2009 Annual Financial Planning Limits
2009/2010 Tax Rate Guide
2009 Filing Requirements
2009 Tax Deductions and Exemptions
2009 Earned Income Credit
2009 Dependent Care, Education and Child Credits
2009 Miscellaneous Limitations
2009 MACRS Recovery Periods
2009 Annual Financial Planning Limits
The following are the annual financial planning limits for 2009.
|
Traditional and Roth IRAs |
|---|
| Traditional and Roth IRA Contribution Limit | $5,000 |
|
Traditional and Roth IRA Catch-Up Contribution |
$1,000 |
IRA Deduction Phaseout for Active Participants
Single
Married filing jointly
Married filing separately |
$55,000 - $65,000
$89,000 - $109,000
$0 - $10,000 |
IRA Deduction Phaseouts for Spousal Contributions
Married filing jointly |
$166,000 - $176,000 |
Roth IRA Contribution Phaseout
Single
Married filing jointly
Married filing separately |
$105,000 - $120,000
$166,000 - $176,000
$0 - $10,000 |
Roth IRA Conversion Phaseout
Single
Married filing jointly
Married filing separately |
$100,000
$100,000
ineligible |
| |
 | |
|
Employer Retirement Plans |
|
Elective deferrals for 401(k), 403(b), 457, and SAR-SEPs |
$16,500 |
|
401(k), 403(b), 457 and SAR-SEP Catch-Up Contribution |
$5,500 |
|
Defined Contribution Plan Limit |
$49,000 |
|
SEP IRA Contribution |
$49,000 |
|
SEP Minimum Earnings Limit |
$550 |
|
Maximum Annual Defined Benefit Limit |
$195,000 |
|
SIMPLE IRA and SIMPLE 401(k) Contribution |
$11,500 |
|
SIMPLE IRA and SIMPLE 401(k) Catch-Up Contribution |
$2,500 |
|
Maximum Includable Compensation |
$245,000 |
|
Key Employees |
|
|
Officer Compensation |
$160,000 |
|
1% Owners |
$150,000 |
|
|
|
Federal Income Taxes |
|---|
|
Personal exemption |
$3,650 |
Phaseout of personal exemption
Single
Married filing jointly
Head of Household
Married filing separately |
$166,800
$250,200
$208,500
$125,100 |
Standard Deduction
Single
Married filing jointly
Head of Household
Married filing separately |
$5,700
$11,400
$8,350
$5,700 |
Elderly or blind additional deduction
Single
Married |
$1,400
$1,100 |
Phaseout of itemized deductions
Single
Married filing jointly |
$83,400
$166,800 |
|
Kiddie tax standard deduction |
$950 |
|
|
|
Federal Estate and Gift Taxes |
|---|
|
Annual Gift Tax Exclusion |
$13,000 |
|
Estate Tax Exclusion |
$3,500,000 |
|
Generation-Skipping Tax Exclusion |
$3,500,000 |
|
Federal Gift Tax Exclusion |
$1,000,000 |
|
|
|
Education Funding Incentives |
|---|
|
Coverdell Education Savings Account Contribution |
$2,000 |
Phaseout for Education Savings Account
Single
Married filing jointly |
$95,000 - $110,000
$190,000 - $220,000 |
Phaseout for exclusion for EE bonds
Single
Married filing jointly |
$69,950 - $84,950
$104,900 - $134,900 |
Phaseouts of Hope Scholarship
and Lifetime Learning Tax Credits
Single
Married filing jointly |
$50,000 - $60,000
$100,000 - $120,000 |
Phaseouts of Deductibility of Student Loan Interest
Single
Married filing jointly |
$60,000 - $75,000
$120,000 - $150,000 |
|
|
|
Social Security* |
|---|
|
Taxable Wage Base |
$106,800 |
Social Security Tax Rate
Old-Age, Survivors and Disability Insurance
Hospital Insurance
Total |
6.20%
1.45%
7.65% |
Earnings limitations for Social Security Benefits
Before Normal Retirement Age
Attains Full Retirement Age
After Normal Retirement Age |
$14,160 per year
$37,680 per year
Unlimited |
| *Note: Please see www.ssa.gov for definitions and to compute your estimated monthly benefit. |
|
|
|
Health Savings Account (HSA) |
HDHP Minimum Annual Deductible
Self-only
Family |
$1,150
$2,300 |
Maximum Out-of-Pocket Amount
Self-only
Family |
$5,800
$11,600 |
HSA Contribution Maximum
Self-only
Family |
$3,000
$5,950 |
|
Catch-Up Contributions (age 55+) |
$1,000 |
|
|
|
Long Term Care Insurance |
|
Per diem daily limit |
$280 |
|
|
|
Premium as a deductible medical expense limitation |
Age 40 or under
Age 41 - 50
Age 51 - 60
Age 61 - 70
Age 71 or older |
$320
$600
$1,190
$3,180
$3,980 |
|