Individual Income Tax Numbers for 2011

By On December 23, 2011 · Leave a Comment

Buffer
Buffer

Numbers everyone should know as they end the 2011 year.

20112010
Adoption Credit
 Maximum credit$13,360$13,170
Phaseout threshold amount$185,210$182,520
Completed phaseout amount after$225,210$222,520
Alternative Minimum Tax (AMT)
 Maximum AMT exemption amount
Married filing jointly or surviving spouse$74,450$72,450
Single or head of household$48,450$47,450
Married filing separately$37,225$36,225
 AMT income exemption phaseout threshold
Married filing jointly or surviving spouse$150,000$150,000
Single or head of household$112,500$112,500
Married filing separately$75,000$75,000
Charitable deductions:
 Use of auto for charitable purposes (deductible standard mileage rate)$0.14$0.14
Charitable fundraising contributions “insubstantial benefit” limitations:
 Low-cost article (re: unrelated business income)$9.70$9.60
 Other insubstantial benefits (re: gifts to donor in return for contribution). Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum.
Token gift maximum cost$9.70$9.60
Minimum contribution amount$48.50$48
 Charitable contribution is fully deductible if the benefit received by the donor doesn’t exceed the lesser of the threshold amount or 2% of the amount of the contribution
Threshold amount$97$96
Child tax credit
 Maximum credit per qualifying child$1,000$1,000
 Phaseout– credit reduced by $50 for each $1,000 or fraction thereof of MAGI over:
Single$75,000$75,000
Married Filing Jointly$110,000$110,000
Married Filing Separately$55,000$55,000
 Refundability — up to specified percentage of earned income in excess of specified amount
Percentage15%15%
Amount$3,000$3,000
Classroom expenses of elementary and secondary school teachers (maximum above-the-line deduction)$250$250
Earned income tax credit (EITC):
 Excessive investment income limit (“disqualified income limit”)$3,150$3,100
 Maximum amount of EITC per number of children
0 children$464$457
1 child$3,094$3,050
2 children$5,112$5,036
3 or more children$5,751$5,666
 Maximum amount of earned income on which EITC is based (earned income over this amount but under the threshold phaseout amount will not change the amount of the credit received)
0 children$6,070$5,980
1 child$9,100$8,970
2 or more children$12,780$12,590
 Threshold phaseout amount for joint filers per number of children
0 children$12,670$12,490
1 child$21,770$21,460
2 children$21,770$21,460
3 or more children$21,770$21,460
 Threshold phaseout amount for other filers per number of children
0 children$7,590$7,480
1 child$16,690$16,450
2 children$16,690$16,450
3 or more children$16,690$16,450
 Completed phaseout amount for joint filers per number of children
0 children$18,740$18,470
1 child$41,132$40,545
2 children$46,044$45,373
3 or more children$49,078$48,362
 Completed phaseout amount for other filers per number of children
0 children$13,660$13,460
1 child$36,052$35,535
2 children$40,964$40,363
3 or more children$43,998$43,352
Expatriation
 An individual with “average annual net income tax” of more than this amount for the five taxable years ending before his or her loss of citizenship is a covered expatriate for the purposes of
IRC§877A(g)(1)		$147,000$145,000
*IRC§877A(3) exclusion amount$636,000$627,000
Foreign earned income exclusion:$92,900$91,500
Itemized Deductions
 Itemized deductions threshold phaseout amount for MFS:N/AN/A
 Itemized deductions threshold phaseout amount for all others:N/AN/A
Kiddie tax:
 Unearned income limit
Amount exempt from tax$950$950
Additional amount taxed at child’s rate$950$950
Unearned income over this amount taxed at parent’s rate$1,900$1,900
 Election to include child’s income on parent’s return — child’s gross income requirement$950 – $9,500$950 – $9,500
 AMT exemption for child subject to kiddie tax:Lesser of $6,800 + child’s earned income
or $48,450		Lesser of $6,700 + child’s earned income
or $47,450
Making Work Pay tax credit
Maximum credit
        Filing status other than married filing jointlyN/A Credit not extended, but related benefit provided by one-year 2% reduction in employee Social Security payroll taxes (also applies to self-employment tax of self-employed individuals)$400
        Married filing jointly$800
Income phaseout: Other than married filing jointly
        Phaseout threshold amount$75,000
        Completed phaseout amount after$95,000
Income phaseout: Married filing jointly
        Phaseout threshold amount$150,000
        Completed phaseout amount after$190,000
Nanny tax (domestic employee coverage threshold)$1,700$1,700
Personal exemption amount:$3,700$3,650
 Personal exemption amount for taxpayers with AGI exceeding maximum phaseout thresholdN/AN/A
 Married filing jointly
Phaseout threshold amountN/AN/A
Completed phaseout amount afterN/AN/A
 Head of household
Phaseout threshold amountN/AN/A
Completed phaseout amount afterN/AN/A
 Single
Phaseout threshold amountN/AN/A
Completed phaseout amount afterN/AN/A
 Married filing separately
Phaseout threshold amountN/AN/A
Completed phaseout amount afterN/AN/A
“Saver’s Credit” (Elective Deferrals and IRA Contributions by Certain Individuals)
 Maximum credit amount$1,000$1,000
 Applicable percentage of 50% applies to AGI
Joint Return$0 – $34,000$0 – $33,500
Head of Household$0 – $25,500$0 – $25,125
Other$0 – $17,000$0 – $16,750
 Applicable percentage of 20% applies to AGI
Joint Return$34,001 – $36,500$33,501 – $36,000
Head of Household$25,501 – $27,375$25,126 – $27,000
Other$17,001 – $18,250$16,751 – $18,000
 Applicable percentage of 10% applies to AGI
Joint Return$36,501 – $56,500$36,001 – $55,500
Head of Household$27,376 – $42,375$27,001 – $41,625
Other$18,251 – $28,250$18,001 – $27,750
 Applicable percentage of 0% applies to AGI
Joint ReturnOver $56,500Over $55,500
Head of HouseholdOver $42,375Over $41,625
OtherOver $28,250Over $27,750
Standard deductions:
 Married filing jointly or surviving spouse$11,600$11,400
 Head of household$8,500$8,400
 Single$5,800$5,700
 Married filing separately$5,800$5,700
 DependentGreater of $950, or $300 + earned incomeGreater of $950, or $300 + earned income
 Additional deduction for aged or blind (single or head of household)$1,450$1,400
 Additional deduction for aged or blind (all other filing statuses)$1,150$1,100
 Additional standard deduction for state and local real property taxes (maximum additional deduction)
Married filing jointlyN/AN/A
All other filing statusesN/AN/A
Standard mileage rates:
 Use of auto for business purposes (cents per mile)$0.51$0.51 for first half of 2011
$0.555 for second half
 Use of auto for medical purposes (cents per mile)$0.19$0.19 for first half of 2011
$0.235 for second half
 Use of auto for moving purposes (cents per mile)$0.19$0.19 for first half of 2011
$0.235 for second half
Click here for reuse options!

Copyright 2011 Cafetax

Tagged with: • • • • • • •
 
About The Author

Joe Arsenault

Joe Arsenault is a CPA, tax professional and avid blog writer. Joe founded CafeTax in 2010 and is the principal / CEO of Arbor Financial & Tax, PLLC. Joe doesn't just prepare taxes and perform tax planning services, he also specializes in retirement taxation by consulting with his clients and other financial advisors. If you don't want to talk business, Joe loves sports and almost every outdoor activity.

Visit Authors Website →

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Retirement Income Planning Basics

Financial Planning Basics

Understanding the Debt Ceiling