Essential Tax Law Figures for Individuals for EA

What is the filing deadline for individual income tax returns for the 2025 tax year?

April 15, 2025

The extended filing deadline is October 15, 2025.

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What are the increased standard deduction amounts for 2025 under OBBBA?

Married Filing Jointly (MFJ) or Qualifying Surviving Spouse (QSS): $31,500
Single/Married Filing Separately (MFS): $15,750
Head of Household (HOH): $23,625

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What is the 2025 maximum Section 179 expense deduction limit?

$2,500,000

This limit is reduced by the amount by which the cost of Section 179 property placed in service during the tax year exceeds $3,050,000.

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What is the unearned income threshold for the Kiddie Tax in 2025?

$2,700

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What is the maximum annual contribution for a Roth or traditional IRA in 2025?

$7,000

There is an additional catch-up contribution of $1,000 for taxpayers age 50 or older.

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What are the individual tax rates for U.S. citizens and residents for the 2025 tax year?

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What is the 2025 income exclusion amount for foreign earned income?

$130,000

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What is the 2025 FBAR due date and extension period?

Due date: Coincides with federal tax return filing
Automatic 6-month extension typically until October 15.

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What is the maximum annual gift tax exclusion per beneficiary for Section 529 Plans in 2025?

$19,000

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What is the additional Medicare Tax rate on earned income exceeding certain thresholds in 2025?

0.9%

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What is the 2025 standard mileage rate for business use?

70 cents per mile

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What is the maximum amount of the Earned Income Tax Credit (EITC) for a taxpayer with three or more qualifying children in 2025?

$8,046

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What is the maximum Child Tax Credit (CTC) per qualifying child in 2025?

$2,200

The Additional Child Tax Credit (ACTC) is the refundable component, with a maximum of $1,700 refundable in 2024.

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What is the maximum lifetime gift and estate tax exemption for 2025?

$13,990,000 per person

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What is the 2025 estate tax rate?

40%

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What is the maximum annual contribution limit for a Health Savings Account (HSA) with self-only coverage in 2025?

$4,300

There is an additional contribution amount of $1,000 for taxpayers who are age 55 or older.

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What are the income limits for claiming the American Opportunity Tax Credit (AOTC)?

Phaseout begins at $80,000 for single filers and $160,000 for married filing jointly.
The credit is completely phased out at $90,000 for single filers and $180,000 for married filing jointly.

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What is the maximum contribution limit for a Coverdell Education Savings Account (ESA) in 2025?

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$2,000 per beneficiary

What are the types of residential energy credits claimed on Form 5695?

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Residential Clean Energy Credit
Energy Efficient Home Improvement Credit

Which expenses do not qualify for education credits?

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Room and board
Transportation
Insurance
Medical expenses
Student health fees

What is the maximum deduction for student loan interest?

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$2,500 per return, regardless of filing status.

What is the exclusion amount for employer contributions toward student loans through 2025?

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$5,250 annually

What is the maximum amount for qualified charitable distributions (QCD) in 2025?

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$108,000

What is the penalty for failure to file a tax return more than 60 days late in 2025?

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The lesser of $525 or 100% of the tax due on the return.

What is the new requirement for **e-filing information returns** in 2025?

Most businesses must e-file if submitting 10 or more information returns, such as Form 1099, W-2, and 1099-MISC.

What is the new requirement for **Qualified Opportunity Funds** and **Qualified Rural Opportunity** Funds starting after July 4, 2025?

Returns must be filed **electronically**, regardless of the number of returns filed.

What is the **maximum educator expense deduction** for married teachers filing jointly in 2024?

$600 | (with a limit of $300 for each spouse)

What is the 2025 **educator expense deduction limit** per eligible educator?

$300

What does the **One Big Beautiful Bill Act** (OBBBA) make permanent from the **Tax Cuts and Jobs Act** (TCJA)?

* Increased standard deduction * Elimination of personal exemptions

What new **deductions** are introduced on **Schedule 1-A** (Form 1040) for 2025?

* Qualified Tips * Qualified Overtime Pay * Qualified Passenger Vehicle Loan Interest * Enhanced Deduction for Seniors

What is the **phaseout MAGI threshold** for the new qualified tips deduction?

* $150,000 for single filers * $300,000 for joint filers

What are the key features of the **Trump Accounts** established by the OBBBA?

* One-time $1,000 contribution by the federal government * Up to $5,000 annual contribution by parents, guardians, or employers * Funds cannot be withdrawn before age 18

What are the 2025 standard **deduction amounts** for taxpayers age **65 and over** and/or **blind**?

* MFJ, QSS, or MFS: $1,600 * Single or HOH: $2,000

What is the 2025 dependency **gross income test amount** for a qualifying relative?

$5,200

What is the 2025 **alternative minimum tax** (AMT) exemption amount for **Single** or **Head of Household**?

$88,100

What is the 2025 **Earned Income Tax Credit** (EITC) investment income limit?

$11,950

What is the maximum amount of **Child and Dependent Care Credit** (CDCTC) for **two or more dependents** in 2025?

$6,000 ## Footnote The credit ranges between 20% to 35% of qualifying expenses and is not refundable in 2025.

For the **2025 Adoption Credit**, what is the maximum credit amount per adopted child?

$17,280 ## Footnote The adoption credit includes a refundable portion of up to $5,000, with any remaining nonrefundable amount eligible for a five-year carryforward.

Which accounts are subject to **Required Minimum Distributions** (RMDs) starting in 2025?

* Traditional IRAs * 401(k)s * 403(b) * 457(b) * Defined contribution plans

What is the maximum amount that can be rolled over from a **Section 529 account to a Roth IRA** under the SECURE Act 2.0?

$35,000 (lifetime limit) ## Footnote The 529 account must have been open for at least 15 years to qualify for the rollover.

What is **Form 8888** used for?

To allocate a refund among **multiple direct deposit accounts**. ## Footnote The option to receive a paper check or to purchase U.S. savings bonds with a refund has been permanently discontinued.

What is the 2025 reporting threshold for **Form 1099-K**?

$20,000 and 200 transactions. ## Footnote Reporting is required for any amount if backup withholding applies, and personal transactions are excluded.

What is the purpose of **Form 4547**?

To elect to open an initial **Trump Account** for an **eligible child** and request the one-time $1,000 pilot program contribution.

Essential Tax Law Figures for Individuals Flashcards

Identify and recall key tax rates, thresholds, and figures essential for preparing individual tax returns. (43 cards)