Key Tax Numbers for 2011

The following is an excerpt from J.K. Lasser's Your Income Tax 2012: For Preparing Your 2011 Tax Return. It is reprinted with permission of John Wiley & Sons, Inc.

Here are the key tax numbers for 2011 (along with the section in the book where extra details are provided):

Exemptions

• Each allowable exemption (21.1)    $ 3,700
• No Phaseout for 2011 (21.12)

Standard Deduction (13.1)

• Joint return/Qualifying widow(er)    $ 11,600
• Head of Household    $ 8,500
• Single    $ 5,800
• Married filing separately    $ 5,800
• 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    $ 340 
• Over 40 but not over 50    $ 640
• Over 50 but not over 60    $ 1,270
• Over 60 but not over 70    $ 3,390
• Over 70    $ 4,240

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    $ 56,000 – $ 66,000
• Married filing jointly, two participants    $ 90,000 – $ 110,000
• Married filing jointly, one participant

• Participant spouse    $ 90,000 – $ 110,000
• Non-participant spouse    $ 169,000 – $ 179,000

• Married filing separately, live together, either participates    $ 0 – $ 10,000
• Married filing separately, live apart all year

• Participant spouse    $ 56,000 – $ 66,000
• 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    $ 107,000 – $ 122,000
• Married filing separately, live apart all year    $ 107,000 – $ 122,000
• Married filing jointly, or qualifying widow(er)    $ 169,000 – $ 179,000
• Married filing separately, live together at any time    $ 0 – $ 10,000

Elective deferral limits

• 401(k), 403(b), 457 plans (7.18)    $ 16,500
• Salary-reduction SEP (8.16)    $ 16,500
• 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 (33.10)

• Married filing jointly    $ 160,000–$ 180,000
• Single, head of household, or qualifying widow(er)    $80,000–$ 90,000

• Phaseout of  Lifetime Learning credit (33.10)

• Married filing jointly    $ 102,000–$ 122,000
• Single, head of household, or qualifying widow(er)    $ 51,000–$ 61,000

• Student loan interest deduction limit (33.14)    $2,500
• Phaseout of deduction limit

• Married filing jointly    $120,000–$150,000
• Single, head of household, or qualifying widow(er)    $60,000–$75,000

• Coverdell ESA limit (33.11)    $2,000
• Phaseout of limit

• Married filing jointly    $190,000–$220,000
• All others    $95,000–$110,000

• Tuition and fees deduction (33.13)
• 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 (4.1)

• If otherwise subject to 10% or 15% rate     0%
• If otherwise subject to rate over 15%    15%

IRS mileage rates

• Business (43.1) 

• 1/1/2011 through 6/30/11    51 cents/mile
• 7/1/2011 through 12/31/11    55.5 cents/mile

• Medical (17.9) and Moving (12.3)

• 1/1/2011 through 6/30/11     19 cents/mile
• 7/1/2011 through 12/31/11    23.5 cents/mile

• Charitable volunteers (14.4)

• 1/1/2011 through  12/31/11    14 cents/mile

Exclusion for employer provided transportation (3.8)

• Transit passes and commuter vehicle transport    $230/month
• Qualified parking    $230/month
• Qualified bicycle commuting    $ 20/ month

Comments

[Mary Kay]

Great information. Thank you for posting. :)

[Rockbell]

Nice one page summary for the 99%'s ( or is that the 53%'s?)

[jim]

Nice list.

[Diane]

The transit passes of $230/month expired on 12/31/2011 and Congress has done nothing to reinstate it (it rolled back to only $125 a month this year).