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Here are some tax changes for 2011: Deductions and Exemptions Standard
Mileage Rate Maximum Retirement Contributions Adjusted Gross Income Phaseout Levels
Deductions and Exemptions | Standard Deduction1
| Deduction
| | Single | $5,800 | | Married filing jointly
| $11,600 | | Married filing separately | $5,800 | | Head of household | $8,500 | | Personal
Exemption | $3,700 |
1For a married taxpayer age 65 or older or blind, the deduction is increased
by $1,150. For a single taxpayer age 65 or older or blind the deduction is increased by $1,450.
To itemize, you must have deductions that are equal to or above the standard deduction levels.
No personal exemption is allowed to an individual who is eligible to
be claimed as a dependent on another taxpayer's return. Back to top
Standard Mileage Rate For Business
| 51 cents
| For Medical | 19 cents | For Charity | 14 cents | For
Moving | 19 cents |
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Maximum Retirement Contributions Individual Retirement
Arrangements (IRA) | under
age 50 | $5,000
| | age 50 and over | $6,000 | SIMPLE
IRA | under age 50 | $11,500 | | age
50 and over | $14,000 | 401(k) Plan | under age 50 | $16,500 | | age 50 and over | $22,000 |
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Adjusted Gross Income Phaseout Levels
IRA Deduction (with Co. Pension)
| Phaseout Level
| Single/Head of household | $56,000 - 66,000 | Married filing jointly | $90,000 - 110,000 | Married filing separately | $0
- 10,000 | When spouse has
a company pension | $169,000 - 179,000 |
Roth IRA Eligibility | Phaseout Level | Single/Head of household | $107,000 - 122,000 | Married filing jointly | $169,000 - 179,000 | Married filing separately | $0 - 10,000 | Rollover
of Regular IRA to Roth IRA | No limit |
Child tax credit ($1,000 per child)
| Phaseout Level | Single/Head of household | Starts at $75,000 | Married filing jointly | Starts at $110,000 | Married filing separately | Starts at $55,000 |
Itemized Deductions & Personal Exemptions | For 2011 the deduction for personal and dependency exemptions and
itemized deductions will not be reduced or eliminated for higher income taxpayers. |
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If you have any questions or need forms, you can call the IRS at 1-800-829-1040
or go online at www.irs.gov. The information contained in this site is of a general nature and should not be acted upon without
further details and/or consulting your tax preparer. Back to top
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