Key Tax Numbers 2007


Federal Tax Brackets

 

Status Income Min Income Max Base Amount Plus of Income over
Single  $             -    $        7,825  $             -   10%  $                 -  
 $        7,825  $      31,850  $      782.50 15%  $            7,825
 $      31,850  $      77,100  $    4,386.25 25%  $           31,850
 $      77,100  $     160,850  $  15,698.75 28%  $           77,100
 $     160,850  $     349,700  $  39,148.75 33%  $         160,850
 $     349,700  NA   $101,469.25 35%  $         349,700
Head of Household  $             -    $      11,200  $             -   10%  $                 -  
 $      11,200  $      42,650  $    1,120.00 15%  $           11,200
 $      42,650  $     110,100  $    5,837.50 25%  $           42,650
 $     110,100  $     178,350  $  22,700.00 28%  $         110,100
 $     178,350  $     349,700  $  41,810.00 33%  $         178,350
 $     349,700 NA  $  98,355.50 35%  $         349,700
Married Filing Jointly  $             -    $      15,650  $             -   10%  $                 -  
 $      15,650  $      63,700  $    1,565.00 15%  $           15,650
 $      63,700  $     128,500  $    8,772.50 25%  $           63,700
 $     128,500  $     195,850  $  24,972.50 28%  $         128,500
 $     195,850  $     349,700  $  43,830.50 33%  $         195,850
 $     349,700 NA  $  94,601.00 35%  $         349,700

 

Contribution Limits & Credits

 

Type Amount Catchup (over 50) Comment
401k, 403b, eligible 457 salary deferrals  $               15,500  $                5,000  
Total Defined Contrib Limit  $               45,000  $                5,000  
Defined Contrib Income Limit  $              225,000    
SIMPLE 401k, SIMPLE IRA salary deferrals  $               10,500  $                2,500  
Defined Benefit Limit  $              180,000    
IRA (Combination of Deductible, Roth, & Non-Deductible)  $                 4,000  $                1,000 Deductibiliy, and ability to contribute to a Roth IRA is phased out by AGI (see Phaseouts)
Educational Savings Account Limit (Coverdell)  $                 2,000   Ability to contribute is phased by AGI (see Phaseouts)
Child Tax Credit  $                 1,000   Per Child under age 17.  Phased out by AGI (see Phaseouts)
Child or Dependent Care Credit - one child  $                 3,000    
Child or Dependent Care Credit - more than one child  $                 6,000    
Lifetime Learning Credit Maximum  $                 2,000   Phased out by AGI (see Phaseouts)
Hope Credit Maximum  $                 1,650   Phased out by AGI (see Phaseouts)

 

 

Phase-Outs

 

Type Status Phaseout Begins Phaseout Ends Comment
Roth IRA Contribution Limits Single  $            99,000  $       114,000  
Married Filing Jointly  $          156,000  $       166,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $            52,000  $         62,000  
Married Filing Jointly  $            83,000  $       103,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $          156,000  $       166,000  
Eductional Savings Account (Coverdell) Contribution Limits Single  $            95,000  $       110,000  
Married Filing Jointly  $          190,000  $       220,000
Personal Exemption Single  $          156,400  $       281,400 Phaseout applies only to 2/3 of the exemption amount
Head of Household  $          195,500  $       320,500
Married Filing Jointly  $          234,600  $       359,600
AMT Exemption Single  $          112,500  $       247,500 Based on AMTaxable Income
Married Filing Jointly  $          150,000  $       330,000
Itemized Deductions All  $          156,400  NA  Deductions are reduced by 3% of the amount that AGI is over the phaseout (capped at 80%).  Phaseout applies only to 2/3 of the deduction amount.
Child Tax Credit Single / HoH  $            75,000  $         95,000 Based on MAGI, not AGI
Married Filing Jointly  $          110,000  $       130,000
Student Loan Interest Deduction Single  $            55,000  $         70,000  
Married Filing Jointly  $          110,000  $       140,000
Lifetime Learning & Hope Credit Single  $            47,000  $         57,000  
Married Filing Jointly  $            94,000  $       114,000

 

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $            3,400 Phased out by AGI (see Phaseouts)
AMT Exemption Single  $          44,350 Changed by Congress at the end of 2007.
Head of Household  $          44,350
Married Filing Jointly  $          66,250
Standard Deduction Single  $            5,350  
Head of Household  $            7,850
Married Filing Jointly  $          10,700
Add'l SD if Age >=65 or blind Single  $            1,050  
Married Filing Jointly  $            1,300
Social Security Wage Base All  $          97,500  
Kiddie Tax Income Limit All  $            1,700 An unmarried child under age 18 is taxed at the parent’s rate on unearned income exceeding this amount
Student Loan Interest Deduction Maximum All  $            2,500 Phased out by AGI (see Phaseouts)
Annual Gift Tax Exclusion All  $          12,000  
Section 179 Max Deduction All  $        112,000 Expensing of business property rather than depreciating it over time.  Phased out if property totals >430,000
Mileage Rate Business  $              0.49  
Charity  $              0.14
Med & Move  $              0.20

 

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