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IRS CIRCULAR 230 NOTICE:
To ensure compliance with requirements imposed by the IRS, we inform you that
statements on this website, that could be construed as federal tax advice, are not intended or written to be used and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or
regulations of other governmental taxing authorities or agencies. Furthermore, this website is not intended or written to support the promotion or marketing of any tax schemes.
Date last modified:
10/11/11
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By the
Numbers: For Federal Tax Returns
2011
and 2012
Standard Deduction
and Personal Exemption Amounts
|
Single: $5,800
$5,950
Head of Household: $8,500
$8,700
Married Filing Joint: $11,600
$11,900 |
Qualifying Widow(er): $11,600
$11,900
Married Filing Separate: $5,800
$5,950
(your marital status on
December 31 generally determines your filing status) |
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Additional standard deduction amounts allowed
age
65 or older, and/or blind -- per person, per event:
Single, Head of Household: $1,450/$1,450
Married Filing Joint/Single, Qualifying Widow/er: $1,150/$1,150 |
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Personal Exemption:
$3,700/$3,800 |
2011
and
2012
Standard Mileage Rates
51.0 cents per mile 1/1-6/30/2011
55.5 cents per mile 7/1-12-31/2011
tba cents per
mile |
Unreimbursed Business miles |
19.0 cents per mile 1/1-6/30/2011
23.5 cents per mile 7/1-12-31/2011
tba cents per mile |
Medical miles, Job-related moves |
|
14.0/14.0 cents per mile |
Charitable miles |
2011 Maximum Retirement
Contributions
| Type of
Account |
Under 50 |
50 and Over |
| 401(k); 403(b),
457 |
$16,500 |
$22,000 |
Traditional IRA;
Roth IRA
(income limitations) |
$5,000 |
$6,000 |
| SIMPLE |
$11,500 |
$14,000 |
| SEP |
25%/$49,000 |
same |
2011
Education Credits and Deductions
Income limitations may apply.
Hope/Opportunity Credit
(first Four Years Undergraduate Tuition & Qualified
Expenses |
100% of first $2,000 per
student
25% of next $2,000 per student |
| Lifetime Learning Credit
|
20% of first $10,000 all Tuition
combined |
| Student Loan Interest |
$2,500 maximum deduction |
| Coverdell Educational Savings
Account |
$2,000 maximum contribution per
beneficiary |
| 529 Plans |
Contribution limits set by plan;
may qualify for a state tax incentive. |
2011
Gift Amount and Estate Tax
| Annual Gift Maximum, per
recipient |
$13,000 |
| Federal Estate Tax Exemption |
$5 million exemption; 35% tax
rate; inherited assets get basis step-up |
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