2011 Tax Updates and Limits

Things to Note for Tax Year 2011:

General Notes

Standard Deduction: $5800 single, $11,600 MFJ (Add $1150 for age 65 or older)

Personal Exemption: $3700

AMT exemption: $48,450 single, $74,450 MFJ

Roth conversion income deferral over 2 years no longer permitted

Gift Tax Exclusion Amount for 2011 remains at $13,000

No phase out limits for itemized deductions or personal exemptions

Social Security recipients age 62-66 earned income limits $14,160

Medicare Part B premium – $96.40 per month

HSA Contribution Deduction $6150 (Family) or $3050 (Single)

Residential Energy Credits Highlights

10% of cost
$500 max for insulation, roofs, and doors
$300 max credit for air conditioners, water heaters, and biomass stoves
$50 max for advanced main air circulating fan
$200 max windows, must be energy star
$150 max for furnaces and boilers, must be at least 96 AFUE
$500 lifetime limit. If you got over $500 in energy tax credits from 2006-2010, you are not eligible for any additional credits in 2011

Limits on Pensions & IRA’s

Traditional and Roth IRA contribution limit is$5000, catch up limit (over 49) is $100
Simple IRA contribution limit is $11,500, catch up (over 49) limit is $2500
401K, 403B, 457 contribution limit is $16,500, $5,500 catch up (over 49) limit

Mileage Rates

Capital Gains Rates