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Annual Limits
|
IRS 2012 Annual Limits 
IRA
2012: $5,000
50 or older Catch-up contribution $1,000
IRA Phaseouts
IRA deduction phaseout for active workplace plan
participants
Single $58,000-$68,000
Married filing jointly* $92,000 - $112,000
Married filing separately $0 - $10,000
Spousal IRA $173,000 - $183,000
Roth IRA phaseout
Single $110,000 - $125,000
Married filing jointly $173,000 - $183,000
*For married couples who file a joint return and only one
is an active participant, the AGI phaseout is
$173,000-$183,000.
Qualified Plans
Elective deferrals 401(k), 403(b), 457, and SARSEPs
$17,000
50 or older Catch-up contribution $5,500
Defined contribution (§415(b)(1)(A))
Total including employer and employee $50,000
SIMPLE plan $11,500
50 or older SIMPLE catch-up contribution $2,500 |
Social Security
|
Social Security "SS" taxable wage base
SS tax rate - employee
SS tax rate - self-employed
SS cost of living adjustment
Quarter of Coverage |
$110,000
7.65%
13.30%
0%
$1,130 |
Social Security
Earnings Limitation:
Below NRA* ($1 withheld for every $2 earned above) $14,640
Year person reaches NRA**($1 withheld for every $3 earned above)
$38,880
* NRA - normal retirement age
**Applies only to earnings for months prior to attaining NRA
Income Tax Exemptions and Deductions
|
Personal Exemptions
Standard Deduction:
Single
Joint
Head of Household
Married Filing Separately
Kiddie Tax Ltd Standard Deduction
Elderly or Blind Additional Deduction:
Single
Married |
$3,800
$5,950
$11,900
$8,700
$5,950
$950
$1,450
$1,150 |
There is no phase out for personal exemptions or itemized deductions
in 2011
Standard Mileage Rates 2012
|
Business Use
Charitable Use
Medical or Moving Use |
55.5¢ per mile
14¢ per mile
23¢ per mile |
Estate and Gift Tax
|
Maximum estate tax rate
Annual Gift Tax Exclusion
Estate Tax Exclusion
+
Lifetime Gift Tax Basic Exemption
Generation Skipping Tax + |
35%
$13,000
$5,120,000
$5,120,000
$5,120,000 |
Health Savings Account
|
Annual limit |
HSA
Maximum
Contribution |
High Deductible Plan Minimum Deductible |
Health Plan maximum out of pocket |
|
Single |
$3,100 |
$1,200 |
$6,050 |
|
Family |
$6,250 |
$2,400 |
$12,100 |
|
Catch up for 55 and older |
$1,000 |
|
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