2010 Income Tax Limits

Front 1

What is the top federal marginal tax rate for ordinary income?

Back 1

35%

Applicable for taxable income over $373,650 in 2010; tax brackets of 10%, 15%, 25%, 28% and 33% apply to lower amounts).

Front 2

What is the federal tax rate for long-term capital gains?

Back 2

15%

Front 3

What is the federal tax rate on the portion of long-term gain from real estate that represents depreciation recapture (so-called “Section 1250 gain”)?

Back 3

25%

Front 4

What is the Federal tax rate on long-term gain from collectibles (art, antiques, precious metals, gems, stamps, coins, etc.)?

Back 4

28%

Front 5

What is the Federal tax rate on long-term gain on small business stock eligible for the 50% exclusion?

Back 5

28%

Front 6

What is the Federal tax rate on qualifying dividend income?

Back 6

15%

Front 7

What is the Federal tax rate for long-term capital gains (and qualified dividends) for individuals in the 10% and 15% tax brackets (taxable income of up to $67,900 joint and $32,950 single in 2009 and 2010)?

Back 7

0%

Front 8

The personal exemption amount.

Back 8

$3,650

Front 9

Standard deduction married filing jointly

Back 9

$11,400

Front 10

Standard deduction head of household

Back 10

$8,450

Front 11

Standard deduction single or married filing separate returns

Back 11

$5,700

Front 12

Additional amount for aged or blind- Married filing jointly

Back 12

$1,100

Total $12,500

Front 13

Additional amount for aged or blind- Single

Back 13

$1,400

Total $7,100

Front 14

Net unearned income of children under age 19 and dependent fulltime students under 24 that escapes the “kiddie” tax (child taxed at parent’s marginal rate).

Back 14

$1,900

Front 15

“Kiddie” standard deduction.

Back 15

$950

Front 16

Amount of 2009 taxable income at which the $3,650 personal exemption “phases out.” The phaseout of exemptions is being gradually eliminated between 2006 and 2010. For 2009, only 1/3 of the phaseout will apply. After 2009, no phaseout will apply.

Front 17

Applicable amount of adjusted gross income (AGI) after which itemized deductions are reduced (by 3% of the AGI over this applicable amount). This reduction is being gradually eliminated between 2006 and 2010. For 2009, the amount of the reduction is 1/3 of the full reduction that was required on 2005 returns (thus, 1%). After 2009, no reduction will apply.

Back 17

NA -- gross income limit removed for 2010

Front 18

Taxable wage base for Social Security and self-employment income.

Back 18

$106,800

Front 19

Maximum alternative minimum tax (AMT) rate (on AMT income over $175,000; below this amount, the AMT rate is 26%).

Back 19

28%

Front 20

Social Security COLA (cost of living adjustment).

Back 20

0%

Front 21

Maximum traditional and Roth IRA contributions.

Back 21

$5,000

Front 22

Additional “catch-up” traditional and Roth IRA contributions for individuals 50 or older.

Back 22

$1,000

Front 23

Maximum elective deferrals for 401(k) plans, 403(b) plans, 457 plans, and SARSEPs.

Back 23

$16,500

Front 24

Additional catch-up contributions for 401(k) plans, 403(b) plans, 457 plans, and SARSEPs for those 50 or older.

Back 24

$5,500

Front 25

The maximum deferral for SIMPLE plans.

Back 25

$11,500

Front 26

Additional catch-up contributions for SIMPLE plans for those 50 or older.

Back 26

$2,500

Front 27

Maximum deferral for 457 plans – tax-exempt organizations and state and local governments.

Back 27

$16,500

Front 28

Maximum compensation limit for defined contribution retirement plan purposes.

Back 28

$245,000

Front 29

Maximum contribution limit for defined contribution plans.

Back 29

$49,000

Front 30

Defined benefit plan benefit limit.

Back 30

$195,000

Front 31

Income phaseout threshold for contributions to a Roth IRA.

Back 31

Single - $105,000
Joint - $167,000

Front 33

Income limit (modified AGI) ceiling for converting a traditional IRA to a Roth IRA.

Back 33

NA -- No limit for 2010

Front 34

Maximum foreign earned income exclusion.

Back 34

$91,500

Front 35

Business mileage rate (per mile).

Back 35

$0.50

Front 36

Charitable mileage rate (per mile).

Back 36

$0.14

Front 37

Medical and moving mileage rate (per mile).

Back 37

$0.17

Front 38

Estimated tax payments and withholding required to avoid penalties as percentage of prior year tax liability

Back 38

AGI is less than $150,000 then, 100%
AGI is greater than $150,000 then, 110%

Front 39

Estimated tax payments and withholding required to avoid penalties as percentage of current year tax liability

Back 39

90%

Front 40

“General” IRS interest rate on overpayments and underpayments.

Back 40

1st Q – 4%

Front 41

Amount of compensation that triggers withholding and FICA responsibility for domestic employees ("nanny tax").

Back 41

$1,700

Front 42

Maximum amount of business equipment that can be immediately expensed (rather than capitalized and depreciated).

Back 42

$134,000

Front 43

Medicare Part B monthly premium – premiums will be based on modified adjusted gross income less than or equal to $85,000 (single) or $170,000 (joint) – monthly premium

Back 43

$110.50 

Front 44

Medicare Part B monthly premium – premiums will be based on modified adjusted gross income $85,001-$107,000 (single) or $170,001-$214,000 (joint) – monthly premium

Back 44

 $154.70

Front 45

Medicare Part B monthly premium – premiums will be based on modified adjusted gross income $107,001-$160,000 (single) or $214,001-$320,000 (joint) – monthly premium

Back 45

$221.00

Front 46

Medicare Part B monthly premium – premiums will be based on modified adjusted gross income $160,001-$214,000 (single) or $320,001-$428,000 (joint) – monthly premium

Back 46

$287.30

Front 47

Medicare Part B monthly premium – premiums will be based on modified adjusted gross income more than $214,000 (single) or greater than $428,000 (joint) – monthly premium

Back 47

$353.60

Front 48

Top estate and gift tax rate.

Back 48

45% (proposed)

Front 49

Annual gift tax exclusion per donee.

Back 49

$13,000

Front 50

Applicable lifetime gift tax exemption.

Back 50

$1,000,000

Front 51

Applicable estate tax exemption (larger than the gift tax exemption).

Back 51

$3,500,000 (proposed)

Front 52

Spousal transfers during life or at death (U.S. citizens).

Back 52

Unlimited

Front 53

Annual gift tax exclusion for transfer to non-citizen spouse.

Back 53

$133,000

Front 54

Applicable generation skipping tax (GST) exemption.

Back 54

$3,500,000 (proposed)

Front 55

Reporting threshold for gifts received from foreign corporations and partnerships.

Back 55

$14,165

Front 56

Reporting threshold for gifts received from non-resident aliens and foreign estates.

Back 56

$100,000

Front 57

Employer and Employee Social Security tax rate

Back 57

6.2%

Front 58

Self-employed Social Security tax rate.

Back 58

12.4%

Front 59

Self-employed Medicare tax rate.

Back 59

2.9%

Front 60

Employer and Employee Medicare tax rate

Back 60

1.45%