ddunwody 2015 tax planning guide (2)

The 2015 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor prior to acting on any information provided in this Guide. Securities and advisory services offered by Davenport & Company LLC Member: NYSE | FINRA | SIPC

David DunwodyInvestment ExecutiveOffice: (434)245-1548Cell: (540)[email protected]

2015 Tax Planning & Reference Guide

Davenport & Company LLC | 600 E Water Street Charlottesville, VA 22902 | investdavenport.com

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2015 Income Tax Rates

Taxable Income:

Single Individuals

Taxable Income: Your Tax Is:

Above To Tax Rate on Excess

0 9,225 10% of taxable income N/A

9,225 37,450 923 plus 15% over 9,225

37,450 90,750 5,156 plus 25% over 37,450

90,750 189,300 18,481 plus 28% over 90,750

189,300 411,500 46,075 plus 33% over 189,300

411,500 413,200 119,401 plus 35% over 411,500

413,200 --- 119,996 plus 39.6% over 413,200

$ $

$ $

Married Filing Jointly




18,450 74,900 1,845 plus 15% over 18,450

74,900 151,200 10,313 plus 25% over 74,900

151,200 230,450 29,388 plus 28% over 151,200

230,450 411,500 51,578 plus 33% over 230,450

411,500 464,850 111,324 plus 35% over 411,500

464,850 --- 129,997 plus 39.6% over 464,850

$ $

$ $

Married Filing Separately




9,225 37,450 923 plus 15% over 9,225

37,450 75,600 5,156 plus 25% over 37,450

75,600 115,225 14,694 plus 28% over 75,600

115,225 205,750 25,789 plus 33% over 115,225

205,750 232,425 55,662 plus 35% over 205,750

232,425 --- 64,989 plus 39.6% over 232,425

$ $

$ $

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2015 Income Tax Rates

** For domestic corporations other than qualified personal service corporations. A qualified personal service corporation [as defined in Code Sec. 448(d)(2)] is taxed at a flat 35% of its taxable income.

Head of Household




13,150 50,200 1,315 plus 15% over 13,150

50,200 129,600 6,873 plus 25% over 50,200

129,600 209,850 26,723 plus 28% over 129,600

209,850 411,500 49,193 plus 33% over 209,850

411,500 439,000 115,737 plus 35% over 411,500

439,000 --- 125,362 plus 39.6% over 439,000

$ $

$ $

Trusts and Estates




2,500 5,900 375 plus 25% over 2,500

5,900 9,050 1,225 plus 28% over 5,900

9,050 12,300 2,107 plus 33% over 9,050

12,300 --- 3,180 plus 39.6% over 12,300

$ $

$ $

Corporate**




50,000 75,000 7,500 plus 25% over 50,000

75,000 100,000 13,750 plus 34% over 75,000

100,000 335,000 22,250 plus 39% over 100,000

335,000 10,000,000 113,900 plus 34% over 335,000

10,000,000 15,000,000 3,400,000 plus 35% over 10,000,000

15,000,000 18,333,333 5,150,000 plus 38% over 15,000,000

18,333,333 --- 6,416,666 plus 35% over 18,333,333

$ $

$ $

3

IF your net capital gain1 is from: THEN your 2015 capital gain rate is2:

0%4

15%4

20%5

Collectibles gain 28%

Gain on qualified small business stock after the section 1202 exclusion 28%

Unrecaptured section 1250 gain 25%

Unearned Income Tax Rates

Maximum Long-Term Capital Gain Tax

Qualified DividendsDefined as those received from domestic and qualified foreign corporations (with some exceptions such as stock holding period, consult your tax advisor to determine which dividends qualify), and will be taxed as follows for 2015 and subsequent years: 0% for taxpayers in the 10% and 15% tax brackets; 15% for taxpayers in the 25% through 35% tax brackets; and 20% for taxpayers in the 39.6% tax bracket. Any amount that the taxpayer elects to treat as investment income to support an investment interest deduction (e.g. margin interest) is not considered qualified dividend income.

In 2015, higher income taxpayers with adjusted gross income (AGI) in excess of the following thresholds may experience reductions to allowable itemized deductions and a phase-out of personal exemptions: $309,900 for married filing jointly or surviving spouse; $154,950 for married filing separately; $284,050 for head of household; $258,250 for single.

Additional Tax on Unearned (Investment) IncomeFor 2015 and subsequent years, a 3.8% “surtax” (Unearned Income Medicare Contribution Tax) will apply to the lesser of a taxpayer’s net investment income (generally interest, dividends, capital gains, annuity income, rents, royalties, and passive business income, less allowable investment expenses) or the amount the taxpayer’s modified adjusted gross income exceeds the applicable threshold: $250,000 for married filing jointly or surviving spouse; $125,000 for married filing separately; $200,000 for all other filing categories.

Standard Deductions & Personal ExemptionStandard Deductions* Single ................................................................................................................................................................................................... $ 6,300Head of Household ....................................................................................................................................................................... 9,250Married filing separately ................................................................................................................................................................................... 6,300 Married filing jointly ...................................................................................................................................................................... 12,600

Personal Exemption........................................................................................................................................................... $ 4,000

Limitations on Itemized Deductions and Phase-out of Personal Exemptions

1.“Net Capital Gain” is the amount by which your net long-term capital gain for the year is more than your net short-term capital loss. 2. Rates presented do not reflect the potential impact of the additional tax on unearned income. 3.“Other Gains” means any gain that is not collectibles gain, gain on qualified small business stock, or unrecaptured section 1250 gain.4. Current rates have been extended as a result of the American Taxpayer Relief Act of 2012. 5. 20% maximum rate as a result of the American Taxpayer relief Act of 2012.

*Additional standard deductions of $1,550 are available for taxpayers who are age 65 and older and for taxpayers who are blind. The additional deduction amount for married taxpayers or a surviving spouse is $1,200.

Other gains3 (i.e. stocks, bonds, etc.), and the regular tax rate that would apply is above 15% and below39.6%

2015

Other gains3, and the regular tax rate that would apply is 15% or lower

Other gains3, and the regular tax rate that would apply is 39.6%

› Allowable itemized deductions will be reduced by 3% of the amount that the taxpayer’s AGI exceeds the applicable threshold, with a maximum reduction equal to 80% of total itemized deductions. › Total personal exemptions will be reduced by 2% for each increment of $2,500 (or portion thereof) that AGI exceeds the applicable threshold. For married taxpayers filing separate returns, the reduction is 2% for each increment of $1,250 (or portion thereof) that AGI exceeds $154,950. Personal exemptions would be totally phased-out at AGIs of $432,400 for married filing jointly, $216,200 for married filing separately, $406,550 for head of household, and $380,750 for single.

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Social SecurityFull Retirement Age Year of Birth*

Social Security Full Retirement Age for Surviving Spouse

66 1945-54 66

66 and 2 months 1955 66

66 and 4 months 1956 66

66 and 6 months 1957 66 and 2 months



67 1960 66 and 8 months

67 1961 66 and 10 months

*Individuals born on January 1st of any year should refer to the full retirement age for the previous year.** The maximum Social Security benefit in 2015 for a worker at full retirement age is $2,685.50/month or $32,226/per year.

Social Security Annual Earnings Limits

FICA (Social Security & Medicare) Tax

Self-Employment Tax

Taxation of Social Security Retirement Benefits

Individuals are eligible to receive permanently reduced Social Security retirement benefits between age 62 and their applicable full retirement age. Retirement benefits may be further reduced in years that an individual’s earned income exceeds annual earning limits until the individual reaches full retirement age. For those receiving benefits before their full retirement age, $1 in benefits will be deducted for each $2 earned above the annual limit. In 2015, this limit is $15,720. In the year that full retirement age is reached, $1 in benefits will be deducted for each $3 earned above the 2015 limit of $41,880. This limit applies only to the months prior to the month in which full retirement age is reached. After full retirement age is attained, full benefits can be received with no limit on earnings.

› FICA (Federal Insurance Contribution Act) TaxFor 2015, a tax is imposed on an employee’s compensation at a rate of 7.65%, which is a combination of a 6.20% Old Age, Survivors, and Disability Insurance Tax (OASDI) and a 1.45% Medicare Tax. For 2015, the OASDI Tax is computed on the first $118,500 of compensation/earned income. The maximum employee OASDI Tax liability for 2015 is $7,347.00 (6.20% of $118,500). The 2.90% Medicare Tax is computed on the taxpayer’s entire compensation with no cap.

In 2015, higher income taxpayers with earned income above the following thresholds will pay an additional Hospital Insurance Tax (Medicare) at a rate of 0.9% on earned income above the threshold amount: $250,000 for married filing jointly; $125,000 for married filing separately; $200,000 for all other filing categories.

Under current law, Social Security recipients may be subject to federal (and possibly state) income tax on 85% of their annual Social Security income. For taxpayers with “provisional” income (Adjusted Gross Income, excluding Social Security benefits, plus tax-exempt interest, plus 50% of Social Security benefits) less than $25,000 ($32,000 for married tax payers filing jointly), Social Security benefits are income tax free. For taxpayers with provisional income between $25,000 and $34,000 ($32,000 and $44,000 for married taxpayers filing jointly) up to 50% of Social Security benefits may be subject to income tax. For taxpayers with provisional income in excess of $34,000 ($44,000 for married taxpayers filing jointly) up to 85% of Social Security benefits may be subject to income tax.

For 2015, a tax is imposed on self-employed individuals at a rate of 15.30%, which is a combination of a 12.40% Old Age, Survivors, and Disability Insurance Tax (OASDI) and a 2.90% Medicare Tax. For 2015, the OASDI Tax is computed on the first $118,500 of self-employment income/earned income. The maximum self-employed OASDI Tax liability for 2015 is $14,694.00 (12.40% of $118,500). The 2.90% Medicare Tax is computed on the taxpayer’s entire self-employment income with no cap.

› Additional Medicare Tax

Year Maximum Contribution* Catch-Up Age 50+*

2015 $5,500 (will continue to be indexed) $1,000

Your Filing Status is Full Contribution if Modified AGI is

Modified AGI Phase-Out Range*

No Contribution if Modified AGI is

Single or Head of Household $116,000 or less Between $116,000

and $131000 $131,000 or more

Married Filing Jointly or Qualifying Widow(er) $183,000 or less Between $183,000

and $193,000 $193,000 or more

Married Filing Separately $0 Between $0 and $10,000 $10,000 or more

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If You ARE Covered by a Retirement Plan at Work

Your Filing Status is Full Deduction if Modified AGI is

Modified AGI Phase-Out Range*

No Deduction if Modified AGI is

Single or Head of Household $61,000 or less Between $61,000

and $71,000 $71,000 or more

Married Filing Jointly or Qualifying Widow(er) $98,000 or less Between $98,000

and $118,000 $118,000 or more

Married Filing Separately $0 Between $0 and $10,000 $10,000 or more

If You ARE NOT Covered by a Retirement Plan at Work

Your Filing Status is Full Deduction if Modified AGI is

Modified AGIPhase-Out Range*

No Deduction if Modified AGI is

Single, Head of Household or Qualifying Widow(er) Any Amount N/A N/A

Married Filing Jointly or Separately with a spouse who is not covered by a plan at work**

Any Amount N/A N/A

Married Filing Jointly with a spouse who is covered by a plan at work**

$183,000 or less Between $183,000 and $193,000 $193,000 or more

Married Filing Separately with a spouse who is covered by a plan at work

$0 Between $0 and $10,000 $10,000 or more

*The maximum contribution amount equals the lesser of $5,500/$6,500 or total earned income.

*If the individual’s modified Adjusted Gross Income (AGI) for a taxable year is in the phase-out range, the maximum deduction for that taxable year is rounded up to the next multiple of $10 and is not reduced below $200.** Spousal IRA Contribution - Deductibility is controlled by status of the spouse with earned income/greater earned income.

Roth IRA Contribution Phase-Out

Traditional IRA & Roth IRA Contribution Limits

2015 Required Minimum Distribution Rules

Traditional IRA Contribution Phase-Out

Individuals over age 70 ½ generally must take Required Minimum Distributions (RMDs) from IRAs and qualified retirement plans. The provision for direct transfers to charity from an IRA expired on 12/31/2014 and had not been extended to 2015 at the time this document was published.

*If the Individual’s modified Adjusted Gross Income (AGI) for taxable year is in the phase-out range, the maximum regular contribution for the taxable year is rounded up to the next multiple of $10 and is not reduced below $200.

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Traditional IRA to Roth IRA Conversion

SEP IRA Plans

Year Maximum Deferral Catch-Up Age 50+


401(k)* , 403(b)*, and 457* Salary Deferral Limits

SIMPLE IRA* Deferral Limits

Year Maximum Employee Deferral Catch-Up Age 50+


Employer-Sponsored Retirement Plans

• The 2015 maximum contribution limit is the lesser of 25% of compensation* or $53,000.• Minimum compensation for plan eligibility is $600 in 2015.• Contributions may be made into a SEP plan through the filing date of employer’s tax return,

including extensions. *Compensation is limited to $265,000 in 2015.

Kiddie TaxThe Kiddie Tax rules apply to the unearned income of dependent individuals under age 19 and all dependent, full-time students under age 24. In 2015, the child’s first $1,050 of unearned income is not taxed. The next $1,050 of unearned income is taxed at the child’s tax rate. The child’s unearned income in excess of $2,100 is taxed at the parents’ highest tax rate.

Annual Gift Tax ExclusionThe annual gift tax exclusion for 2015 is $14,000. Direct payments of educational or medical costs do not count against the annual gift tax exclusion.

There is a special provision that allows a contributor to accelerate five years of gifting when funding a 529 College Savings Plan on behalf of a beneficiary. For example, an individual currently may contribute as much as $70,000 ($140,000 for a married couple) in a given year to a 529 Plan, instead of waiting to contribute $14,000 in each of five years. This uses the individual’s annual gifting exclusion to that beneficiary for five years.

• There are no Adjusted Gross Income limits on the conversion of IRA and qualified plan assets to a Roth.• Any amount in a SEP or SIMPLE IRA may also be converted to a Roth IRA; however, a

conversion from a SIMPLE IRA may be made only after the 2-year period beginning on the date the individual first participated in any SIMPLE IRA maintained by the individual’s employer.

• The conversion is subject to income tax in the year of the conversion (reported on Form 8606), but is not subject to the 10% premature distribution penalty.• Intra-plan Roth conversions from vested tax deferred balances are available within qualified

retirement plans (401(k), 403(b), 457) that provide a Roth option, when allowed by the plan’s controlling document.

*The Maximum combined employee/employer contribution is $53,000; $59,000 with a catch-up contribution.

*Generally, employers must either match employee contributions dollar-for-dollar up to 3% of the employee’s compensation or make a contribution of 2% of compensation for all eligible employees, whether participating or not.

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Funding Source/Benefit Benefit Annual Limits Qualified Expenses

Coverdell Education Savings Accounts1

- Earnings are not taxed- Tax-free withdrawals for qualified expenses

Maximum 2015 contribution is $2,000 (generally contributions may be made until the beneficiary turns 18)2

- Tuition & mandatory fees- Books, supplies, xequipment- Room & board if at least half-time student- Payments to 529 Plans

529 College Savings Plans1

- Earnings are not taxed- Tax-free withdrawals

x for qualified expenses- Possible state income tax deduction (VA not NC)

Maximum contribution is deter-mined by each state’s plan.3 VA: $350,000; NC: $410,000

- Tuition & mandatory fees- Books, supplies, xequipment- Room & board if at least half-time student

Traditional, Roth, SEP, and SIMPLE IRAs4

No 10% premature distribution penalty if used for qualifying expenses

N/A2

- Tuition & mandatory fees- Books, supplies, xequipment- Room & board if at least half-time student

Education Savings Bond Program1

Interest used for qualified expenses is not taxed N/A

- Tuition & mandatory fees- Payments to 529 Plans & Coverdell ESAs

Student Loan Interest Interest is tax deductible Maximum deduction is $2,500

per year N/A

Hope ScholarshipCredit/American

Opportunity Credit5 Credits directly offset the amount of federal tax due

Maximum credit is $2,500 per student

Tuition & mandatory feesBooks, supplies, equipment

Lifetime Learning Credit

Maximum credit is $2,000 per family

Tuition & mandatory fees

Education Funding

1. Any non-taxable withdrawal is limited to the amount of qualifying education expenses.2. Income limits apply at the time of contribution. They are not relevant for withdrawals.3. Contributions are subject to federal gift tax rules.4. Normal income tax rules apply on withdrawals.5. Current rules have been extended through 2017 by the American Taxpayer Relief Act of 2012.

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Funding Source/Benefit Qualified Education Other Conditions Income Phase-Out

Coverdell Education Savings Accounts1

Grades K-12 and all undergraduate and

graduate

- Can contribute to Coverdell ESA and 529 Plan in the same year

- Must withdraw assets by age 30

Single: $95,000-$110,000 Joint: $190,000-$220,000

529 College Savings Plans1

All undergraduate and graduate

- Distributions are excluded from gross income

- Hope and Lifetime Learning Credits are permitted in the same year but not for the

same expenses

No Phase-Out

Traditional, Roth, SEP, and SIMPLE IRAs2

N/A No Phase-Out3

Education Savings Bond Program1

Applies only to qualified series EE bonds issued after 1989 and

all series I bonds

Single: $77,200-$92,200Joint:$115,750-$145,750

Student Loan InterestMust have been at least

half-time student in a degree program

Single: $65,000-$80,000Joint: $130,000-$160,000

Hope Scholarship Credit/American

Opportunity Credit4

1st 4 years of undergraduate-Can be claimed only for 4 years

-Must be enrolled at least half-time in a degree program

Single: $80,000-$90,000Joint: $160,000-$180,000

Lifetime Learning CreditAll post-secondary education

when Hope Credit is unavailable

N/A Single: $55,000-$65,000Joint:$110,000-$130,000

Education Funding

1. Any non-taxable withdrawal is limited to the amount of qualifying education expenses.2. Normal income tax rules apply on withdrawals.3. Income limits apply at the time of contribution. They are not relevant for withdrawals.4. Current rules have been extended through 2017 by the American Taxpayer Relief Act of 2012.

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Gift & Estate TaxesThe estate tax is imposed on the decedent’s taxable estate (gross estate less deductions). The gift tax is based on the cumulative value of current and prior gifts (after a specified exclusion). For individuals dying and gifts made after 12/31/2014, the unified gift and estate tax rate schedule is as follows:

For gifts made in 2015, the annual exclusion amount is $14,000. For larger “taxable” gifts made during 2015, the credit against the gift tax imposed on U.S. citizens or residents effectively exempts the first $5,430,000 of cumulative transfers from federal gift and Generation Skipping Taxes (GST). Assets gifted have a “carry-over” cost basis equal to the lesser of the original owner’s basis or the market value on the date of the gift.

The credit (referred to as an exclusion) for estates of individuals dying in 2015 effectively exempts $5,430,000 from estate and Generation Skipping Taxation. Assets in an estate acquire a cost basis equal to the value on the date of estate valuation, often referred to as a “stepped-up” basis.

For 2015 and subsequent years, the estate and gift tax exclusion has been made “portable,” meaning the estate of a deceased spouse can elect to make any unused portion of the deceased spouse’s exclusion available to the surviving spouse to be used during his or her lifetime or at death.

2015 Unified Rate Schedule

(A) (B) (C) (D)

Amount subject to tentative tax

Exceeding Not Exceeding

Tax on amount in column A

Tax Rate on excess over amounts in column A

$ 0 $ 10,000 $ 0 18%

10,000 20,000 1,800 20%

20,000 40,000 3,800 22%

40,000 60,000 8,200 24%

60,000 80,000 13,000 26%

80,000 100,000 18,200 28%

100,000 150,000 23,800 30%

150,000 250,000 38,800 32%

250,000 500,000 70,800 34%

500,000 750,000 155,800 37%

750,000 1,000,000

248,300 39%

1,000,000 --- 345,800

40%

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Long-Term Care Premium Deduction

2015 Medicare Part B Premium Costs

Single Married

2013 MAGI was: Part B Part D 2013 MAGI was: Part B Part D

> than < thanMonthly Premium

Monthly Surcharge > than < than

Monthly Premium

Monthly Surcharge

$0 $85,000 $104.90 $0 $0 $170,000 $104.90 $0

$85,000 $107,000 $146.90 $12.10 $170,000 $214,000 $146.90 $12.10

$107,000 $160,000 $209.80 $31.10 $214,000 $320,000 $209.80 $31.10

$160,000 $214,000 $272.70 $50.20 $320,000 $428,000 $272.70 $50.20

$214,000 - $335.70 $69.30 $428,000 - $335.70 $69.30

Generally, a C corporation may deduct, as a business expense, all qualified long-term care premiums paid for employees, their spouses and dependents without application of the above limits. Such payments are not included as imputed income to the insured. These benefits may be offered to select individuals and do not have to be made available to all employees. Benefits paid by the insurance company to an insured are tax-free under all circumstances.

Self-employed individuals – including sole proprietors, partners, and more than 2% shareholders of S corporations – may deduct, as a business expense, up to 100% of eligible premiums paid for qualified long-term care plans. Such payments are not imputed income to the insured. Individual taxpayers who itemize deductions may be able to deduct the lesser of the actual long-term care premiums paid or the eligible long-term care premium amounts listed below as part of total medical expenses. This deduction is subject to age-based limits, which are adjusted annually based on increases in the medical care component of the Consumer Price Index.

Premium Deduction Limits 2015 40 or younger ...................................................................................................................................... 380

41 - 50 ...................................................................................................................................................... 710

51 - 60 ...................................................................................................................................................... 1,430

61 - 70 ...................................................................................................................................................... 3,800

71 and older ........................................................................................................................................... 4,750

Medicare participants share a portion of costs through premiums or surcharges paid on Medicare Parts B and D. For 2015 the basic Part B premium cost has increased to $104.90 per month per participant; however, the monthly costs for both Part B and Part D are higher for participants at higher income levels. The chart below shows 2015 costs for increasing levels of Modified Adjusted Gross Income (MAGI = Adjusted Gross Income plus tax exempt interest, series EE bond interest used for education, less foreign earned income). If self-paid, the Part A monthly premium is $407.

$

$

$

$

$

Federal Income Tax

Bracket

Tax-Free Yield (%)

1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00Taxable-Equivalent Yield (%)

10% 1.11 1.67 2.22 2.78 3.33 3.89 4.44 5.00 5.56 6.11 6.67

15% 1.18 1.76 2.35 2.94 3.53 4.12 4.71 5.29 5.88 6.47 7.06

25% 1.33 2.00 2.67 3.33 4.00 4.67 5.33 6.00 6.67 7.33 8.00

28% 1.39 2.08 2.78 3.47 4.17 4.86 5.56 6.25 6.94 7.64 8.33

33% 1.49 2.24 2.99 3.73 4.48 5.22 5.97 6.72 7.46 8.21 8.96

35%* 1.63 2.44 3.26 4.07 4.89 5.70 6.51 7.33 8.14 8.96 9.79

39.6%* 1.77 2.65 3.53 4.42 5.30 6.19 7.07 7.95 8.83 9.72 10.60

Taxable Equivalent Yields

An individual in the 35% bracket would have to purchase a taxable investment yielding more than 4.89% to outperform a 3% tax-free investment.

*Taxable equivalent yields for the 35% and 39.6% tax brackets reflect the additional 3.8% surtax on unearned income, which commences in the 33% tax bracket for most filers.

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The information contained herein has been compiled from a variety of publicly available documents and web sites believed to be reliable; however, there is no guarantee as to its accuracy or completeness. All information provided is of a general nature and is not intended to address the circumstances of any particular individual or entity. Davenport & Company LLC does not provide tax or legal advice; please consult your own professionals for guidance on these matters.

Age of IRA Owner or Plan Participant

Life Expectancy (in years)

Age of IRA Owner or Plan Participant

Life Expectancy (in years)

70 27.4 86 14.1

71 26.5 87 13.4

72 25.6 88 12.7

73 24.7 89 12.0

74 23.8 90 11.4

75 22.9 91 10.8

76 22.0 92 10.2

77 21.2 93 9.6

78 20.3 94 9.1

79 19.5 95 8.6

80 18.7 96 8.1

81 17.9 97 7.6

82 17.1 98 7.1

83 16.3 99 6.7

84 15.5 100 6.3

85 14.8 101 5.9

Uniform Lifetime Table (partial)

The Uniform Lifetime Table is the table used by unmarried owners, married owners whose spouses are not more than 10 years younger, and married owners whose spouses are not the sole beneficiary of the IRA’s to calculate Required Minimum Distribution. This table is not used for Inherited or Beneficiary IRA’s .

ddunwody 2015 tax planning guide (2)

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