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  $             1,150  
Married Filing Jointly  $             1,450
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

 

Back to Home        Back to Resources


Neither PWA, nor its representatives are Certified Public Accountants or licensed attorneys. As such, PWA is not in the business of providing tax or legal advice to its clients. The filing of tax documents on clients’ behalf, and inclusion of estate and tax planning topics in financial plans, should not be confused with the expert advice provided by a CPA or licensed attorney. While we have made an attempt to verify the accuracy of the information provided above, it is not intended as a replacement for the information provided by the Internal Revenue Service or tax professionals.  All clients are encouraged to seek independent, competent legal counsel and accountants for their legal and tax advising needs.