Key Tax Numbers for 2012

Personal Exemption (for yourself and each dependent)

  • Each allowable exemption: $3,800
  • No phaseout for 2012

Standard Deduction

  • Joint return and qualifying widow(er): $11,900
  • Head of household: $8,700
  • Single: $5,950
  • Married filing separately: $5,950
  • Dependents - minimum deduction: $950
  • Additional deduction if age 65 or older, or blind:
    • Married-per-spouse, filing jointly or separately:
      • $1,150
      • $2,300 for age and blindness
    • Qualifying widow(er):
      • $1,150
      • $2,300 for age and blindness
    • Single or head of household:
      • $1,450
      • $2,900 for age and blindness

Capital Gain Rates for Assets Held Over One Year

  • If otherwise subject to the regular rate of 10% or 15%:
    • Capital gain rate is 0%
  • If otherwise subject to the regular rate over 15%:
    • Capital gain rate is 15%
  • Collectibles gain:
    • maximum rate: 28%
  • Unrecaptured Section 1250 gain on depreciated real estate:
    • maximum rate: 25%

Qualified Dividends Tax Rate

  • If otherwise subject to the regular rate of 10% or 15%:
    • Qualified dividend rate is 0%
  • If otherwise subject to the regular rate over 15%:
    • Qualified dividend rate is 15%

IRS Mileage Rates:

  • Business Use:
    • 55.5 cents per mile
  • Medical and Moving:
    • 23 cents per mile
  • Charitable:
    • 14 cents per mile

Exclusion for Employer Provided Transportation

  • Transit passes and commuter vehicle transport: $125 per month
  • Qualified parking: $240 per month
  • Qualified bicycle commuting: $20 per month

IRA Contributions

  • Traditional IRA contribution limit: $5,000
  • Additional contribution if age 50 or older: $1,000
  • Deduction phaseout for active plan participant:
    • Single or head of household: $58,000 - $68,000
    • Married filing jointly, two participants: $92,000 - $112,000
    • Married filing jointly, one participant:
      • Participant spouse: $92,000 - $112,000
      • Non-participant spouse: $173,000 - $183,000
      • Married filing separately, live together, either participates:
        • $0 - $10,000
    • Married filing separately, live apart all year:
      • Participant spouse: $58,000 - $68,000
      • Non-participant spouse: no phaseout
  • Roth IRA contribution limit: $5,000
    • Additional contribution if age 50 or older: $1,000
    • Contribution limit phaseout range:
      • Single, head of household: $110,000 - $125,000
      • Married filing separately, live apart all year: $110,000 - $125,000
      • Married filing jointly, or qualifying widow(er): $173,000 - $183,000
      • Married filing separately, live together at any time: $0 - $10,000

Elective Deferral Limits

  • 401(k), 403(b), 457 plans: $17,000
  • Salary-reduction SEP: $17,000
  • SIMPLE: $11,500
  • Additional contribution if age 50 or older:
    • 401(k), 403(b), governmental 457 and SEP plans: $5,500
    • SIMPLE IRA: $2,500

Education

  • American Opportunity credit limit-per student: $2,500
  • Lifetime Learning credit limit-per-taxpayer: $2,000
  • Phaseout of American Opportunity credit:
    • Married filing jointly: $160,000 - $180,000
    • Single, head of household, or qualifying widow(er): $80,000 - $90,000
  • Phaseout of Lifetime Learning credit:
    • Married filing jointly: $104,000 - $124,000
    • Single, head of household, or qualifying widow(er): $52,000 - $62,000
  • Student loan interest deduction limit: $2,500
    • Phaseout of deduction limit:
      • Married filing jointly: $125,000 - $155,000
      • Single, head of household, qualifying widow(er): $60,000-$75.000
  • Coverdell ESA limit: $2,000
    • Phaseout of limit:
      • Married filing jointly: $190,000 - $220,000
      • All others: $95,000 - $110,000
  • Tuition and fees deduction:
    • Tuition and fees deduction-tier 1limit: $4,000
    • Income cut-off:
      • Married filing jointly: $130,000
      • Single, head of household, or qualifying widow(er) $65,000
    • Tuition and fees deduction limit-tier 2 limit: $2,000
    • Income cut-off:
      • Married filing jointly: $160,000
      • Single, head of household, or qualifying widow(er): $80,000

Long-term Care Premiums

  • Limit on premium allowed as medical expense
    • Age 40 or under: $350
    • Over 40 but not over 50: $660
    • Over 50 but not over 60: $1,310
    • Over 70: $4,370

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