RESOURCES

2021 Tax Information

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Filing Requirements for Most Taxpayers

Filing Status Age Income
Single Under 65 $12,550
65 or older $14,250
Head of Household Under 65 $18,800
65 or older $20,500
Married, filing jointly Under 65 (both spouses) $25,100
65 or older (one spouse) $26,450
65 or older (both spouses) $27,800
Married, filing separately Any age $5
Qualifying widow(er) with dependent child Under 65 $25,100
65 or older $26,450

Filing Requirements for Dependents

If either the taxpayer’s parents or someone else can claim him or her as a dependent, use this chart to see if the taxpayer must file a return. In
this chart, unearned income includes taxable interest, ordinary dividends, and capital gain distributions. Earned income includes wages and tips, as
well as taxable scholarships and fellowship grants. Gross income is the total of unearned and earned income.

Single dependents.  Were you either age 65 or older or blind?

__ No. The taxpayer must file a return if any of the following apply:

  • The taxpayer’s unearned income was over $1,100
  • The taxpayer’s earned income was over $12,550
  • The taxpayer’s gross income was more than the larger of:
      • $1,100
      • The taxpayer’s earned income (up to $12,200) plus $350

__ Yes. The taxpayer must file a return if any of the following apply:

  • The taxpayer’s unearned income was over $2,800 ($4,500 if 65 or older and blind)
  • The taxpayer’s earned income was over $14,250 ($15,950 if 65 or older and blind)
  • The taxpayer’s gross income was more than the larger of:
      • $2,800 ($4,500 if 65 or older and blind)
      • The taxpayer’s earned income (up to $12,200) plus $2,050 ($3,750 if 65 or older and blind)

Married dependents. Was the taxpayer either age 65 or older or blind?

__ No. The taxpayer must file a return if any of the following apply:

  • The taxpayer’s unearned income was over $1,100
  • The taxpayer’s earned income was over $12,550
  • The taxpayer’s gross income was at least $5 and his or her spouse files a separate return and itemizes deductions
  • The taxpayer’s gross income was more than the larger of:
      • $1,100
      • The taxpayer’s earned income (up to $12,200) plus $350

__ Yes. The taxpayer must file a return if any of the following apply:

  • The taxpayer’s unearned income was over $2,450 ($3,800 if 65 or older and blind)
  • The taxpayer’s earned income was over $13,900 ($15,250 if 65 or older and blind)
  • The taxpayer’s gross income was at least $5 and his or her spouse files a separate return and itemizes deductions
  • The taxpayer’s gross income was more than the larger of:
      • $2,450 ($3,800 if 65 or older and blind)
      • The taxpayer’s earned income (up to $12,200) plus $1,700 ($3,050 if 65 or older and blind)

Standard Deductions

Filing Status Amount
Single $12,550
Married filing jointly $25,100
Head of household $18,800
Married, filing separate return $12,550
Qualifying Widow(er) with dependent child $25,100
Dependent of Another $1,100 (or Earned Income + 350)

Exemption Amounts

Personal and Dependent Amount $0
Estate Amount* $600
Simple Trust* $300
Complex Trust* $100
*Exemption Not Allowed in Final Year.

Earned Income Credit

Single, Married Filing Separately, Head of Household, and Qualifying Widow(er) Earned Income Ranges to Receive Maximum EIC Maximum EIC Amount EIC Eliminated When Earned Income Reaches These Amounts
At Least But Less Than
No Children $9,820 $11,610 $1,502 $21,430
One Child $10,640 $19,520 $3,618 $42,158
Two Children $14,950 $19,520 $5,980 $47,915
Three or More Children $14,950 $19,520 $6,728 $51,464
Married Filing Jointly Earned Income Ranges to Receive Maximum EIC Maximum EIC Amount EIC Eliminated When Earned Income Reaches These Amounts
At Least But Less Than
No Children $9,820 $17,560 $1,502 $27,380
One Child $10,640 $25,470 $3,618 $48,108
Two Children $14,950 $25,470 $5,980 $53,865
Three or More Children $14,950 $25,470 $6,728 $57,414

Comparison of Education Credits

Lifetime Learning American Opportunity
Up to $2,000 credit per return Up to $2,500 / up to 40% is refundable
Maximum lifetime learning rate is 20% 100% of first $2,000 plus 25% of next $2,000
Available for all years of post-secondary education and for courses to acquire or improve job skills Available for four years of college and ONLY if the student had not completed the first 4 years of postsecondary education before 2021
Available for an unlimited number of years Available ONLY for 4 tax years per eligible student (including any years Hope Credit was claimed)
Student doesn’t be pursuing a program leading to a degree or other recognized educational credential AGI Phase Out between $80,000 – $90,000 ($160K – $180K MFJ)
Available for one or more courses Student must be enrolled at least half time for at least one academic period beginning during 2021 (or the first 3 months of 2022 if the qualified expenses were paid in 2021)
Felony drug conviction rule does not apply As of the end of 2021, the student had not been convicted of a felony for possession or distribution of a controlled substance.

Student Loan Interest Deduction

Maximum interest deduction $2,500
Modified Adjusted Gross Income Phaseout:
Married Filing Jointly $140,000 to $170,000
Single / HOH $70,000 to $85,000

Standard Mileage Rates

Business Mileage $0.56/mile
Charitable Mileage $0.14/mile
Medical/Moving Mileage $0.16/mile

Medical Savings Account (MSA)

Annual Deductible Range
Self-Only Coverage $2,400 – $3,600
Family Coverage $4,800 – $7,150
Maximum Out of Pocket
Self-Only Coverage $4,800
Family Coverage $8,750

Health Savings Account (HSA)

Maximum Annual Contribution Limits
Self-Only Coverage $3,600
Family Coverage $7,200
Minimum Deductible
Self Coverage $1,400
Family Coverage $2,800
Maximum Out of Pocket
Self Coverage $7,000
Family Coverage $14,000
Additional Over Age 55-65
2021 and after $1,000

Did you know that a joint return is not always the best option for married couples? Ask us what the right filing status is for your particular situation.