Key Individual Tax Figures for 2026
- Jan 27
- 2 min read
Many federal tax limits rise annually with inflation, and new changes will take effect this year.
Here is a summary of key tax figures that could impact individual taxpayers in 2026. Please note that there may be specific rules, phaseouts, or exceptions that apply.
Standard Deduction Amounts
For 2026, the standard deduction amounts are:
Single and Married Filing Separately: $16,100
Head of Household (HOH): $24,150
Married Filing Jointly: $32,200
An additional standard deduction is available for taxpayers who are age 65 or older and/or blind:
$2,050 per Qualifying Individual
$1,650 per Spouse if Married
If a taxpayer is both age 65 or older and blind, the additional amount is doubled.
Itemized Deduction Limits
Several itemized deduction rules and thresholds apply for 2026:
Casualty Losses: Deductible only for losses resulting from federally declared disasters or, new for 2026, state-declared disasters
Charitable Contributions: A new floor of 0.5% of adjusted gross income (AGI) applies
Mortgage Interest: Interest on qualified mortgage debt up to $750,000
Medical Expenses: Deductible only to the extent they exceed 7.5% of AGI
State and Local Taxes (SALT): Deduction capped at $40,400
In addition, a new overall limit applies to higher-income taxpayers. Generally, taxpayers in the 37% tax bracket will receive the same tax benefit from itemized deductions as if they were in the 35% bracket.
Retirement Plan Contribution Limits
Contribution limits for tax-advantaged retirement accounts continue to rise in 2026:
Traditional and Roth IRA Contributions: $7,500
IRA Catch-up Contributions (age 50 or older): $1,100
401(k), 403(b), and 457 Plan Deferrals: $24,500
Catch-up Contributions (age 50 or older): $8,000
Additional Catch-up Contributions (ages 60–63): $3,250
SIMPLE Plan Deferrals: $17,000
SIMPLE Catch-up Contributions (age 50 or older): $4,000
SIMPLE Additional Catch-up Contributions (ages 60–63): $1,250
Defined Contribution Plan Limit: $72,000
Defined Benefit Plan Annual Benefit Limit: $290,000
Other Tax-Advantaged Savings Limits
Several other savings vehicles have updated limits for 2026:
Health Savings Accounts (HSAs):
$4,400 for individual coverage
$8,750 for family coverage
Health Flexible Spending Accounts (FSAs): $3,400
Child and dependent care FSAs: $7,500
Estate and Gift Tax Limits
Estate planning thresholds remain historically high for 2026:
Gift and Estate Tax Exemption: $15 million
Generation-Skipping Transfer Tax Exemption: $15 million
Annual Gift Tax Exclusion: $19,000 (unchanged from 2025
Planning Ahead for 2026
These are just some of the tax figures and limits that could affect your 2026 tax situation. Understanding how they apply to your income, deductions, and long-term planning goals can make a meaningful difference. To learn more and start planning for the year ahead, contact us.
