 |
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| QUICK ACCESS TAX DATA SHEET |
|
|
2009 |
|
|
2010 |
| Standard Deductions |
|
|
|
|
|
| Joint or
Qualifying Widower (MFJ) |
$11,400 |
|
|
$11,400 |
| Single |
|
5,700 |
|
|
5,700 |
| Head of Household (HOH) |
|
8,350 |
|
|
8,400 |
| Married Filing
Separately (MFS) |
5,700 |
|
|
5,700 |
| Additional for
Elderly/Blind—Married |
1,100 |
|
|
1,100 |
| Additional for
Elderly/Blind—Unmarried |
1,400 |
|
|
1,400 |
| Taxpayer
Claimed as Dependent (A) |
950 |
|
|
950 |
|
|
|
|
|
|
| (A) If an individual who can be claimed as a dependent on
another's return has earned income, the |
| standard deduction for 2009 is the greater of $950 or $300
plus the earned income (but no more |
| than the standard
deduction) |
|
|
|
|
|
|
|
|
|
|
| Personal/Dependent
Exemption |
$3,650 |
|
|
$3,650 |
|
|
|
|
|
|
| Child Tax Credit |
|
$1,000 |
|
|
$1,000 |
| Child Credit
Phase-out Begins |
|
|
|
|
| Married Filing Joint |
|
110,000 |
|
|
|
| Single/HOH |
|
75,000 |
|
|
|
| (Credit is
reduced $50 for each $1,000 of AGI above Phase-out) |
|
|
|
|
|
|
|
|
|
|
| Unearned
Income without Kiddie Tax (<18 Yrs or Student) |
$1,900 |
|
|
$1,900 |
|
|
|
|
|
|
| Beginning/Ending
of Personal Exemption |
|
|
|
|
| Phase-out
Range—Based on AGI |
|
|
|
|
| MFJ |
|
$250,200 /
372,700 |
|
|
Not
Applicable |
| Single |
|
166,800 /
289,300 |
|
|
Not
Applicable |
| HOH |
|
208,500 /
331,000 |
|
|
Not
Applicable |
| MFS |
|
125,100 /
186,350 |
|
|
Not
Applicable |
|
|
|
|
|
|
| Beginning of
Itemized Deduction |
|
|
|
|
| Phase-out
Range—Based on AGI |
|
|
|
|
| MFJ, Single, HOH |
|
$166,800 |
|
|
Not
Applicable |
| MFS |
|
83,400 |
|
|
Not
Applicable |
|
|
|
|
|
|
| AMT Exemption Amount |
|
|
|
|
|
| MFJ |
|
$70,950 |
|
|
|
| Single/HOH |
|
46,700 |
|
|
|
| MFS |
|
35,475 |
|
|
|
|
|
|
|
|
|
| Beginning/
Ending of AMT Exemption |
|
|
|
|
| Phase-out
Range—Based on AGI |
|
|
|
|
| MFJ |
|
$150,000 /
433,800 |
|
|
|
| Single/HOH |
|
112,500 /
299,300 |
|
|
|
| MFS |
|
75,000 /
216,900 |
|
|
|
|
|
|
|
|
|
| Student Loan
Interest Deduction |
$2,500 |
|
|
|
|
|
|
|
|
|
| Estimated Tax
Payments when AGI >150,000 |
110% |
|
|
110% |
|
|
|
|
|
|
|
|
|
|
|
|
| Adoption
Credit Phase out Begins |
$182,180 /
222,180 |
|
|
$182,520 /
222,520 |
| Credit Amount |
|
$12,150 |
|
|
$12,170 |
|
|
|
|
|
|
| Gift and Estate Tax |
|
|
|
|
|
| Applicable
Exclusion Amount (Estate Tax) |
$3,500,000 |
|
|
$3,500,000 |
| Gift Tax Exemption |
|
1,000,000 |
|
|
1,000,000 |
| Gift Tax Annual
Exclusion |
|
13,000 |
|
|
13,000 |
|
|
|
|
|
|
| Section 179 Deduction |
|
$250,000 |
|
|
$134,000 |
| Maximum
Equipment Purchase |
$800,000 |
|
|
$530,000 |
|
|
|
|
|
|
| Auto Standard
Mileage Allowances |
|
|
|
|
| Business - 1/1 - 6/30 |
|
0.550 |
|
|
0.500 |
| Charity Work |
|
0.140 |
|
|
0.140 |
| Medical/Moving - 1/1 -
6/30 |
|
0.240 |
|
|
0.165 |
|
|
|
|
|
|
| Luxury
(Non-electric) Depreciation Limits |
|
|
|
|
| Autos |
|
|
|
|
|
| First Year: Regular |
($10,960 with '09 Bonus Depr) |
$2,960 |
|
|
|
| Second Year |
|
4,800 |
|
|
|
| Third Year |
|
2,850 |
|
|
|
| Fourth Year and
Thereafter |
|
1,775 |
|
|
|
|
|
|
|
|
|
| Light Trucks and Vans |
|
|
|
|
|
| First Year: Regular |
($11,060 with '09 Bonus Depr) |
$3,060 |
|
|
|
| Second Year |
|
4,900 |
|
|
|
| Third Year |
|
2,950 |
|
|
|
| Fourth Year and
Thereafter |
|
1,775 |
|
|
|
|
|
|
|
|
|
| Max 401(k) and
403(b) Deferral |
$16,500 /
22,000 |
|
(B) |
$16,500 /
22,000 |
| Max SIMPLE Deferral |
|
$11,500 /
14,000 |
|
(B) |
$11,500 /
14,000 |
| Max Salary |
|
$245,000 |
|
|
$245,000 |
| Max SEP Contribution |
|
$49,000 |
|
|
$49,000 |
| Max IRA Contribution |
|
$5,000 / 6,000 |
|
(B) |
$5,000 / 6,000 |
|
|
|
|
|
|
| (B) The higher of the two limits applies only to those age 50
or older. |
|
|
|
|
|
|
|
|
|
| Roth IRA
Conversion AGI Limits |
$100,000 |
|
|
Not
Applicable |
| (Beginning in
2010 there will be no AGI Limit) |
|
|
|
|
|
|
|
|
|
|
| Roth IRA AGI Phase Out |
|
|
|
|
|
| MFJ |
|
$166,000 /
176,000 |
|
|
$167,000 /
177,000 |
| Single/HOH |
|
$105,000 /
120,000 |
|
|
$105,000 /
120,000 |
| MFS |
|
$0 /
10,000 |
|
|
$0 /
10,000 |
|
|
|
|
|
|
| Traditional
IRA AGI Phase Out When Active Participant |
|
|
|
|
| MFJ |
|
$89,000 /
109,000 |
|
|
$89,000 /
109,000 |
| Single/HOH |
|
$55,000 /
65,000 |
|
|
$56,000 /
66,000 |
| MFS |
|
$0 /
10,000 |
|
|
$0 /
10,000 |
|
|
|
|
|
|
| Traditional
IRA AGI Phase Out When |
|
|
|
|
| Spouse is
Active Participant |
|
|
|
|
| MFJ |
|
$166,000 /
176,000 |
|
|
$167,000 /
177,000 |
| MFS |
|
$0 /
10,000 |
|
|
$0 /
10,000 |
|
|
|
|
|
|
| Retirement
Savers Credit Amount |
$2,000 |
|
|
$2,000 |
| Retirement
Savers Credit AGI Phase-out Ending |
Up to AGI of: |
|
|
Up to AGI of: |
| 50% - MFJ |
|
$33,000 |
|
|
$33,500 |
| 20% - MFJ |
|
$36,000 |
|
|
$36,000 |
| 10% - MFJ |
|
$55,500 |
|
|
$55,500 |
| 50% - Single |
|
$16,500 |
|
|
$16,750 |
| 20% - Single |
|
$18,000 |
|
|
$18,000 |
| 10% - Single |
|
$27,750 |
|
|
$27,750 |
| 50% - HOH |
|
$24,750 |
|
|
$25,125 |
| 20% - HOH |
|
$27,000 |
|
|
$27,000 |
| 10% - HOH |
|
$41,625 |
|
|
$41,625 |
|
|
|
|
|
|
| Earnings
Ceiling for Social Security |
|
|
|
|
| Below Full Retirement
Age |
|
$14,160 |
|
|
$14,160 |
| Full Retirement Age |
|
Unlimited |
|
|
Unlimited |
| (Full
retirement age for 2009 and later is 66 years old) |
|
|
|
|
|
|
|
|
|
|
| Social
Security Benefits become Taxable when Modified AGI (includes 1/2 Soc Sec Ben)
exceeds: |
| 0% Taxable Benefits - MFJ |
$0 -
32,000 |
|
|
$0 -
32,000 |
| 0% Taxable Benefits -
Single |
0 -
25,000 |
|
|
0 -
25,000 |
| Up to 50% Taxable - MFJ |
32,000 - 44,000 |
|
|
32,000 - 44,000 |
| Up to 50% Taxable - Single |
25,000 -
34,000 |
|
|
25,000 -
34,000 |
| Up to 85% Taxable - MFJ |
>44000 |
|
|
>44000 |
| Up to 85% Taxable - Single |
>34000 |
|
|
>34000 |
| (Federal Only
- Beginning January 1, 2008
Wisconsin will no longer tax social security benefits) |
|
|
|
|
|
|
| FICA/SE Tax
Max Earnings |
$106,800 |
|
|
$106,800 |
|
|
|
|
|
|
| HSA
Contribution Limits (FEDERAL ONLY).
Wisconsin does NOT allow a deduction. |
|
| Contribution
Limits - Married Filing Joint |
5,950 |
|
|
6,150 |
| Contribution
Limits - Single |
3,000 |
|
|
3,050 |
| Age 55
catch-up Contribution |
1,000 |
|
|
|
| Minimum
Deductible - Family Coverage |
2,300 |
|
|
2,400 |
| Minimum
Deductible - Self-only Coverage |
1,150 |
|
|
1,200 |
| Out of Pocket
Expenses - Family Coverage |
11,600 |
|
|
11,900 |
| Out of Pocket
Expenses - Self-only Coverage |
5,800 |
|
|
5,950 |
|
|
|
|
|
|
| Capital Gain Tax Rates |
|
|
|
|
|
| Short-Term |
|
Ordinary Income |
|
|
Ordinary Income |
| Long-Term 25%
and Above Tax Brackets |
15% |
|
|
15% |
| Long-Term 10%
and15% Tax Brackets |
0% |
|
|
0% |
|
|
|
|
|
|
| Qualified Dividends |
|
|
|
|
|
| 25% and Above
Tax Brackets |
15% |
|
|
15% |
| 10% and 15%
Tax Brackets |
0% |
|
|
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) |
|
|
|
|
|
|
|
|
|
|
| Education Credits |
|
|
|
|
|
| Hope (Per Student) |
|
$1,800 |
|
|
Not
Applicable |
| Lifetime Learning (Per Family) |
2,000 |
|
|
2,000 |
| American Opportunity |
|
Not
Applicable |
|
|
2,500 |
| Phase-out Hope
& Lifetime Learning Credit |
|
|
|
|
| Married Filing Joint |
|
$100,000 / 120,000 |
|
|
$100,000 / 120,000 |
| Single/HOH |
|
$50,000 / 60,000 |
|
|
$50,000 / 60,000 |
| Phase-out
American Opportunity |
|
|
|
|
| Married Filing Joint |
|
Not
Applicable |
|
|
$160,000 / 180,000 |
| Single/HOH |
|
Not
Applicable |
|
|
$80,000 / 90,000 |
|
|
|
|
|
|
| Tuition and
Fees Deduction |
4,000 |
|
|
0 |
| Educator
Expenses Deduction |
250 |
|
|
0 |
|
|
|
|
|
|
| Dependent Care Credit |
|
|
|
|
|
| 35% Credit maximum |
|
|
|
|
|
| 20% Credit minimum |
|
|
|
|
|
| (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.) |
|
|
|
|
|
|
|
|
|
|
| Eligible
Long-term Care Premiums |
|
|
|
|
| Age 40 or under |
|
$320 |
|
|
$330 |
| Age 41 to 50 |
|
600 |
|
|
620 |
| Age 51 to 60 |
|
1,190 |
|
|
1,220 |
| Age 61 to 70 |
|
3,180 |
|
|
3,290 |
| Over Age 70 |
|
3,980 |
|
|
4,110 |
|
|
|
|
|
|
| 2010 FEDERAL
TAX BRACKETS |
| Unmarried Individuals |
|
Taxable Income |
|
|
|
Of The |
| Over |
But Not
Over |
Tax + % on
Excess |
Amount Over |
| 0 |
8,375 |
0 |
+ |
10% |
0 |
| 8,375 |
34,000 |
838 |
+ |
15% |
8,375 |
| 34,000 |
82,400 |
4,681 |
+ |
25% |
34,000 |
| 82,400 |
171,850 |
16,781 |
+ |
28% |
82,400 |
| 171,850 |
373,650 |
41,827 |
+ |
33% |
171,850 |
| 373,650 |
…….. |
108,421 |
+ |
35% |
373,650 |
|
|
|
|
|
|
| Joint Returns |
|
Taxable Income |
|
|
|
Of The |
| Over |
But Not Over |
Tax + % on
Excess |
Amount Over |
| 0 |
16,750 |
0 |
+ |
10% |
0 |
| 16,750 |
68,000 |
1,675 |
+ |
15% |
16,750 |
| 68,000 |
137,300 |
9,363 |
+ |
25% |
68,000 |
| 137,300 |
209,250 |
26,688 |
+ |
28% |
137,300 |
| 209,250 |
373,650 |
46,834 |
+ |
33% |
209,250 |
| 373,650 |
…….. |
101,086 |
+ |
35% |
373,650 |
|
|
|
|
|
|
| Head of Households |
|
Taxable Income |
|
|
|
Of The |
| Over |
But Not Over |
Tax + % on
Excess |
Amount Over |
| 0 |
11,950 |
0 |
+ |
10% |
0 |
| 11,950 |
45,550 |
1,195 |
+ |
15% |
11,950 |
| 45,550 |
117,650 |
6,235 |
+ |
25% |
45,550 |
| 117,650 |
190,550 |
24,260 |
+ |
28% |
117,650 |
| 190,550 |
373,650 |
44,672 |
+ |
33% |
190,550 |
| 373,650 |
…….. |
105,095 |
+ |
35% |
373,650 |
|
|
|
|
|
|
|
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|
