|
|
Find an answer to any tax question?
|
|
|
Find an answer to any tax question?
|
| 2009 Tax Rates | Standard Deductions/Personal Exemption | New for 2009 |
| Maximum Salary Deferrals: | $16,500 for 401(k), 403(b), 501(c), 457 plans / $11,500 for SIMPLE see 'Retirement Plans' for contribution limits for age 50+: (additional $5,500 / $2,500 catch-up) $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: $89,000-$109,000 S, HH: $55,000-$65,000 MFS: 0-$10,000 And when taxpayer not plan eligible, but spouse covered by a plan: $166,000-$176,000 see 'Retirement Plans' regarding contribution limits |
Roth IRA Contributions AGI Phaseout: |
MFJ: $166,000-$176,000 S, HH: $105,000-$120,000 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 $3,000 individual coverage / $5,950 family coverage. |
| Educational Credit: | Hope Credit: (changed for 2009/10): 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: $50,000-$60,000 (S); $100,000-$120,000 (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: $35,463 ($40,463 MFJ) (maximum credit $3,043) Two qualifying children: $40,295 ($45,295 MFJ) (maximum credit $5,028) Three/more qualifying children: $43,281 ($48,281 MFJ) (maximum credit $5,028) Qualifying without child: $13,440 ($18,440 MFJ) (maximum credit $457) (disqualified if investment income over $3,100, any filing status) |
| Adoption Credit | Up to $12,150 (phaseout $182,180-$222,180) |
| 'Kiddie Tax' | Children under 18/full-time student under 24 with interest/dividends over $1,900 |
| Standard Mileage Rates: |
Business: 55¢ (Depreciation conversion: 21¢) Charity: 14¢ Medical/Moving: 24¢ |
| Itemized Deduction phaseout: | starts at AGI of $166,800 ($83,400 MFS) |
| Personal Exemption phaseout: | Starts at AGI of: $125,100 MFS $166,800 S $208,500 HH $250,200 MFJ / QW but $3,650 personal exemption will not be reduced below $2,433 |
| Section 179 Expense: | $250,000; placed-in-service phaseout $800,000 |
| 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: | $91,400 |
| See the original 'NEW TAX LAWS' menu for ongoing changes for this year | |
|---|---|
| 2009 Tax Rates | Standard Deductions/Personal Exemption | New for 2009 |
 |