The following are the annual financial planning limits for 2010.
|
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 |
$56,000 - $66,000
$89,000 - $109,000
$0 - $10,000 |
IRA Deduction Phaseouts for Spousal Contributions
Married filing jointly |
$169,000 - $179,000 |
Roth IRA Contribution Phaseout
Single
Married filing jointly
Married filing separately |
$105,000 - $120,000
$167,000 - $177,000
$0 - $10,000 |
Roth IRA Conversion Phaseout
Single
Married filing jointly
Married filing separately |
Unlimited
Unlimited
Ineligible |
| *Note: For a Roth IRA, modified AGI does not include the income reported from the conversion of a traditional IRA into a Roth IRA. |
| |
 | |
|
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 |
Unlimited
No Phaseout
|
Standard Deduction
Single
Married filing jointly
Head of Household
Married filing separately |
$5,700
$11,400
$8,400
$5,700 |
Elderly or blind additional deduction
Single
Married |
$1,400
$1,100 |
Phaseout of itemized deductions
Single
Married filing jointly |
Unlimited
Unlimited |
| *Note: No Phaseout in 2010, will return in 2011. |
|
Kiddie tax standard deduction |
$950 |
|
|
|
Federal Estate and Gift Taxes |
|---|
|
Annual Gift Tax Exclusion |
$13,000 |
|
Estate Tax Exclusion |
$5,000,000 |
|
Generation-Skipping Tax Exclusion |
Unlimited |
| *Note: No exclusion limit in 2010 but will return in 2011. |
|
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 |
$70,100 - $85,100
$105,100 - $135,100 |
Phaseouts of 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 |
$1,200
$2,400 |
Maximum Out-of-Pocket Amount
Self-only
Family |
$5,950
$11,900 |
HSA Contribution Maximum
Self-only
Family |
$3,050
$6,150 |
|
Catch-Up Contributions (age 55+) |
$1,000 |
|
|
|
Long Term Care Insurance |
|
Per diem daily limit |
$290 |
|
|
|
Premium as a deductible medical expense limitation |
Age 40 or under
Age 41 - 50
Age 51 - 60
Age 61 - 70
Age 71 or older |
$330
$620
$1,230
$3,290
$4,110 |