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2011 Key Tax Numbers
Personal Exemption (for yourself and each dependent)
- Each allowable exemption: $3,700
- No phaseout for 2011
Standard Deduction
- Joint return and qualifying widow(er): $11,600
- Head of household: $8,500
- Single: $5,800
- Married filing separately: $5,800
- 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 both age and blindness
- Qualifying widow(er):
- $1.150
- $2,300 for both age and blindness
- Single or head of household:
- $1,450
- $2,900 for both age and blindness
- Married-per-spouse, filing jointly or separately:
Capital Gain Rates for Assets Held Over One Year
- If otherwise subject to the regular rate of 10% or 15% rate:
- Capital gain rate is 0%
- If otherwise subject to the regular rate over 15%:
- Capital gain rate is 15%
- Collectibles gain:
- Maximum rate is 28%
- Unrecaptured Section 1250 gain on depreciated real
estate:
- Maximum rate is 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 Rate:
- For Businesses:
- January 1, 2011 through June 30, 2011: 51 cents per mile
- July 1, 2011 through December 31, 2011: 55.5 cents per mile
- Medical and Moving:
- January 1, 2011 through June 30, 2011: 19 cents per mile
- July 1, 2011 through December 31, 2011: 23.5 cents per mile
- Charitable:
- January 1, 2011 through December 31, 2011: 14 cents per mile
Exclusion for Employer Provided Transportation
- Transit passes and commuter vehicle transport: $230 per month
- Qualified parking: $230 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: $56,000 - $66,000
- Married filing jointly, two participants: $90,000 - $110,000
- Married filing jointly, one participant:
- Participant spouse: $90,000 - $110,000
- Non-participant spouse: $169,000 - $179,000
- Married filing separately, live together, either
participates:
- $0 - $10,000
- Married filing separately, live apart all year:
- Participant spouse: $56,000 - $66,000
- 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: $107,000 - $122,000
- Married filing separately, live apart all year: $107,000 - $122,000
- Married filing jointly, or qualifying widow(er): $169,000 - $179,000
- Married filing separately, live together at any time: $0 - $10,000
Elective Deferral Limits
- 401(k), 403(b), 457 plans: $16,500
- Salary-reduction SEP: $16,500
- 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: $102,000 - $122,000
- Single, head of household, or
- qualifying widow(er): $51,000 - $61,000
- Student loan interest deduction limit: $2,500
- Phaseout of deduction limit:
- Married filing jointly: $120,000 - $150,000
- Single, head of household, qualifying widow(er): $60,000-$75.000
- Phaseout of deduction limit:
- Coverdell ESA limit: $2,000
- Phaseout of limit:
- Married filing jointly: $190,000 - $220,000
- All others: $95,000 - $110,000
- Phaseout of limit:
- Tuition and fees deduction: tier 1 limit Income cut-off
$4,000
- Married filing jointly: $130,000
- Single, head of household, or qualifying widow(er) $65,000
- Tuition and fees deduction: tier 2 limit Income cut-off $2,000
- 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: $340
- Over 40 but not over 50: $640
- Over 50 but not over 60: $1,270
- Over 70: $4,240
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