2011 Annual Financial Planning Limits

2011/2012 Tax Rate Guide
2011 Filing Requirements
2011 Tax Deductions and Exemptions
2011 Earned Income Credit
2011 Dependent Care, Education and Child Credits
2011 Miscellaneous Limitations
2011 MACRS Recovery Periods
2011 Annual Financial Planning Limits

The following are the annual financial planning limits for 2011.

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 $90,000 - $110,000 $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	$107,000 - $122,000 $169,000 - $179,000 $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	$50,000
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	$3,700
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	$5,800 $11,600 $8,500 $5,800
Elderly or blind additional deduction     Single     Married	$1,450 $1,150
Phaseout of itemized deductions     Single     Married filing jointly	Unlimited Unlimited
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	$5,000,000
Lifetime Gift Tax Exclusion	$5,000,000
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	$71,100 - $86,100 $106,650 - $136,650
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
Employee Social Security Tax Rate     Old-Age, Survivors and Disability Insurance     Hospital Insurance     Total	4.20% 1.45% 5.65%
Self-Employed Social Security Tax Rate     Old-Age, Survivors and Disability Insurance     Hospital Insurance     Total	4.20% 2.90% 7.10%
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	$300
Premium as a deductible medical expense limitation
Age 40 or under     Age 41 - 50     Age 51 - 60     Age 61 - 70     Age 71 or older	$340 $640 $1,270 $3,390 $4,240