2025 Tax Reference Guide
By TRG Advisors on January 9, 2025
As we step into 2025, it’s important to stay updated on the latest tax regulations and changes. We’re excited to share our comprehensive 2025 Tax Reference Guide with you, packed with all the essential tax information you need. This guide covers key areas such as:
Standard Deductions
- Married, Filing Jointly; Surviving Spouse: $30,000
- Head of Household: $22,500
- Single; Married, Filing Separately: $15,000
- Additional Standard Deduction for Blind or Over 65: $1,600 (Married), $2,000 (Single)
Federal Tax Brackets
- For 2025, the federal tax rates remain unchanged at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. However, the income brackets have been adjusted to account for inflation.
Retirement Plan Contributions
- IRA and Roth Contribution Limits: $7,000 (Under Age 50), $8,000 (Age 50 and Over)
- 401(k) and 403(b) Contribution Limits: $23,500 (Under age 50), $31,000 (Age 50 and over), $34,750 (Ages 60 to 63)
- SEP-IRA Contribution Limit: The lesser of 25% of compensation or $70,000
Gift Tax Exemption
- Estate Tax Exclusion Amount: $13,990,000
- Gift Tax Exclusion Amount: $19,000
- Max. Transfer Tax Rate: 40%
Additional Key Information
- Social Security and Medicare
- Alternative Minimum Tax (AMT) Exemptions
- Itemized Deductions
- Health Savings Account Maximum Contributions
- Long-Term Capital Gains Rates
- Required Minimum Distributions
Below is a comprehensive tax reference guide covering filing dates, tax rate schedules, and deductions. Please do not hesitate to contact us should you have any questions. As always, we look forward to assisting you this tax season.
