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2011 Tax Deductions and Exemptions
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
| STANDARD DEDUCTIONS |
|---|
| IF YOUR FILING STATUS IS... | BASE AMOUNT | ADDITIONAL AMOUNT FOR BLINDNESS OR OVER AGE 65 |
| Single | $5,800 | $1,450 |
| Married Filing Jointly | $11,600 | $1,150 |
| Married Filing Separate | $5,800 | $1,150 |
| Head of Household | $8,500 | $1,450 |
| Qualifying Widow(er) with Dependent Child | $11,600 | $1,150 |
| Dependent of Another | $950 or Earned Income + $300 | $1,150 or $1,450 if single or HOH |
| WHERE TO DEDUCT YOUR INTEREST EXPENSE |
|---|
| IF YOU HAVE... | THEN DEDUCT IT ON... | AND FOR MORE INFORMATION GO TO... |
| Deductible student loan interest | Form 1040, line 33 or Form 1040A, line 18 | Publication 970 |
| Deductible home mortgage interest and points reported on Form 1098 | Schedule A (Form 1040), line 10 | Publication 936 |
| Deductible home mortgage interest not reported on Form 1098 | Schedule A (Form 1040), line 11 | Publication 936 |
| Deductible points not reported on Form 1098 | Schedule A (Form 1040), line 12 | Publication 936 |
| Deductible mortgage insurance premiums | Schedule A (Form 1040), line 13 | Publication 936 |
| Deductible investment interest (other than incurred to produce rents or royalties) | Schedule A (Form 1040), line 14 | Publication 550 |
| Deductible business interest (non-farm) | Schedule C or C-EZ (Form 1040) | Publication 535 |
| Deductible farm business interest | Schedule F (Form 1040) | Publications 225 and 535 |
| Deductible interest incurred to produce rents or royalties | Schedule E (Form 1040) | Publications 527 and 535 |
| Personal Interest | Not Deductible | |
| STUDENT LOAN INTEREST DEDUCTION |
|---|
| Maximum Interest Deduction | $2,500 |
| Modified Adjusted Gross Income Phaseout: | |
| Married Filing Jointly | $120,000-$150,000 |
| Single/HOH/Qualifying Widow(er) | $60,000-$75,000 |
| PHASEOUT OF IRA DEDUCTIONS |
|---|
| FILING STATUS | MODIFIED AGI BEGIN PHASEOUT | MODIFIED AGI FULLY PHASED OUT |
| Single (or Married Filing Separate & lived apart from spouse for all of 2011) | $56,000 | $66,000 |
| Married Filing Jointly | $90,000 | $110,000 |
| Married Filing Separate | $0.00 | $10,000 |
| Head of Household | $56,000 | $66,000 |
| Qualifying Widow(er) | $90,000 | $110,000 |
| EXEMPTION AMOUNTS |
|---|
| Personal and Dependent | $3,700 |
| Estate Amount | $600 |
| Simple Trust | $300 |
| Complex Trust | $100 |
| PERSONAL EXEMPTION PHASEOUT RANGES - BASED ON AGI |
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| *Note: For 2011, you will no longer lose part of your deduction for personal exemptions, regardless of the amount of your AGI. |
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