Key Tax Numbers 2010


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $             -    $         8,375  $             -   10%  $                 -  
 $         8,375  $       34,000  $            838 15%  $         8,375
 $       34,000  $       82,400  $         4,681 25%  $       34,000
 $       82,400  $     171,850  $       16,781 28%  $       82,400
 $     171,850  $     373,650  $       41,827 33%  $     171,850
 $     373,650  NA   $     108,421 35%  $     373,650
Head of Household  $             -    $      11,950  $             -   10%  $                 -  
 $      11,950  $      45,550  $        1,195 15%  $      11,950
 $      45,550  $     117,650  $        6,235 25%  $      45,550
 $     117,650  $     190,550  $      24,260 28%  $     117,650
 $     190,550  $     373,650  $      44,672 33%  $     190,550
 $     373,650  NA   $     105,095 35%  $     373,650
Married Filing Jointly  $             -    $      16,750  $             -   10%  $                 -  
 $      16,750  $      68,000  $        1,675 15%  $      16,750
 $      68,000  $     137,300  $        9,363 25%  $      68,000
 $     137,300  $     209,250  $      26,688 28%  $     137,300
 $     209,250  $     373,650  $      46,834 33%  $     209,250
 $     373,650  NA   $    101,086 35%  $     373,650

 

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 (American Opportunities) 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  $          167,000  $       177,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $            56,000  $         66,000  
Married Filing Jointly  $            89,000  $       109,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $          169,000  $       179,000  
Eductional Savings Account (Coverdell) Contribution Limits Single  $            95,000  $       110,000  
Married Filing Jointly  $          190,000  $       220,000
Personal Exemption Single N/A N/A No phaseout for 2010 only
Head of Household N/A N/A
Married Filing Jointly N/A N/A
AMT Exemption Single  $          112,500  $       302,300  
Married Filing Jointly  $          150,000  $       439,800
Itemized Deductions All  N/A

 N/A 

No phaseout for 2010 only
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  
AMT Exemption Single $           47,500  
Head of Household $           47,500
Married Filing Jointly $           72,450
Standard Deduction Single  $            5,700  
Head of Household  $            8,400
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 (age 65) All  $            4,500  
Section 179 Max Deduction All  $        500,000 Updated by the Small Business Jobs Act of 2010.

 Expensing of business property rather than depreciating it over time.  Phased out if property totals >2,000,000.

HDHP Min Deductible Single  $            1,200  
Married Filing Jointly  $            2,400
HSA Contribution Limit Single  $            3,050  
Married Filing Jointly  $            6,150
Mileage Rate Business  $            0.50  
Med & Move  $            0.165
Charity  $            0.14

 

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