|
|
|
|
|
|
2009 |
2010 |
|
Amount |
Amount |
| Annual additions dollar limit |
|
|
| for Defined Contribution Plans |
|
|
| Maximum = Lesser of 25% of W-2 wages or |
49,000 |
49,000 |
|
|
|
| Salary deferral allowed for |
|
|
| 401(k), 403(b), and SAR-SEP |
|
|
| Maximum = lesser of 100% of W-2 wages or |
16,500 |
16,500 |
| Additional contributions for those over age 50 |
5,500 |
5,500 |
|
|
|
| Maximum salary deferral |
|
|
| allowed for SIMPLE plans |
|
|
| Maximum = lesser of 100% of W-2 wages or |
11,500 |
11,500 |
| Additional contributions for those over age 50 |
2,500 |
2,500 |
|
|
|
| Traditional IRA |
|
|
| Phase-out where taxpayer is an active participant |
|
|
| Joint Return |
89K to 109K |
89K to 109K |
| Single taxpayers |
55K to 65K |
56K to 66K |
|
|
|
| Phase-out where taxpayer is |
|
|
| married but not an active participant |
166K to 176K |
167K to 177K |
| |
|
|
| Maximum = lesser of W-2 wages or |
5,000 |
5,000 |
| Additional contributions for those over age 50 |
1,000 |
1,000 |
|
|
|
| Roth IRA |
|
|
| Phase-out where taxpayer is an active participant |
|
|
| Joint Return |
166K to 176K |
167K to 177K |
| Single taxpayers |
105K to 120K |
105K to 120K |
|
|
|
| Maximum = lesser of W-2 wages or |
5,000 |
5,000 |
| Additional contributions for those over age 50 |
1,000 |
1,000 |
|
|
|
| Social Security taxable wage base |
106,800 |
106,800 |
|
|
|
| Higher Education Expense deduction |
|
|
| Adjusted Gross Income < $65K MFS or $130K MFJ |
4,000 |
expired |
| Adjusted Gross Income > $65K MFS or $130K MFJ |
2,000 |
expired |
| Adjusted Gross Income > $80K MFS or $160K MFJ |
- |
- |
|
|
|
| American Opportunity Credit (formerly HOPE Credit) |
|
| Maximum: 100% x $2,000 + 25% x $2,000 |
2,500 |
2,500 |
| Allowed up to 4 years |
|
|
| Not allowed after 4 years of college |
|
|
| Phase out: Single |
$80K to $90K |
$80K to $90K |
| Phase out: Married |
$160K to 180K |
$160K to 180K |
|
|
|
| Kiddie tax applicable on unearned income if > |
1,900 |
1,900 |
|
|
|
| Gift Tax exclusion |
13,000 |
13,000 |
|
|
|
| SUV Section 179 limitation |
25,000 |
25,000 |
|
|
|
| Mileage reimbursement rate |
0.55 |
0.50 |
|
|
|
| Teacher credit |
250 |
Sch to expire |
| Sales Tax on new $49,500 auto purchase |
Deductible |
Sch to expire |
|
|
|
| Home Buyer Credit |
|
|
| 1st time home buyer credit: 1-1-09 thru 4-30-10 |
8,000 |
8,000 |
| AGI phase out: Single |
$75K to $95K |
$75K to $95K |
| AGI phase out: MFJ |
$150K to $170K |
$150K to $170K |
| Credit |
|
|
| Existing home buyer credit: 11-6-09 thru 4-30-10 |
|
|
| AGI phase out: Single |
125K to 145K |
125K to 145K |
| AGI phase out: MFJ |
225K to 245K |
225K to 245K |
| Credit |
6,500 |
6,500 |
|
|
|
| Penalty for failure to file 1120S or 1065 |
$89/ mo / owner |
$195/mo/owner |
|
|
|
| Net Operating Loss Carryback |
2,3,4 or 5 years |
2,3,4 or 5 years |
|
|
|
| $250,000 ">Change in Tax rate for those with AGI >$250,000 |
2011 effective date |
|
|
|
| Rollover to ROTH IRA |
|
|
| AGI Limit |
$100,000 |
none |
| Tax on rollover due |
100% with 2009 rtn |
50% with 2010 rtn |
|
|
50% with 2011 rtn |
|
|
|
| Cancellation of Debt Income is |
|
|
| taxable unless involves: |
|
|
| Bankruptcy, Insolvency, or Personal Residence |
|
|
|
|
|
| Underpayment of Tax Penalty - Safe Harbor |
|
|
| At least 90 of current year tax is paid by Jan 15 or |
|
|
| 100% of prior year tax is paid (110% if prior year AGI > $150K) |
|
| Balance due is < $1,000 |
|
|
| Prior full yr tax return of US citizen was -0- |
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