Various Adjustments of Tax Numbers for 2011
(Most references to AGI mean modified adjusted gross income for that deduction)
| Maximum Salary Deferrals: | $16,500 for 401(k), 403(b), 501(c), 457 plans / $11,500 for SIMPLE 'catch-up'contribution limits for age 50+: (additional $5,500 / $2,500 for SIMPLE) $49,000 for SEP-IRA |
| Traditional IRA Contributions Limit: | $5,000 (up to amount of earned income for the year)
additional catch-up $1,000 for age 50+ |
Traditional IRA Contributions Deduction AGI Phaseout: (when also eligible to contribute to a retirement plan at work) |
MFJ, QW: $90,000-$110,000 S, HH: $56,000-$66,000 MFS: 0-$10,000 And when taxpayer not plan eligible, but spouse covered by a plan: $169,000-$179,000 |
Roth IRA Contributions AGI Phaseout: |
MFJ: $169,000-$179,000 S, HH: $107,000-$122,000 MFS: 0-$10,000 |
| Social Security: |
Under age 65, can earn up to $14,160 without repaying benefits. Preceding months in year of reaching age 65: $37,680. After reaching age 65, no limit. Benefits reduced $1 for each $2 earned over limit under 65, (for each $3 in year of age 65). Earnings subject to SS tax: Employee: $106,800 (maximum $6,622) Household help: cash wages over $1,700 |
| Health Savings Account: | Maximum HSA deduction $3,050 individual coverage / $6,150 family coverage. |
| Educational Credit: | American Opportunity Credit (aka Hope Credit): 100% of first $2,000, 25% of next $2,000 tuition (all 4 years college) AGI phaseout: $80,000-$90,000 (S); $160,000-$180,000 (MFJ) Lifetime Learning Credit: 20% of up to $10,000 tuition (any year college+) AGI phaseout: $51,000-$61,000 (S); $102,000-$122,000 (MFJ) |
| Student Loan Interest: | Up to $2,500 AGI phaseout: $60,000-$75,000 (individual); $120,000-$150,000 (MFJ) |
Earned Income Credit: |
Earned income/modified AGI under: One qualifying child: $36,052 ($41,132 MFJ) (maximum credit $3,094) Two qualifying children: $40,964 ($46,044 MFJ) (maximum credit $5,112) Three/more qualifying children: $43,998 ($49,078 MFJ) (maximum credit $5,751) Qualifying without child: $13,660 ($18,740 MFJ) (maximum credit $464) (disqualified if investment income over $3,150, any filing status) |
| Adoption Credit: | Up to $13,170 (phaseout $182,520-$222,520) |
| 'Kiddie Tax' | Children under 18/full-time student under 24 with interest/dividends over $1,900 |
| Standard Mileage Rates: |
Jan 1 to June 30, 2011: Business: 51¢ (Depreciation conversion: 22¢) Charity: 14¢ Medical/Moving: 19¢ July 1 to Dec 31, 2011: Business: 55.5¢ (Depreciation conversion: 22¢) Charity: 14¢ Medical/Moving: 23.5¢ |
| Itemized Deduction phaseout: | For 2010-12 there is no phaseout. |
| Personal Exemption phaseout: | For 2010-12 there is no phaseout. |
| Section 179 Expense: | tangible personal property: $500,000; placed-in-service phaseout $2 Million |
| Depreciation Limit (including Section 179): *pending any adjustment by IRS | Passenger auto limit, first year business: $11,060; Trucks, vans: $11,160 (depreciation limit of $3,060 / $3,160, and then bonus or 179 expensing) |
| Capital Gain Tax: | 15% for taxpayers in higher brackets, 0% for those in the 15%/10% brackets |
| Gift Tax Exclusion: | $13,000 |
| Foreign Income Exclusion: | $92,900 |
| See the original 'NEW TAX LAWS' menu for historical changes. | |
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| 2011 Tax Rates | Standard Deductions/Personal Exemption | New for 2011 |
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