Key Tax Numbers 2009


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $             -    $         8,350  $             -   10%  $                 -  
 $         8,350  $       33,950  $            835 15%  $         8,350
 $       33,950  $       82,250  $         4,675 25%  $       33,950
 $       82,250  $     171,550  $       16,750 28%  $       82,250
 $     171,550  $     372,950  $       41,754 33%  $     171,550
 $     372,950  NA   $     108,216 35%  $     372,950
Head of Household  $             -    $      11,950  $             -   10%  $                 -  
 $      11,950  $      45,500  $        1,195 15%  $      11,950
 $      45,500  $     117,450  $        6,228 25%  $      45,500
 $     117,450  $     190,200  $      24,215 28%  $     117,450
 $     190,200  $     372,950  $      44,585 33%  $     190,200
 $     372,950  NA   $     104,893 35%  $     372,950
Married Filing Jointly  $             -    $      16,700  $             -   10%  $                 -  
 $      16,700  $      67,900  $        1,670 15%  $      16,700
 $      67,900  $     137,050  $        9,350 25%  $      67,900
 $     137,050  $     208,850  $      26,638 28%  $     137,050
 $     208,850  $     372,950  $      46,742 33%  $     208,850
 $     372,950  NA   $    100,895 35%  $     372,950

 

Contribution Limits & Credits

 

Type Amount Catchup (over 50) Comment
401k, 403b, eligible 457 salary deferrals  $               16,500  $                5,500  
Total Defined Contrib Limit  $               49,000  $                5,500  
Defined Contrib Income Limit  $             245,000    
SIMPLE 401k, SIMPLE IRA salary deferrals  $               11,500  $                2,500  
Defined Benefit Limit  $              195,000    
IRA (Combination of Deductible, Roth, & Non-Deductible)  $                 5,000  $                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  $                 2,500   Amended by AARTA (2009)Phased out by AGI (see Phaseouts)

 

Phase-Outs

 

Type Status Phaseout Begins Phaseout Ends Comment
Roth IRA Contribution Limits Single  $          105,000  $       120,000  
Married Filing Jointly  $          166,000  $       176,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $            55,000  $         65,000  
Married Filing Jointly  $            89,000  $       109,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $          166,000  $       176,000  
Eductional Savings Account (Coverdell) Contribution Limits Single  $            95,000  $       110,000  
Married Filing Jointly  $          190,000  $       220,000
Personal Exemption Single  $          166,800  $       289,300 Phaseout applies only to 1/3 of the exemption amount
Head of Household  $          208,500  $       331,000
Married Filing Jointly  $          250,200  $       372,700
AMT Exemption Single  $          112,500  $       299,300  
Married Filing Jointly  $          150,000  $       433,800
Itemized Deductions All  $          166,600  NA  Deductions are reduced by 3% of the amount that AGI is over the phaseout (capped at 80%).  Phaseout applies only to 1/3 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  $            60,000  $         75,000  
Married Filing Jointly  $          120,000  $       150,000
Hope Credit Single  $            80,000  $         90,000 Amended by AARTA (2009)
Married Filing Jointly  $           160,000  $       180,000
Lifetime Learning Credit Single  $            50,000  $         60,000  
Married Filing Jointly  $           100,000  $       120,000

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $            3,650 Phased out by AGI (see Phaseouts)
AMT Exemption Single  $            46,700 Set By Feb 2009 Stimulus Bill
Head of Household  $            46,700
Married Filing Jointly  $            79,950
Standard Deduction Single  $            5,700  
Head of Household  $            8,350
Married Filing Jointly  $          11,400
Add'l SD if Age >=65 or blind Single  $            1,100  
Married Filing Jointly  $            1,400
Social Security Wage Base All  $         106,800  
Kiddie Tax Income Limit All  $            1,900 An unmarried child under age 18 and full-time students under 24 are 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  $          13,000  
Highly Compensated Employee All  $        110,000  
Key Employee All  $        160,000  
PBGC Max Monthly Pension All  $            4,500  
Section 179 Max Deduction All  $        250,000 Amended by AARTA (2009) Expensing of business property rather than depreciating it over time.  Phased out if property totals >800,000
Mileage Rate Business  $   0.55  
Med & Move  $   0.24
Charity  $   0.14

 

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