|
Federal Income Tax Rates for 2011
Married Filing Jointly
|
Taxable Income |
Tax Rate |
|
$0 to $17,000 |
10% |
|
$17,001 to $69,000 |
15% |
|
$69,001 to $139,350 |
25% |
|
$139,351 to $212,300 |
28% |
|
$212,301 to $379,150 |
33% |
|
More than $379,150 |
35% |
Single
|
Taxable Income |
Tax Rate |
|
$0 to $8,500 |
10% |
|
$8,501 to $34,500 |
15% |
|
$34,501 to $83,600 |
25% |
|
$83,601 to $174,400 |
28% |
|
$174,401 to $379,150 |
33% |
|
More than $379,150 |
35% |
Capital Gain Tax Rates for 2011
|
Asset Holding Period |
Tax Bracket: |
|
|
10% |
15% |
25% |
28% |
33% |
35% |
|
Short Term |
10% |
15% |
25% |
28% |
33% |
35% |
|
Long Term |
0% |
0% |
15% |
15% |
15% |
15% |
Estate and Gift Tax Exemptions for 2011
|
Estate tax exempt amount |
$5 million |
|
Gift tax exempt amount |
$5 million |
|
Gift tax annual exclusion amount |
$13,000* |
*Could increase due to inflation adjustment. Source: Internal Revenue Service
IRA and Retirement Plan Limits for 2011
Maximum IRA Contributions
The maximum amount you and/or your spouse can contribute to an IRA is¹:
|
Type of Account |
|
Roth IRA (single) |
$5,000 |
|
Roth IRA (married filing jointly) |
$10,000 |
|
Traditional IRA (single) |
$5,000 |
|
Traditional IRA (married filing jointly) |
$10,000 |
|
Catch-up contribution² (single) |
$1,000 |
|
Catch-up contribution² (married filing jointly) |
$2,000 |
¹Or compensation if less. ²Age 50 or older.
Deductible Traditional IRA Phaseouts
Deductibility depends on adjusted gross income (AGI) and whether you or your spouse are covered by an employer-sponsored retirement plan. You must figure your deduction and your spouse's deduction separately. The deduction for contributions to traditional IRAs phases out over the following AGI levels:
|
Covered by Employer Plan and: |
|
Single |
$56,000-$66,000 |
|
Married filing jointly |
$90,000-$110,000 |
|
Not Covered by Employer Plan and: |
Single or married filing jointly with a
spouse who also is not covered |
No Limit |
Married filing jointly with a spouse
who is covered |
$169,000-$179,000 |
There is no income limit for contributions to a non-deductable traditional IRA.
Roth IRA Eligibility Phaseout
Eligibility for Roth IRAs is phased out over the following AGI levels:
|
Filing Status |
|
Single |
$107,000 - $122,000 |
|
Married filing jointly |
$169,000 - $179,000 |
|
Married filing separately |
$0 - $10,000 |
Maximum Retirement Plan Contributions
The amount you can contribute to an employer-sponsored retirement plan generally is the lesser of 100% of your salary or:
|
Type of Plan |
|
401(k) and 403(b) |
$16,500 |
|
SIMPLE-IRA |
$11,000 |
|
401(k) and 403(b) Catch-up contribution³ |
$5,500 |
|
SIMPLE-IRA Catch-up contribution³ |
$2,500 |
³Age 50 or older. 
Federal Income Tax Rates for 2012
Married Filing Jointly
|
Taxable Income |
Tax Rate |
|
$0 to $17,400 |
10% |
|
$17,401 to $70,700 |
15% |
|
$70,701 to $142,700 |
25% |
|
$142,701 to $217,450 |
28% |
|
$217,451 to $388,350 |
33% |
|
More than $388,351 |
35% |
Single
|
Taxable Income |
Tax Rate |
|
$0 to $8,700 |
10% |
|
$8,701 to $35,350 |
15% |
|
$35,351 to $85,650 |
25% |
|
$85,651 to $178,650 |
28% |
|
$178,651 to $388,350 |
33% |
|
More than $388,351 |
35% |
Capital Gain Tax Rates for 2012
|
Asset Holding Period |
Tax Bracket: |
|
|
10% |
15% |
25% |
28% |
33% |
35% |
|
Short Term |
10% |
15% |
25% |
28% |
33% |
35% |
|
Long Term |
0% |
0% |
15% |
15% |
15% |
15% |
Estate and Gift Tax Exemptions for 2012
|
Estate tax exempt amount |
$5.12 million |
|
Gift tax exempt amount |
$5.12 million |
|
Gift tax annual exclusion amount |
$13,000* |
*Could increase due to inflation adjustment. Source: Internal Revenue Service
IRA and Retirement Plan Limits for 2012
Maximum IRA Contributions
The maximum amount you and/or your spouse can contribute to an IRA is¹:
|
Type of Account |
|
Roth IRA (single) |
$5,000 |
|
Roth IRA (married filing jointly) |
$10,000 |
|
Traditional IRA (single) |
$5,000 |
|
Traditional IRA (married filing jointly) |
$10,000 |
|
Catch-up contribution² (single) |
$1,000 |
|
Catch-up contribution² (married filing jointly) |
$2,000 |
¹Or compensation if less. ²Age 50 or older.
Deductible Traditional IRA Phaseouts
Deductibility depends on adjusted gross income (AGI) and whether you or your spouse are covered by an employer-sponsored retirement plan. You must figure your deduction and your spouse's deduction separately. The deduction for contributions to traditional IRAs phases out over the following AGI levels:
|
Covered by Employer Plan and: |
|
Single |
$58,000-$68,000 |
|
Married filing jointly |
$92,000-$112,000 |
|
Not Covered by Employer Plan and: |
Single or married filing jointly with a
spouse who also is not covered |
No Limit |
Married filing jointly with a spouse
who is covered |
$173,000-$183,000 |
There is no income limit for contributions to a non-deductable traditional IRA.
Roth IRA Eligibility Phaseout
Eligibility for Roth IRAs is phased out over the following AGI levels:
|
Filing Status |
|
Single |
$110,000 - $125,000 |
|
Married filing jointly |
$173,000 - $183,000 |
|
Married filing separately |
$0 - $10,000 |
Maximum Retirement Plan Contributions
|
