Key Tax Numbers 2012

Red indicates numbers not yet updated from their 2011 levels.


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $             -    $         8,700  $             -   10%  $                 -  
 $         8,700  $       35,350  $            870 15%  $         8,700
 $       35,350  $       85,650  $         4,868 25%  $       35,350
 $       85,650  $     178,650  $       17,443 28%  $       85,650
 $     178,650  $     388,350  $       43,483 33%  $     178,650
 $     388,350  NA   $     112,684 35%  $     388,350
Head of Household  $             -    $      12,400  $             -   10%  $                 -  
 $      12,400  $      47,350  $        1,240 15%  $      12,400
 $      47,350  $     122,300  $        6,483 25%  $      47,350
 $     122,300  $     198,050  $      25,220 28%  $     122,300
 $     198,050  $     388,350  $      46,430 33%  $     198,050
 $     388,350  NA   $    109,229 35%  $     388,350
Married Filing Jointly  $             -    $      17,400  $             -   10%  $                 -  
 $      17,400  $      70,700  $        1,740 15%  $      17,400
 $      70,700  $     142,700  $        9,735 25%  $      70,700
 $     142,700  $     217,450  $      27,735 28%  $     142,700
 $     217,450  $     388,350  $      48,665 33%  $     217,450
 $     388,350  NA   $    105,062 35%  $     388,350

 

Contribution Limits & Credits

 

Type Amount Catchup (over 50) Comment
401k, 403b, eligible 457 salary deferrals  $               17,000  $                5,500  
Total Defined Contrib Limit  $               50,000  $                5,500  
Defined Contrib Income Limit  $             250,000    
SIMPLE 401k, SIMPLE IRA salary deferrals  $               11,500  $                2,500  
Defined Benefit Limit  $              200,000    
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  $          110,000  $       125,000  
Married Filing Jointly  $          173,000  $       183,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $            58,000  $         68,000  
Married Filing Jointly  $            92,000  $       112,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $          173,000  $       183,000  
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 2011 levels shown here.  Likely to be extended +
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  $          125,000  $       155,000
Saver's Credit Single  $            28,750  N/A  
Married Filing Jointly  $            57,500  N/A
Hope Credit Single  $            80,000  $         90,000 Amended by AARTA (2009)
Married Filing Jointly  $           160,000  $       180,000
Lifetime Learning Credit Single  $            52,000  $         62,000  
Married Filing Jointly  $           104,000  $       124,000

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $            3,800  
AMT Exemption Single $           48,450 2011 levels shown here.  Likely to be extended +
Head of Household $           48,450
Married Filing Jointly $           74,450
Standard Deduction Single  $             5,950  
Head of Household  $             8,700
Married Filing Jointly  $           11,900
Add'l SD if Age >=65 or blind Single  $             1,450  
Married Filing Jointly  $             1,150
Social Security Wage Base All  $          110,100  
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
Nanny Tax Threshold All  $             1,800  
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  $         115,000  
Key Employee All  $         160,500  
PBGC Max Monthly Pension (age 65) All  $            4,653  
Section 179 Max Deduction All  $         139,000

Expensing of business property rather than depreciating it over time.  Phased out if property totals >$560,000.

HDHP Min Deductible Single  $             1,200  
Married Filing Jointly  $             2,400
HSA Contribution Limit Single  $             3,100 Add'l $1k catch-up contribution allowed for those over age 54
Married Filing Jointly  $             6,250
Mileage Rate Business  $             0.555  
Med & Move  $             0.23
Charity  $             0.14

 

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