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2008
Updates |
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Standard Deduction |
$5,450 |
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Married, filing jointly |
$10,900 |
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Married, filing separately |
$5,5450 |
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Head of Household |
$8,000 |
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65
year or older, or blind |
Additional $1,050 for married taxpayers |
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65
years or older, or blind |
Additional $1,350 for single taxpayers |
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Personal Exemption |
$3,500 |
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IRA Contribution (under 50) |
$5,000 |
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IRA Contribution (over 50) |
$6,000 |
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ROTH IRA Phase-out |
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Single |
$101,000 - $116,000 |
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Married, filing jointly |
$159,000 - $169,000 |
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Married, filing separately |
$0
- $10,000 |
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SEP Contribution |
25% of compensation (limit $46,000) |
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Retirement plans contributions - 401(k), 457, 403(b) |
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under age 50 |
$15,500 |
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age 50 and older |
$20,500 |
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Gift Tax Exclusion |
$12,000 per year (Max of $60,000 per 5 year) |
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Estate Tax Exclusion |
$2,000,000 |
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Social Security taxable Amt |
$102,000 max - from salary of self-employment income |
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Not Taxable for total of |
less than $25,000 SS income MAGI |
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50% Taxable (single) |
$25,000 - $34,999 |
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85% Taxable ((single) |
$35,000 and above |
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50% Taxable (married) |
$32,000 - $43,999 |
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85% Taxable (married) |
$44,000 and above |
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Education Credit (HOPE) |
$1,800 |
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Education Credit (Lifetime) |
$2,000 |
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Student loan deduction |
$2,500 |
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Tuition and fee deduction |
$4,000 (either credit or deduction, not both) |
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IRS Mileage rates (business) |
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01/01/2008 - 06/30/2008 |
50.5 cents per mile |
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07/01/2008 -
12/31/2008 |
58.5 cents per
mile |
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Medical and moving |
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01/01/2008 - 06/30/2008 |
19 cents per mile |
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07/01/2008 -
12/31/2008 |
27 cents per mile |
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Charitable
volunteers |
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Year 2008 |
14 cents per mile |
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Long-term Care
Premiums as medical Expense deduction |
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Age 40 or under |
$310 |
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Over 40 but not
over 50 |
$550 |
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Over 50 but not
over 60 |
$1,150 |
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Over 60 but not
over 70 |
$3,080 |
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Over 70 |
$3,850 |
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Kiddie tax
exemption |
$1,800 |
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