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Helpful Tax Information


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2013 Standard Deductions

Married Filing Joint/Surviving Spouse
Head of Household
Married Filing Separately
Additional Aged/Blind – Married
Additional Aged/Blind – Unmarried
Taxpayer Claimed as Dependent
Greater of $1,000 or $350 plus earned income

Personal Exemption

The personal exemption amount in 2013 is $3,900.

2013 Social Security Changes

Maximum Taxable Earnings

Social Security Wage Base (OASDI)
Medicare Portion (HI)
No Limit

Social Security Tax Rates

Tax Rate
Employee Rate
6.20%/ 6.20%*
Self Employed

*To wage limit

At A Glance: Key Numbers For 2013

Plan Contribution Limits
Defined Benefit Limit
Defined Contribution Limit
Maximum Compensation Limits
Section 401(k) Plan
Section 403(b) Plan
Catch Up Provision 401(k) and 403(b)
Section 457(b)(2) Limit
Section 457(b)(2) Catch Up Provision
Highly Compensated Employee Definitional Limits
SIMPLE IRAs and SIMPLE 401(k) Plans
SIMPLE Plan Catch Up Provision
Traditional IRA and Roth IRA
Traditional IRA and Roth IRA Catch Up
** Annual additions to an employee’s account, which are defined as the total of employer contributions, and forfeitures, are limited to the lesser of the dollar amount indicated or 100% compensation. This limit must be coordinated with a rule applicable to profit-sharing plans, SEPs, and stock bonus plans that limit contributions to 25% of compensation. This lower limitation does not apply to employee elective contributions or forfeitures, so annual additions may exceed 25% of compensation as long as employer contributions meet the 25% limit.

*** Existing salary reduction SEPs (SARSEPs) are also covered by this limit.

Qualified Long Term Care Premiums
2013 Maximum
Age 40 or less
More than 40 but not more than 50
More than 50 but not more than 60
More than 60 but not more than 70
More than 70

The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.

Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual), 1295 State Street, Springfield, MA 01111-0001 and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company, 100 Bright Meadow Boulevard, Enfield, CT 06082.


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