 plus 12.30% $715,962

Individual Filing Requirements

If your gross income or adjusted gross income is more than the amount shown in the chart below for your filing status, age, and number of dependents, then you have a filing requirement.

Filing Status Age as of December 31, 2015* California Gross Income California Adjusted Gross Income
Dependents Dependents
0 1 2 or more 0 1 2 or more
Single or head of household Under 65 $16,256 $27,489 $35,914 $13,005 $24,238 $32,663
65 or older $21,706 $30,131 $36,871 $18,455 $26,880 $33,620
Married/RDP filing jointly or separately Under 65 (both spouses/RDPs) $32,514 $43,747 $52,172 $26,012 $37,245 $45,670
65 or older (one spouse) $37,964 $46,389 $53,129 $31,462 $39,887 $46,627
65 or older
(both spouses/RDPs)		 $43,414 $51,839 $58,579 $36,912 $45,337 $52,077
Qualifying widow(er) Under 65 N/A $27,489 $35,914 N/A $24,238 $32,663
65 or older N/A $30,131 $36,871 N/A $26,880 $33,620
Dependent of another person (Any filing status) Under 65 More than your standard deduction
65 or older More than your standard deduction

* If you turn 65 on January 1, 2016, you are considered to be age 65 at the end of 2015.

 

PLEASE NOTE THAT I HAVE COMPILED THIS INFORMATION FOR AN EASY PLACE TO LOOK UP AND REFER TO THE DATA.  I BELIEVE IT ALL TO BE CORRECT BUT I AM NOT RESPONSIBLE FOR ANY TYPOS.  THIS PAGE IS FOR INFORMATIONAL PURPOSES, PLEASE SPEAK WITH YOUR TAX EXPERT/PREPARER WHEN MAKING TAX DECISIONS.  THIS PAGE SHOULD NOT BE CONSIDERED TAX ADVICE.

IRA Rollovers – Simple and GREAT chart from the IRS

IRA Rollovers – Simple and GREAT chart from the IRS

One major questions invstors have with their retirement plans at retirement:

Can I Roll my 401k, SEP, 403b, 457 Plan into an IRA?

Thankfully, the IRS has provided us a great Chart we can use to determine if a plan can be rolled over into an IRA.

 

IRS_IRA_Rollover_chart_401k_SEP_457_ROTH_SIMPLE

 

Source:

http://www.irs.gov/pub/irs-tege/rollover_chart.pdf

** The information on this website is intended only for informational purposes. Investors should not act upon any of the information here without performing their own due diligence. Reh Wealth Advisor clients should discuss with their advisor if any action is appropriate.