Key Tax Numbers for 2012
Exemptions
Each allowable exemption (21.1) |
$ 3,800 |
No Phaseout for 2012 (21.12) |
|
Standard Deduction (13.1)
Joint return/Qualifying widow(er) |
$ 11,900 |
Head of Household |
$ 8,700 |
Single |
$ 5,950 |
Married filing separately |
$ 5,950 |
Dependents-minimum deduction (13.5) |
$ 950 |
Additional deduction if age 65 or older, or blind (13.4) |
|
Married-per spouse, filing jointly or separately |
$ 1,150 ($2,300 for age and blindness) |
Qualifying widow(er) |
$ 1,150 ($2,300 for age and blindness) |
Single or head of household |
$ 1,450 ($2,900 for age and blindness) |
Long-term Care Premiums (17.15)
Limit on premium allowed as medical expense |
|
Age 40 or under |
$ 350 |
Over 40 but not over 50 |
$ 660 |
Over 50 but not over 60 |
$ 1,310 |
Over 60 but not over 70 |
$ 3,500 |
Over 70 |
$ 4,370 |
IRA Contributions
Traditional IRA contribution limit (8.2) |
$ 5,000 |
Additional contribution if age 50 or older |
$ 1,000 |
Deduction phaseout for active plan participant (8.4) |
|
Single or head of household |
$ 58,000 − $ 68,000 |
Married filing jointly, two participants |
$ 92,000 − $ 112,000 |
Married filing jointly, one participant |
|
Participant spouse |
$ 92,000 − $ 112,000 |
Non-participant spouse |
$ 173,000 − $ 183,000 |
Married filing separately, live together, either participates |
$ 0 − $ 10,000 |
Married filing separately, live apart all year |
|
Participant spouse |
$ 58,000 − $ 68,000 |
Non-participant spouse |
no phaseout |
Roth IRA contribution limit (8.20) |
$ 5,000 |
Additional contribution if age 50 or older |
$ 1,000 |
Contribution limit phaseout range |
|
Single, head of household |
$ 110,000 − $ 125,000 |
Married filing separately, live apart all year |
$ 110,000 − $ 125,000 |
Married filing jointly, or qualifying widow(er) |
$ 173,000 − $ 183,000 |
Married filing separately, live together at any time |
$ 0 − $ 10,000 |
Elective deferral limits
401(k), 403(b), 457 plans (7.18) |
$ 17,000 |
Salary-reduction SEP (8.16) |
$ 17,000 |
SIMPLE IRA (8.17) |
$ 11,500 |
Additional contribution if age 50 or older |
|
401(k), 403(b), governmental 457 and SEP plans (7.18, 8.16) |
$ 5,500 |
SIMPLE IRA (8.17) |
$ 2,500 |
Education
American Opportunity credit limit-per student (33.8) |
$2,500 |
Lifetime Learning credit limit-per taxpayer (33.9) |
$2,000 |
Phaseout of American Opportunity credit (33.8) |
|
Married filing jointly |
$ 160,000–$ 180,000 |
Single, head of household, or qualifying widow(er) |
$80,000–$ 90,000 |
Phaseout of Lifetime Learning credit (33.9) |
|
Married filing jointly |
$ 104,000–$ 124,000 |
Single, head of household, or qualifying widow(er) |
$ 52,000–$ 62,000 |
Student loan interest deduction limit (33.13) |
$2,500 |
Phaseout of deduction limit |
|
Married filing jointly |
$125,000–$155,000 |
Single, head of household, or qualifying widow(er) |
$60,000–$75,000 |
Coverdell ESA limit (33.10) |
$2,000 |
Phaseout of limit |
|
Married filing jointly |
$190,000–$220,000 |
All others |
$95,000–$110,000 |
Tuition and fees deduction-assuming deduction is extended by Congress (33.12) |
|
Tuition and fees deduction-tier 1 limit |
$4,000 |
Income cut-off |
|
• Married filing jointly |
$130,000 |
• Single, head of household, or qualifying widow(er) |
$65,000 |
Tuition and fees deduction limit-tier 2 limit |
$2,000 |
Income cut-off |
|
• Married filing jointly |
$160,000 |
• Single, head of household, or qualifying widow(er) |
$80,000 |
Capital gain rates-assets held over one year (5.3)
If otherwise subject to 10% or 15% rate |
0% |
If otherwise subject to rate over 15% |
15% |
Collectibles gain-maximum rate |
28% |
Unrecaptured Section 1250 gain on depreciated real estate-maximum rate |
25% |
Qualified dividends tax rate (4.2)
If otherwise subject to 10% or 15% rate |
0% |
If otherwise subject to rate over 15% |
15% |
IRS mileage rates
Business (43.1) |
55.5 cents/mile |
Medical (17.9) and Moving (12.3) |
23 cents/mile |
Charitable volunteers (14.4) |
14 cents/mile |
Exclusion for employer provided transportation (3.8)
Transit passes and commuter vehicle transport |
$125/month |
Qualified parking |
$240/month |
Qualified bicycle commuting |
$ 20/month |
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