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2010 Miscellaneous Limitations
2010/2011 Tax Rate Guide
2010 Filing Requirements
2010 Tax Deductions and Exemptions
2010 Earned Income Credit
2010 Dependent Care, Education and Child Credits
2010 Miscellaneous Limitations
2010 MACRS Recovery Periods
2010 Annual Financial Planning Limits
| HEALTH SAVINGS ACCOUNT (HSA) |
|---|
| 2010 Maximum Annual Contribution Limits |
| Self-coverage | $3,050 |
| Family Coverage | $6,150 |
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| 2010 Minimum Deductible |
| Self-coverage | $1,200 |
| Family Coverage | $2,400 |
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| 2010 Maximum Out-of-Pocket |
| Self-coverage | $5,950 |
| Family Coverage | $11,900 |
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| Additional Over Age 55 |
| 2010 | $1,000 |
| 2010 MEDICAL SAVINGS ACCOUNTS (MSA) |
|---|
| 2010 Premium for High Deductible |
| Self-coverage | $2,000 - $3,000 |
| Family Coverage | $4,050 - $6,050 |
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| Maximum Out-of-Pocket |
| Self-coverage | $4,050 |
| Family Coverage | $7,400 |
| TRADITIONAL IRA LIMITS |
|---|
| IRA Contribution Limits (Does not participate in
employer sponsored plan) |
Regular Contributions:
2010 Maximum Contribution |
$5,000 |
"Catch Up" Contributions for
Taxpayers 50 and over:
2010 Catch up |
$1,000 with maximum conribution of $6,000 |
| SECTION 179 EXPENSE |
|---|
| Expense Limit |
$500,000 |
| Phaseout Threshold |
$2,000,000 |
| Maximum SUV Deduction Limit |
$25,000 |
| FICA (SS & MEDICARE) WAGE BASE |
|---|
| Social Security Wage Base |
$106,800 |
| Maximum Social Security Tax |
$6,621.60 |
| Medicare Wage Base |
No ceiling |
| Maximum Medicare Wage Tax |
No ceiling |
| SOCIAL SECURITY PAYBACK |
|---|
| At full retirement age or older |
No limit on earnings |
| Under full retirement age |
$1 in benefits will be deducted for each $2 you earn above $14,160. |
| In the year you reach full retirement age |
Your benefits will be reduced $1 for every $3 you earn above
$37,680. |
* For 2010, full retirement age is 65 years and 10 months.
| DOMESTIC PRODUCTION ACTIVITIES DEDUCTION |
|---|
| 2010 and thereafer Deduction Rate |
9% |
| KIDDIE TAX |
|---|
| *This tax applies to unearned income of dependents – they are taxed at the parent’s rate. California only treats children under age 14 as subject to this tax calculation. |
| 1- The child is younger than 18 years of age |
| 2- The child is younger than 19 years of age, and the child’s earned income is half or less of the child’s support cost |
| 3- The child is younger than 24 years of age, the child’s earned income is half or less of the child’s support cost, and the child is a full-time student |
| FOREIGN EARNED INCOME |
| 2010 Maximum Exclusion |
$91,500 |
| GIFT TAX |
|---|
| 2010 Exclusion |
$13,000 |
| 2010 Exclusion for gift to spouse who is not a U.S. Citizen |
$133,000 |
| 401(K) CONTRIBUTION LIMITS |
|---|
| 2010 Maximum Deferral |
$16,500 |
| 2010 Catch Up Contributions for taxpayers 50 and over |
$5,500 with maximum contribution of $22,000 |
| LONG-TERM CAPITAL GAINS AND QUALIFYING DIVIDENDS |
|---|
| For taxpayers in the 10% or 15% bracket |
0% |
| For taxpayers in higher brackets |
15% |
| Tax on unrecaptured Sec. 1250 gain |
25% |
| Capital gain rate on collectibles |
28% |
| SAVINGS BOND / HIGHER EDUCATION EXPENSE EXCLUSION |
|---|
| Modified adjusted gross income phaseout range: |
| Married Filing Joint or Qualifying Widow(er) |
$105,100 - $135,100 |
| All other filing status |
$70,100 - $85,100 |
| QUALIFIED TRANSPORTATION FRINGE BENEFIT EXCLUSION |
|---|
| Qualified parking |
$230 |
| Transit Passes |
$230 |
| ITEMIZED DEDUCTION PHASEOUT POINTS |
|---|
| *Note: For 2010, you will no longer lose part of your deduction for itemized deductions, regardless of the amount of your AGI. |
| 2010 LONG-TERM CARE PREMIUMS |
|---|
| Maximum premium (per person) |
| Age 40 or under |
$320 |
| Age 41 to 50 |
$600 |
| Age 51 to 60 |
$1,190 |
| Age 61 to 70 |
$3,180 |
| Age 71 or over |
$3,980 |
| PHASE OUT FOR SALES TAX ON NEW CARS |
|---|
| *Note: The sales tax benefits on the purchase of a new motor vehicle have expired and are not available for 2010 (unless you bought the vehicle in 2009 after February 16 and paid the tax in 2010. |
| PASSIVE RENTAL LOSS PHASE-OUT |
|---|
| Special Allowance | $25,000 |
| Special Allowance (Married filing separately & living apart) | $12,500 |
| Allowance reduced by 50% if Modified Adjusted Gross Income exceeds | $100,000 |
| If married filing separately | $50,000 |
| If MAGI is over $150,000 ($75,000 Married filing separately) | $0 |
| MAKING WORK PAY CREDIT |
|---|
| Individual | $400 |
| Married working couples | $800 |
| Is reduced by any Economic Recovery Payment or Special Credit for Certain Government Retirees by | $250 |
| Note: There are also earned income requirements, AGI limitations and credit available for those receiving government pension that need to be considered. Please contact a tax professional at GROCO for more assistance. |
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39159 Paseo Padre
Pkwy, Suite 315
Fremont, CA 94538
510.797.8661
510.797.1791 (Fax) | |
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