2014/2015 IRA and Tax Planning
Reference Guide
Individual Retirement Accounts (IRAs) Annual Contribution Limits
Contributions can be made to both a Traditional and Roth IRA (if eligible) in the same year;
however, total contributions cannot exceed the annual limits indicated.
Years Under 50 50 or Over
2014 $5,500 $6,500
2015 $5,500 $6,500
Traditional IRA Deductibility Schedule
For individuals covered by an employer-sponsored plan.
If your filing status and age are: And your 2014 MAGI1 is: Then your 2014 deduction is: And your 2015 MAGI1 is: Then your 2015 deduction is:
Single and under age 50 Up to $60,000 Full $5,500 Up to $61,000 Full $5,500
$60,000–$70,000 Partial: $5,500–[($5,500 x
(MAGI–$60,000))/$10,000] $61,000–$71,000 Partial: $5,500–[($5,500 x (MAGI–$61,000))/$10,000]
Above $70,000 No deduction Above $71,000 No deduction
Single and age 50 and over Up to $60,000 Full $6,500 Up to $61,000 Full $6,500
$60,000–$70,000 Partial: $6,500 [($6,500 x
(MAGI–$60,000))/$10,000] $61,000–$71,000 Partial: $6,500–[($6,500 x (MAGI–$61,000))/$10,000]
Above $70,000 No deduction Above $71,000 No deduction
Married filing jointly and
under age 50 Up to $96,000$96,000–$116,000 Full $5,500Partial: $5,500–[($5,500 x Up to $98,000 Full $5,500
(MAGI – $96,000))/$20,000] $98,000–$118,000 Partial: $5,500–[($5,500 x (MAGI–$98,000))/$20,000]
Above $116,000 No deduction Above $118,000 No deduction
Married filing jointly and age
50 and over Up to $96,000$96,000–$116,000 Full $6,500Partial: $6,500–[($6,500 x Up to $98,000 Full $6,500
(MAGI–$96,000))/$20,000] $98,000–$118,000 Partial: $6,500– [($6,500 x (MAGI–$98,000))/$20,000]
Above $116,000 No deduction Above $118,000 No deduction
For individuals not covered by an employer-sponsored plan.
Year Single Married filing jointly Spouse is covered
2014 Unlimited Unlimited $181,000–$191,000
2015 Unlimited Unlimited $183,000–$193,000
Roth IRA Eligibility
If your filing statusand age are: And your 2014 MAGI1 is: Then your 2014 Allowable Roth IRA Contribution is: And your 2015 MAGI1 is: Then your 2015 Allowable Roth IRA Contribution is:
Single and under age 50 Up to $114,000 Full $5,500 Up to $116,000 Full $5,500
$114,000–$129,000 Partial: [($129,000–MAGI)/
$15,000] x $5,500 $116,000–$131,000 Partial: [($131,000–MAGI)/ $15,000] x $5,500 Above $129,000 No allowable contribution Above $131,000 No allowable contribution
Single and age 50 and over Up to $114,000 Full $6,500 Up to $116,000 Full $6,500
$114,000–$129,000 Partial: [($129,000–MAGI)/
$15,000] x $6,500 $116,000–$131,000 Partial: [($131,000–MAGI)/ $15,000] x $6,500 Above $129,000 No allowable contribution Above $131,000 No allowable contribution Married filing jointly and
under age 50 Up to $181,000$181,000–$191,000 Full $5,500Partial: [($191,000–MAGI)/ Up to $183,000 Full $5,500
$10,000] x $5,500 $183,000–$193,000 Partial: [($193,000–MAGI)/ $10,000] x $5,500 Above $191,000 No allowable contribution Above $193,000 No allowable contribution Married filing jointly and age
50 and over Up to $181,000$181,000–$191,000 Full $6,500Partial: [($191,000–MAGI)/ Up to $183,000 Full $6,500
$10,000] x $6,500 $183,000–$193,000 Partial: [($193,000–MAGI)/ $10,000] x $6,500 Above $191,000 No allowable contribution Above $193,000 No allowable contribution For Institutional Use Only
Retirement
2
Federal Income Tax Rate Schedules
SingleIf taxable income
is over but not over the tax is
$0 $9,075 10% of taxable income
$9,075 $36,900 $907.50 plus 15% of the amount over $9,075 $36,900 $89,350 $5,081.25 plus 25% of the amount over $36,900 $89,350 $186,350 $18,193.75 plus 28% of the amount over $89,350 $186,350 $405,100 $45,353.75 plus 33% of the amount over $186,350 $405,100 $406,750 $117,541.25 plus 35% of the amount over $405,100 $406,750 No limit $118,118.75 plus 39.6% of the amount over $406,750
Married Filing Jointly or Qualifying Widow(er) If taxable
income
is over but not over the tax is
$0 $18,150 10% of taxable income
$18,150 $73,800 $1,815 plus 15% of the amount over $18,150 $73,800 $148,850 $10,162.50 plus 25% of the amount over $73,800 $148,850 $226,850 $28,925 plus 28% of the amount over $148,850 $226,850 $405,100 $50,765 plus 33% of the amount over $226,850 $405,100 $457,600 $109,587.50 plus 35% of the amount over $405,100 $457,600 No limit $127,962.50 plus 39.6% of the amount over $457,600
Married Filing Separately If taxable
income
is over but not over the tax is
$0 $9,075 10% of taxable income
$9,075 $36,900 $907.50 plus 15% of the amount over $9,075 $36,900 $74,425 $5,081.25 plus 25% of the amount over $36,900 $74,425 $113,425 $14,462.50 plus 28% of the amount over $74,425 $113,425 $202,550 $25,382.50 plus 33% of the amount over $113,425 $202,550 $228,800 $54,793.75 plus 35% of the amount over $202,550 $228,800 No limit $63,981.25 plus 39.6% of the amount over $228,800
Head of Household If taxable
income
is over but not over the tax is
$0 $12,950 10% of taxable income
$12,950 $49,400 $1,295 plus 15% of the amount over $12,950 $49,400 $127,550 $6,762.50 plus 25% of the amount over $49,400 $127,550 $206,600 $26,300 plus 28% of the amount over $127,550 $206,600 $405,100 $48,434 plus 33% of the amount over $206,600 $405,100 $432,200 $113,939 plus 35% of the amount over $405,100 $432,200 No limit $123,424 plus 39.6% of the amount over $432,200
Estates and Trusts If taxable
income
is over but not over the tax is
$0 $2,500 15% of taxable income
$2,500 $5,800 $375 plus 25% of the amount over $2,500 $5,800 $8,900 $1,200 plus 28% of the amount over $5,800 $8,900 $12,150 $2,068 plus 33% of the amount over $8,900 $12,150 No limit $3,140.50 plus 39.6% of the amount over $12,150
Single If taxable income
is over but not over the tax is
$0 $9,225 10% of the taxable income
$9,225 $37,450 $922.50 plus 15% of the amount over $9,225 $37,450 $90,750 $5,156.25 plus 25% of the amount over $37,450 $90,750 $189,300 $18,481.25 plus 28% of the amount over $90,750 $189,300 $411,500 $46,075.25 plus 33% of the amount over $189,300 $411,500 $413,200 $119,401.25 plus 35% of the amount over $411,500 $413,200 No limit $119,996.25 plus 39.6% of the amount over $413,200
Married Filing Jointly or Qualifying Widow(er) If taxable
income
is over but not over the tax is
$0 $18,450 10% of the taxable income
$18,450 $74,900 $1,845 plus 15% of the amount over $18,450 $74,900 $151,200 $10,312.50 plus 25% of the amount over $74,900 $151,200 $230,450 $29,387.50 plus 28% of the amount over $151,200 $230,450 $411,500 $51,577.50 plus 33% of the amount over $230,450 $411,500 $464,850 $111,324 plus 35% of the amount over $411,500 $464,850 No limit $129,996.50 plus 39.6% of the exces over $464,850
Married Filing Separately If taxable
income
is over but not over the tax is
$0 $9,225 10% of the taxable income
$9,225 $37,450 $922.50 plus 15% of the amount over $9,225 $37,450 $75,600 $5,156.25 plus 25% of the amount over $37,450 $75,600 $115,225 $14,693.75 plus 28% of the amount over $75,600 $115,225 $205,750 $25,788.75 plus 33% of the amount over $115,225 $205,750 $232,425 $55,662 plus 35% of the amount over $205,750 $232,425 No limit $64,989.25 plus 39.6% of the amount over $232,425
Head of Household If taxable
income
is over but not over the tax is
$0 $13,150 10% of the taxable income
$13,150 $50,200 $1,315 plus 15% of the amount over $13,150 $50,200 $129,600 $6,872.50 plus 25% of the amount over $50,200 $129,600 $209,850 $26,722.50 plus 28% of the amount over $129,600 $209,850 $411,500 $49,192.50 plus 33% of the amount over $209,850 $411,500 $439,000 $115,737 plus 35% of the amount over $411,500 $439,000 No limit $125,362 plus 39.6% of the amount over $439,000
Estates and Trusts If taxable
income
is over but not over the tax is
$0 $2,500 15% of the taxable income
$2,500 $5,900 $375 plus 25% of the amount over $2,500 $5,900 $9,050 $1,225 plus 28% of the amount over $5,900 $9,050 $12,300 $2,107 plus 33% of the amount over $9,050 $12,300 No limit $3,179.50 plus 39.6% of the amount over $12,300
IRAs
IRA Contribution Limit $5,500 $5,500
IRA Contribution Limit at Age 50 and Over 6,500 6,500 SEP
SEP Minimum Compensation 550 600
SEP Maximum Compensation 260,000 265,000
SEP Maximum Employer Contributions 52,000 53,000
SIMPLE Plans
SIMPLE Maximum Contributions 12,000 12,500
Catch-up Contributions 2,500 3,000
401(k), 403(b), 457, Profit-Sharing Plans, etc.
Annual Compensation Limit 260,000 265,000
Elective Deferrals 17,500 18,000
Catch-up Contributions 5,500 6,000
Defined Contribution Limit 52,000 53,000
Other
Definition of Highly Compensated Employee 115,000 120,000
Defined Benefit Limit 210,000 210,000
Definition of Key Employee 170,000 170,000
Social Security Taxable Wage Base 117,000 118,500
Credit Individual HouseholdHead of Married Filing Jointly
2014 50% $0–$18,000 $0–$27,000 $0–$36,000
20 $18,001–$19,500 $27,001–$29,250 $36,001–$ 39,000 10 $19,501–$30,000 $29,251–$45,000 $39,001–$60,000 0 $30,001 or more $45,001 or more $60,001 or more
2015 50% $0–$18,250 $0–$27,375 $0–$36,500
20 $18,251–$19,750 $27,376–$29,625 $36,501–$39,500 10 $19,751–$30,500 $29,626–$45,750 $39,501–$61,000 0 $30,501 or more $45,751 or more $61,001 or more
2. Includes 401(k), Profit Sharing, Money Purchase and Defined Benefit Plans. 3. Applies to 401(k), 403(b) or 457 governmental plans that allow Roth contributions. 4. Must have a separate account.
5. Must be an in-plan rollover.
6. If it is a direct trustee-to-trustee transfer.
7. Effective January 1, 2015, only one rollover is permitted for assets made payable to the account holder.
Retirement Plan Rollover Chart
Rolling Funds To Qualified
Plan2 403(b) 457(b) Designated Roth Account Traditional IRA Roth IRA SEP IRA SIMPLE
R ollin g F un d s F ro m
Qualified Plan2 Yes Yes Yes4 Yes5,9 Yes Yes 9 Yes No
403(b) Yes Yes Yes4 Yes5,9 Yes Yes 9 Yes No
457(b) (Governmental) Yes Yes Yes Yes5,9 Yes Yes 9 Yes No
Designated Roth Account3 No No No Yes6 No Yes No No
Traditional IRA Yes Yes Yes4 No Yes7 Yes7,9 Yes7 No
Roth IRA No No No No No Yes7 No No
SEP IRA Yes Yes Yes4 No Yes7 Yes7,9 Yes7 No
2014/2015
4
Uniform Life Table
This table is used for calculating Required Minimum Distributions
(RMDs) from qualified retirement plans and Traditional IRAs for
account holders whose spouse is not more than 10 years younger.
Age Distribution Period Age Distribution Period
70 27.4 93 9.6 71 26.5 94 9.1 72 25.6 95 8.6 73 24.7 96 8.1 74 23.8 97 7.6 75 22.9 98 7.1 76 22.0 99 6.7 77 21.2 100 6.3 78 20.3 101 5.9 79 19.5 102 5.5 80 18.7 103 5.2 81 17.9 104 4.9 82 17.1 105 4.5 83 16.3 106 4.2 84 15.5 107 3.9 85 14.8 108 3.7 86 14.1 109 3.4 87 13.4 110 3.1 88 12.7 111 2.9 89 12.0 112 2.6 90 11.4 113 2.4 91 10.8 114 2.1 92 10.2 115+ 1.9
Long-Term Capital Gains and Dividends Tax Rates
2014 2015
39.6% income brackets 20% 39.6% income bracket 20%
25%–35% income brackets 15% 25%–35% income brackets 15%
10% and 15% brackets 0% 10% and 15% brackets 0%
AMT Exemptions and Phase-Outs
Filing Status Exemption Phase-Out Thresholds
2014 Married filing jointly $82,100 $156,500
Single/Head of household 52,800 117,300
2015 Married filing jointly 83,400 158,900
Single/Head of household 53,600 119,200
Maximum Long-Term Care Premiums Eligible for Itemized Medical Deduction
Age: 40 or less 41–50 51–60 61–70 Over 70
2014 $370 $700 $1,400 $3,720 $4,660
2015 $380 $710 $1,430 $3,800 $4,750
Eligible Long-Term Care Deductions
Health Savings Accounts (HSAs)
HSA Annual Contributions 2014 2015
Self coverage, individual under age 55 $3,300 $3,350 Self coverage, individual age 55+10 $4,300 $4,350
Family coverage $6,550 $6,650
Out-of-Pocket Spending on
HSA-Compatible HDHPs11 2014 2015
Self coverage $6,350 $6,450
Family coverage $12,700 $12,900
Minimum Deductible Amount for
HSA-Compatible HDHPs 2014 2015
Self coverage $1,250 $1,300
Family coverage $2,500 $2,600
10. HSA catch-up contribution for individuals 55 and older = $1,000 for 2014 and 2015.
Common IRA-Related Tax Forms
2014 Forms Mailed to YouForm Must-mail-by Date What the Form Reports IRS Form
1099-R
2/2/15 • Conversions
• Distributions
• Removal of excess contributions • Earnings on those contributions • Direct rollovers from qualified plans IRS Form
5498
6/1/15 • Contributions • Rollovers
• Recharacterizations
• Conversions (clients receive one form per account, regardless of the number of conversions or recharacterizations)
2014 Forms You May Need to File Along with IRS Form 1040 and Tax Returns Form Must-mail-by Date What the Form Reports
IRS Form 8606
4/15/15 • Nondeductible Traditional IRA contributions • Distributions from, or conversions of, part of or
all the assets in Traditional IRAs, SEP IRAs or SIMPLE IRAs
• Conversion from Traditional, Roth, SEP or SIMPLE IRAs to Roth
• Rollovers from qualified retirement plans (other than designated Roth accounts to Roth IRAs) IRS Form
5329
4/15/15 • Penalties triggered by:
• Early distributions (most made before age 59½) • Excess contributions (those above the
annual limit)
Retirement
2014/2015
Visit Us oppenheimerfunds.com Call Us 800 783 7783 Follow UsShares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice, or for use to avoid penalties that may be imposed under U.S. federal tax laws. Contact your attorney or other advisor regarding your specific legal, investment or tax situation.
Before investing in any of the Oppenheimer funds, investors should carefully consider a fund’s investment objectives,
risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about
the funds, and may be obtained by asking your financial advisor, visiting oppenheimerfunds.com or calling 1 800 CALL
OPP (225 5677). Read prospectuses and summary prospectuses carefully before investing.
Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc., 225 Liberty Street, New York, NY 10281-1008 © 2015 OppenheimerFunds Distributor, Inc. All rights reserved.
RE3000.123.1114 February 11, 2015
Education Savings Tax Incentives
Coverdell Education Savings Accounts (Education IRAs) Contribution Limit $2,000
MAGI Phase-Out Range for Contributions to Coverdell Education
Savings Accounts 2014 2015
Married filing jointly $190,000–$220,000 $190,000–$220,000
Single $95,000–$110,000 $95,000–$110,000
Social Security Schedules
Tax Rates on Social Security Benefits Based on Certain Income Thresholds. See IRS Publication 915 for Additional Information.
50% Taxable if over1 85% Taxable if over1
Married filing jointly $32,000 $44,000
Single $25,000 $34,000
1. Applicable if total of one-half of benefits and all other income is more than listed amount or if married filing separately and lived with spouse at any time during the year.
Social Security Benefit Reductions Based on Earnings
2014 2015
Under full retirement age ($1 in benefits will be withheld for every $2 in earnings above the limit.)
$15,480 $15,720
The year an individual reaches full retirement age (Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit.)
$41,400 $41,880
At full retirement age (Beginning the month an individu-al attains full retirement age.)
No reduction No reduction
Maximum Compensation Subject to FICA Taxes
2014 2015
OASDI (Soc. Sec.) maximum $117,000 $118,500
Health Insurance (Medicare)
maximum No limit No limit
OASDI tax rate 12.4% self-employed,
6.2% employees
12.4% self-employed, 6.2% employees High income tax rate: 2.9% self-employed, 1.45% employees. High income earners also pay an additional 0.9% in Medicare taxes on earnings above certain amounts. American Opportunity Tax Credit
MAGI Phase-Outs 2014 2015
Married filing jointly $160,000–$180,000 $160,000–$180,000
Others $80,000–$90,000 $80,000–$90,000
Maximum amount of $2,500. Can be claimed for up to four years of post-secondary education.
Exclusion of U.S. Savings Bond Income
MAGI Phase-Outs 2014 2015
Married filing jointly $113,950–$143,950 $115,750–$145,750
Others $76,000–$91,000 $77,200–$92,200
Student Loan Interest Deduction Maximum Deduction $2,500
MAGI Phase-Outs 2014 2015
Married filing jointly $130,000–$160,000 $130,000–$160,000
