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Resource Center: 2011 Tax Info

2011 Tax Information

Filing Requirements

Filing Status	Age	Income
Single	under 65	$9,350
Single	65 or older	$10,750
Head of Household	under 65	$12,000
Head of Household	65 or older	$13,400
Married, filing jointly	under 65 (both spouses)	$18,700
	65 or older (one spouse)	$19,800
	65 or older (both spouses)	$20,900
Married, filing separately	any age	$3,650
Qualifying widow(er) with dependent child	under 65	$15,050
Qualifying widow(er) with dependent child	65 or older	$16,150

Standard Deductions

Filing Status	Amount
Single	$5,700
Married filing joint returns/Qualifying Widow(er)	$11,400
Head of household	$8,350
Married, filing separate return	$5,700
Dependent standard deduction minimum	$950 or Earned income + $300

Exemptions

Personal and Dependent Amount	$3,650
Single phaseout begins:	$166,800
Joint returns or surviving spouse phaseout begins:	$250,200
Head of Household phaseout begins:	$208,500
Married, filing separate return phaseout begins:	$125,100

Limit on Itemized Deductions

Married, filing separate (phase-out starts)	$83,400
Others (phase-out starts)	$166,800
Casualty Loss (AGI Threshold)	10% and must exceed $500
Medical Deduction (AGI Threshold)	7.5%
Miscellaneous Itemized (AGI Deduction Floor)	2%

Capital Gains Rate (Assets held more than 12 mos.)

For taxpayers in higher brackets	15%
For taxpayers in the 10% or 15% bracket	0%
High Rate:
Collectibles (coins, art, antiques)	28%
Recaptured gain on real estate (Sec. 1250 gain)	25%
Dividends, qualified (Post-December 31, 2002)	15%

Transportation & Travel

Fringe Benefit: Employer-provided passes and vehicles	$120/mo.
Fringe Benefit: Qualified parking limit	$230/mo.
Business Mileage Rate	.55
Charitable Mileage Rate	14¢/mi.
Medical and Moving Mileage Rate	.24
Depreciation component of Standard Mileage Rate	21¢/mi.
High Cost Per Diem Travel Rate	$256
Low Cost Per Diem Travel Rate	$158

Retirement Pension Plans

Maximum Annual Benefit for Defined Benefit Plan	$185,000
Maximum Annual Contribution Defined Contribution Plan	$46,000
Highly Compensated Employee Definition (In general)	$100,000
SEP De minimis Compensation Amount	$500
SEP Nondiscrimination Compensation Amount	$230,000
401(k) Maximum Compensation Amount	$220,000
401(k) Maximum Exclusion (In general)	$16,500
IRA Deduction Limit (In general)	$5,000
Catch-up Contributions (Extra amount for individuals over age 50):
Traditional and Roth IRAs	$6000 total
SIMPLEs	$2,500
401(k), 403(b) and 457 Plans	$22,000 total
SIMPLE Contribution Limit	$11,500
Saver's Tax Credit (Maximum)	$2,000
Employer's Start-up Tax Credit (For establishing retirement plan)	$500

Estate and Gift Taxes

Gift Purposes	$345,800
Estate Gift Purposes	$780,800
Annual Gift Tax Exclusion Amount (per person)	$13,000
State Death Tax Threshold Amount	$3,100,000
Estate/Gift Tax Rate (before phase-out)	49%
State Death Tax Credit	50%

Payroll Taxes

Soc. Sec. (Self-employed) Combined Rate (OASDI + Medicare)	12.4%
Soc. Sec. (Employer or Employee) Rate (OASDI + Medicare)	2.9%
OASDI Maximum Base	$106,800
Medicare Rate	1.45%
Social Security Rate	6.2%
FUTA Wage Base	$7,000
Nanny Tax Threshold	$1,400

Education Provisions

Hope Scholarship Credit - now for 1st-4th years of college	Up to $2,500/up to 40% is refundable
Lifetime Learning Credit - all years of post-secondary education and for courses to acquire or improve job skills	$2,000
Coverdell Education Savings Account Contribution	$2,000
Higher Education Deduction	$4,000
Student Loan Interest Deduction	$2,500
U.S. Savings Bond Interest Exclusion (phase-out range):
Married, filing joint return	$104,900 - $134,900
Single, Head of Household	$69,950 - $84,950
Married filing separate return	$0
Teacher's Classroom Expense Deduction	$250 This may be going away

Key Penalty Rates

Failure to File Return	5% per month (max 25%) of tax due
Failure to Pay Tax	1/2 of 1% per month (max 25%) of tax due
Substantial Understatement of Tax (greater than $5,000 or 10% of the proper tax)	20% of the underpayment attributable to the understatement

Home Sale Gain Exclusion

Joint Filers	$500,000
Single Filers	$250,000

Federal Tax Rates

	10% bracket ends at-	15% bracket ends at-	25% bracket ends at-	28% bracket ends at-	33% bracket ends at-	35% bracket ends at-
Married filing separately	$8350	$33,950	$68,525	$104,425	$186,475	Over $186,475
Single	$8,350	$33,950	$82,250	$171,550	$372,950	Over $372,950
Head of Household	$11,950	$45,500	$117,450	$190,200	$372,950	Over $372,950
Married filing jointly or Qualifying widow(er)	$16,700	$67,900	$137,050	$208,850	$372,950	Over $372,950

Source(s):

J.K. Lasser's - Your Income Tax 2008, IRS.gov, wikipedia.org

Earned Income Credit - Maximum amounts available

With 1 qualifying child	$3,043
With 2 qualifying children	$5,028
With 3 qualifying children	$5,657
No qualifying child	$457

Maximum Earnings Before EIC Eliminated for Single, HOH, Qualifying Widow(er)

With no children	$13,440
With one child	$35,463
With two children	$40,295
With three children	$43,279

Maximum Earnings Before EIC Eliminated for Married Filing Joint

With no children	$18,440
With one child	$40,463
With two children	$45,295
With three children	$48,279