|
2011 Miscellaneous Limitations
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
| HEALTH SAVINGS ACCOUNT (HSA) |
|---|
| 2011 Maximum Annual Contribution Limits |
| Self-coverage | $3,050 |
| Family Coverage | $6,150 |
| |
| 2011 Minimum Deductible |
| Self-coverage | $1,200 |
| Family Coverage | $2,400 |
| |
| 2011 Maximum Out-of-Pocket |
| Self-coverage | $5,950 |
| Family Coverage | $11,900 |
| |
| Additional Over Age 55 |
| 2011 | $1,000 |
| 2011 MEDICAL SAVINGS ACCOUNTS (MSA) |
|---|
| Self-only coverage: |
Plan minimum deductible |
$2,100 |
$2,050 |
| |
Plan maximum deductible |
3,150 |
3,050 |
| |
Plan out-of-pocket limit |
4,200 |
4,100 |
| Family coverage: |
Plan minimum deductible |
4,200 |
4,100 |
| |
Plan maximum deductible |
6,300 |
6,150 |
| |
Plan out-of-pocket limit |
7,650 |
7,500 |
| TRADITIONAL IRA LIMITS |
|---|
| IRA Contribution Limits (Does not participate in
employer sponsored plan) |
Regular Contributions:
2011 Maximum Contribution |
$5,000 |
"Catch Up" Contributions for
Taxpayers 50 and over:
2011 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 |
$4,485.60 |
| 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 $14,640. |
| In the year you reach full retirement age |
Your benefits will be reduced $1 for every $3 you earn above
$38,880. |
| 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 |
| 2011 Maximum Exclusion |
$92,900 |
| GIFT TAX |
|---|
| 2011 Exclusion |
$13,000 |
| 2011 Exclusion for gift to spouse who is not a U.S. Citizen |
$136,000 |
| 401(K) CONTRIBUTION LIMITS |
|---|
| 2011 Maximum Deferral |
$16,500 |
| 2011 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) |
$106,650 - $136,650 |
| All other filing status |
$71,100 - $86,100 |
| QUALIFIED TRANSPORTATION FRINGE BENEFIT EXCLUSION |
|---|
| Qualified parking |
$230 |
| Transit Passes |
$230 |
| ITEMIZED DEDUCTION PHASEOUT POINTS |
|---|
| *Note: For 2011, you will no longer lose part of your deduction for itemized deductions, regardless of the amount of your AGI. |
| 2011 LONG-TERM CARE PREMIUMS |
|---|
| Maximum premium (per person) |
| Age 40 or under |
$340 |
| Age 41 to 50 |
$640 |
| Age 51 to 60 |
$1,270 |
| Age 61 to 70 |
$3,390 |
| Age 71 or over |
$4,240 |
| 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 |
|
|
 |
|
39159 Paseo Padre
Pkwy, Suite 315
Fremont, CA 94538
510.797.8661
510.797.1791 (Fax) | |
|
|
|
|
|
|
|
Find out what the experts are saying about our firm.
| |
|
|
|
Get the scoop on what's new at GROCO.
| |
|
|
|
|
|
|
|
Protecting your family's welfare is a sacred trust. |  |
|
|
|
Discover why many successful high networth individuals put their trust in GROCO®.
| |
|
|
|
|
|
|
|
|
|
|
|