Key Tax Numbers 2011


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $             -    $         8,500  $             -   10%  $                 -  
 $         8,500  $       34,500  $            850 15%  $         8,500
 $       34,500  $       83,600  $         4,750 25%  $       34,500
 $       83,600  $     174,400  $       17,025 28%  $       83,600
 $     174,400  $     379,150  $       42,449 33%  $     174,400
 $     379,150  NA   $     110,017 35%  $     379,150
Head of Household  $             -    $      12,150  $             -   10%  $                 -  
 $      12,150  $      46,250  $        1,215 15%  $      12,150
 $      46,250  $     119,400  $        6,330 25%  $      46,250
 $     119,400  $     193,350  $      24,618 28%  $     119,400
 $     193,350  $     379,150  $      45,324 33%  $     193,350
 $     379,150  NA   $     106,638 35%  $     379,150
Married Filing Jointly  $             -    $      17,000  $             -   10%  $                 -  
 $      17,000  $      69,000  $        1,700 15%  $      17,000
 $      69,000  $     139,350  $        9,500 25%  $      69,000
 $     139,350  $     212,300  $      27,088 28%  $     139,350
 $     212,300  $     379,150  $      47,514 33%  $     212,300
 $     379,150  NA   $    102,574 35%  $     379,150

 

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  $          107,000  $       122,000  
Married Filing Jointly  $          169,000  $       179,000
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 2010-12
Head of Household N/A N/A
Married Filing Jointly N/A N/A
AMT Exemption Single  $          112,500  $       306,300  
Married Filing Jointly  $          150,000  $       447,800
Itemized Deductions All  N/A

 N/A 

No phaseout for 2010-12
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  $            51,000  $         61,000  
Married Filing Jointly  $           102,000  $       122,000

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $            3,700  
AMT Exemption Single $           48,450  
Head of Household $           48,450
Married Filing Jointly $           74,450
Standard Deduction Single  $            5,800  
Head of Household  $            8,500
Married Filing Jointly  $          11,600
Add'l SD if Age >=65 or blind Single  $            1,150  
Married Filing Jointly  $            1,450
Social Security Wage Base All  $         106,800  
Kiddie Tax Income Limit All  $               950 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 Add'l $1k catch-up contribution allowed for those over age 54
Married Filing Jointly  $            6,150
Mileage Rate Business  $            0.51

Adjusted to $0.555 on 7/1

Adjusted to $0.235 on 7/1

Adjusted to $0.195 on 7/1

Med & Move  $            0.19
Charity  $            0.14

 

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