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| QUICK ACCESS TAX DATA SHEET |
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2011 |
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2012 |
| Standard Deductions |
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|
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| Joint or Qualifying Widower (MFJ) |
$11,600 |
|
|
$11,900 |
| Single |
|
5,800 |
|
|
5,950 |
| Head of Household (HOH) |
|
8,500 |
|
|
8,700 |
| Married Filing Separately (MFS) |
5,800 |
|
|
5,950 |
| Additional for Elderly/Blind—Married |
1,150 |
|
|
1,150 |
| Additional for Elderly/Blind—Unmarried |
1,450 |
|
|
1,450 |
| Taxpayer Claimed as Dependent (A) |
950 |
|
|
950 |
| |
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|
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| (A) If an individual who can be claimed as a dependent on another's return has earned income, the |
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| standard deduction for 2011 is the greater of $950 or $300 plus the earned income (but no more |
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| than the standard deduction) |
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| |
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| Personal/Dependent Exemption |
$3,700 |
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|
$3,800 |
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| Child Tax Credit |
|
$1,000 |
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|
$1,000 |
| Child Credit Phase-out Begins |
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| Married Filing Joint |
|
110,000 |
|
|
110,000 |
| Single/HOH |
|
75,000 |
|
|
75,000 |
| (Credit is reduced $50 for each $1,000 of AGI above Phase-out) |
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| |
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| Unearned Income without Kiddie Tax (<18 Yrs or Student) |
$1,900 |
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|
$1,900 |
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| Beginning/Ending of Personal Exemption |
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| Phase-out Range—Based on AGI |
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| MFJ |
|
Not Applicable |
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|
Not Applicable |
| Single |
|
Not Applicable |
|
|
Not Applicable |
| HOH |
|
Not Applicable |
|
|
Not Applicable |
| MFS |
|
Not Applicable |
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|
Not Applicable |
| |
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| Beginning of Itemized Deduction |
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| Phase-out Range—Based on AGI |
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| MFJ, Single, HOH |
|
Not Applicable |
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|
Not Applicable |
| MFS |
|
Not Applicable |
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|
Not Applicable |
| |
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| AMT Exemption Amount |
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| MFJ |
|
$74,450 |
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|
$45,000 |
| Single/HOH |
|
48,450 |
|
|
33,750 |
| MFS |
|
37,225 |
|
|
22,500 |
| |
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| Beginning/ Ending of AMT Exemption |
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| Phase-out Range—Based on AGI |
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| MFJ |
|
$150,000 / 447,800 |
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|
$150,000 / 330,000 |
| Single/HOH |
|
112,500 / 306,300 |
|
|
112,500 / 247,500 |
| MFS |
|
75,000 / 223,900 |
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|
75,000 / 165,000 |
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| Student Loan Interest Deduction |
$2,500 |
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|
$2,500 |
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| Estimated Tax Payments when AGI >150,000 |
110% |
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|
110% |
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| |
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| Adoption Credit Phase out Begins |
$185,210 / 225,210 |
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|
$189,710 / 229.710 |
| Credit Amount |
|
$13,360 |
|
|
$12,650 |
| Wisconsin Deduction |
|
$5,000 |
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|
$5,000 |
| |
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| Gift and Estate Tax |
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| Applicable Exclusion Amount (Estate Tax) |
$5,000,000 |
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|
$5,120,000 |
| Gift Tax Exemption |
|
5,000,000 |
|
|
5,120,000 |
| Gift Tax Annual Exclusion |
|
13,000 |
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|
13,000 |
| |
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| Section 179 Deduction |
|
$500,000 |
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|
$139,000 |
| Maximum Equipment Purchase |
$2,000,000 |
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|
$560,000 |
| Qualified retail property - up to $250,000 of $500,000 limit in 2011 |
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| Auto Standard Mileage Allowances |
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| Business |
Before 7/1/11 / After 7/1/11 |
0.51 / .555 |
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|
0.555 |
| Charity Work |
|
0.140 |
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|
0.140 |
| Medical/Moving |
Before 7/1/11 / After 7/1/11 |
0.19 / .235 |
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|
0.230 |
| |
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| Luxury (Non-electric) Depreciation Limits |
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| Autos |
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| First Year: Regular |
(with Bonus Depr) |
$11,060 |
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| Second Year |
|
4,900 |
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| Third Year |
|
2,950 |
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| Fourth Year and Thereafter |
|
1,775 |
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| |
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| Light Trucks and Vans |
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| First Year: Regular |
(with Bonus Depr) |
$11,260 |
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| Second Year |
|
5,200 |
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| Third Year |
|
3,150 |
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| Fourth Year and Thereafter |
|
1,875 |
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| |
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| Max 401(k) and 403(b) Deferral |
$16,500 / 22,000 |
|
(B) |
$17,000 / 22,500 |
| Max SIMPLE Deferral |
|
$11,500 / 14,000 |
|
(B) |
$11,500 / 14,000 |
| Max Salary |
|
$245,000 |
|
|
$250,000 |
| Max SEP Contribution |
|
$49,000 |
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|
$50,000 |
| Max IRA Contribution |
|
$5,000 / 6,000 |
|
(B) |
$5,000 / 6,000 |
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| (B) The higher of the two limits applies only to those age 50 or older. |
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| Roth IRA Conversion AGI Limits |
Not Applicable |
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Not Applicable |
| (Beginning in 2010 there will be no AGI Limit) |
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| Roth IRA AGI Phase Out |
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| MFJ |
|
$169,000 / 179,000 |
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|
$173,000 / 183,000 |
| Single/HOH |
|
$107,000 / 122,000 |
|
|
$110,000 / 125,000 |
| MFS |
|
$0 / 10,000 |
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|
$0 / 10,000 |
| |
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| Traditional IRA AGI Phase Out When Active Participant |
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| MFJ |
|
$90,000 / 110,000 |
|
|
$92,000 / 112,000 |
| Single/HOH |
|
$56,000 / 66,000 |
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$58,000 / 68,000 |
| MFS |
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$0 / 10,000 |
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$0 / 10,000 |
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| Traditional IRA AGI Phase Out When |
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| Spouse is Active Participant |
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| MFJ |
|
$169,000 / 179,000 |
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$173,000 / 183,000 |
| MFS |
|
$0 / 10,000 |
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|
$0 / 10,000 |
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| Retirement Savers Credit Amount |
$2,000 |
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|
$2,000 |
| Retirement Savers Credit AGI Phase-out Ending |
Up to AGI of: |
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|
Up to AGI of: |
| 50% - MFJ |
|
$34,000 |
|
|
$34,500 |
| 20% - MFJ |
|
$36,500 |
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|
$37,500 |
| 10% - MFJ |
|
$56,500 |
|
|
$57,500 |
| 50% - Single |
|
$17,000 |
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|
$17,125 |
| 20% - Single |
|
$18,250 |
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|
$18,750 |
| 10% - Single |
|
$28,250 |
|
|
$28,750 |
| 50% - HOH |
|
$25,500 |
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|
$25,875 |
| 20% - HOH |
|
$27,375 |
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$28,125 |
| 10% - HOH |
|
$42,375 |
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|
$43,125 |
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| Earnings Ceiling for Social Security |
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| Below Full Retirement Age |
|
$14,160 |
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|
$14,640 |
| Full Retirement Age |
|
Unlimited |
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Unlimited |
| (Full retirement age for 2010 and later is 66 years old) |
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| Social Security Benefits become Taxable when Modified AGI (includes 1/2 Soc Sec Ben) exceeds: |
| 0% Taxable Benefits - MFJ |
$0 - 32,000 |
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|
$0 - 32,000 |
| 0% Taxable Benefits - Single |
0 - 25,000 |
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|
0 - 25,000 |
| Up to 50% Taxable - MFJ |
32,000 - 44,000 |
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|
32,000 - 44,000 |
| Up to 50% Taxable - Single |
25,000 - 34,000 |
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|
25,000 - 34,000 |
| Up to 85% Taxable - MFJ |
>44000 |
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|
>44000 |
| Up to 85% Taxable - Single |
>34000 |
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|
>34000 |
| (Federal Only - Beginning January 1, 2008 Wisconsin will no longer tax social security benefits) |
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| |
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| FICA/SE Tax Max Earnings |
$106,800 |
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|
$110,100 |
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| HSA Contribution Limits (FEDERAL ONLY). Wisconsin does NOT allow a deduction. |
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| Contribution Limits - Married Filing Joint |
6,150 |
|
|
6,250 |
| Contribution Limits - Single |
3,050 |
|
|
3,100 |
| Age 55 catch-up Contribution |
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| Minimum Deductible - Family Coverage |
2,400 |
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|
2,400 |
| Minimum Deductible - Self-only Coverage |
1,200 |
|
|
1,200 |
| Out of Pocket Expenses - Family Coverage |
11,900 |
|
|
12,100 |
| Out of Pocket Expenses - Self-only Coverage |
5,950 |
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|
6,050 |
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| Capital Gain Tax Rates |
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| Short-Term |
|
Ordinary Income |
|
|
Ordinary Income |
| Long-Term 25% and Above Tax Brackets |
15% |
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|
15% |
| Long-Term 10% and15% Tax Brackets |
0% |
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|
0% |
| |
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| Qualified Dividends |
|
|
|
|
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| 25% and Above Tax Brackets |
15% |
|
|
15% |
| 10% and 15% Tax Brackets |
|
0% |
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|
0% |
| (After 2007 Qualified Dividends and Long-Term Capital Gains for the 10% and 15% tax brackets will be |
| taxed at a zero percent rate) |
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| |
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| Education Credits |
|
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| Hope (Per Student) |
|
Not Applicable |
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|
Not Applicable |
| Lifetime Learning (Per Family) |
2,000 |
|
|
2,000 |
| American Opportunity |
|
2,500 |
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|
2,500 |
| Phase-out Hope & Lifetime Learning Credit |
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| Married Filing Joint |
|
$102,000 / 122,000 |
|
|
$104,000 / 124,000 |
| Single/HOH |
|
$51,000 / 61,000 |
|
|
$52,000 / 62,000 |
| Phase-out American Opportunity |
|
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|
| Married Filing Joint |
|
$160,000 / 180,000 |
|
$160,000 / 180,000 |
| Single/HOH |
|
$80,000 / 90,000 |
|
$80,000 / 90,000 |
| |
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| Tuition and Fees Deduction |
4,000 |
|
|
NA |
| Educator Expenses Deduction |
250 |
|
|
NA |
| |
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| Dependent Care Credit |
|
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|
|
|
| 35% Credit maximum |
|
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|
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| 20% Credit minimum |
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| (Maximum credit is $3,000 per dependent, up to $6,000 for 2 or more dependents. Every $2,000 of AGI |
| above $15,000 results in a 1% decrease in credit.) |
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| |
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| Eligible Long-term Care Premiums |
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| Age 40 or under |
|
$340 |
|
|
$350 |
| Age 41 to 50 |
|
640 |
|
|
660 |
| Age 51 to 60 |
|
1,270 |
|
|
1,310 |
| Age 61 to 70 |
|
3,390 |
|
|
3,500 |
| Over Age 70 |
|
4,240 |
|
|
4,370 |
| |
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| 2012 FEDERAL TAX BRACKETS |
| Unmarried Individuals |
| Taxable Income |
Of The |
|
|
Of The |
| Over |
But Not Over |
Tax + % on Excess |
Amount Over |
| 0 |
8,700 |
0 |
+ |
10% |
0 |
| 8,700 |
35,350 |
870 |
+ |
15% |
8,700 |
| 35,350 |
85,650 |
4,868 |
+ |
25% |
35,350 |
| 85,650 |
178,650 |
17,443 |
+ |
28% |
85,650 |
| 178,650 |
388,350 |
43,483 |
+ |
33% |
178,650 |
| 388,350 |
…….. |
112,684 |
+ |
35% |
388,350 |
| |
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|
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|
|
| Joint Returns |
| Taxable Income |
Of The |
|
|
Of The |
| Over |
But Not Over |
Tax + % on Excess |
Amount Over |
| 0 |
17,400 |
0 |
+ |
10% |
0 |
| 17,400 |
70,700 |
1,740 |
+ |
15% |
17,400 |
| 70,700 |
142,700 |
9,735 |
+ |
25% |
70,700 |
| 142,700 |
217,450 |
27,735 |
+ |
28% |
142,700 |
| 217,450 |
388,350 |
48,665 |
+ |
33% |
217,450 |
| 388,350 |
…….. |
105,062 |
+ |
35% |
388,350 |
| |
|
|
|
|
|
| Head of Households |
| Taxable Income |
Of The |
|
|
Of The |
| Over |
But Not Over |
Tax + % on Excess |
Amount Over |
| 0 |
12,400 |
0 |
+ |
10% |
0 |
| 12,400 |
47,350 |
1,240 |
+ |
15% |
12,400 |
| 47,350 |
122,300 |
6,483 |
+ |
25% |
47,350 |
| 122,300 |
198,050 |
25,220 |
+ |
28% |
122,300 |
| 198,050 |
388,350 |
46,430 |
+ |
33% |
198,050 |
| 388,350 |
…….. |
109,229 |
+ |
35% |
388,350 |
|
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|
