Are you ready for April 15, 2015? If you’re doing your own federal income taxes using software, you should know about changes the IRS has in store. The bottom line: there are stricter rules on IRA rollovers and higher breaking points for tax brackets. Changes will vary by income and situation.
Here are the things you need to know about 2015 tax changes:
Tax Thresholds – tax bracket limits have increased by a few hundred or thousand dollars. For example, the 39.6 percent tax bracket will start at $413,200 for individuals and $464,850 for joint filers (up from $457,600).
Standard Deductions – This has increased by $100 for individuals and $200 for joint filers.
Heads of Household –The standard deduction increases from $9,100 to $9,250.
Itemized Deduction Limit – The limit starts at $258,250 for single filers and at $309,900 for joint filers.
Personal Exemption – This limit will increase by $50, from $3,950 to $4,000. A phase-out begins when adjusted gross income exceeds $258,250 for single filers and $309,900 for married couples. It phases out altogether at $380,750 (individual) and $432,400 (joint).
IRA Rollovers 2015 – Only one IRA to IRA rollover per year will be allowed, instead of one rollover per account per year. Subsequent rollovers will be penalized, taxed or disallowed.
FSA Contributions – If your employer sponsors a healthcare flexible spending account, you can contribute up to $2,550 in 2015.
Earned Income Credit –Joint filers with three qualified children can claim $6,143 (up from $6,242).
About IRS scams
You should also know that the IRS is seeing an increase in taxpayer scams this year. If you get an email, phone call or social media outreach from someone claiming to be the “IRS Taxpayer Advocate Service,” don’t respond. This is an attempt to gain your personal or financial information. The IRS will never make initial contact by email, phone or social media. The agency also won’t ask for private information electronically.
Report suspected scammers to the IRS at firstname.lastname@example.org. Report phone calls demanding immediate payment by credit card or debit card by going to www.tigta.gov.
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