Tax Rate--Single Taxpayers--2010
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,375 $ 0.00 10 $ 0
8,375 34,000 837.50 15 8,375
34,000 82,400 4,681.25 25 34,000
82,400 171,850 16,781.25 28 82,400
171,850 373,650 41,827.25 33 171,850
373,650 ....... 108,421.25 35 373,650
Tax Rates--Married Individuals Filing Joint and Surviving Spouses--2010
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 16,750 $ 0.00 10 $ 0
16,750 68,000 1,675.00 15 16,750
68,000 137,300 9,362.50 25 68,000
137,300 209,250 26,687.50 28 137,300
209,250 373,650 46,833.50 33 209,250
373,650 ....... 101,085.50 35 373,650
Tax Rates--Married Individuals Filing Separate--2010
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 8,375 $ 0.00 10 $ 0
8,375 34,000 837.50 15 8,375
34,000 68,650 4,681.25 25 34,000
68,650 104,625 13,343.75 28 68,650
104,625 186,825 23,416.75 33 104,625
186,825 ....... 50,542.75 35 186,825
Tax Rates--Heads Of Households--2010
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $ 11,950 $ 0.00 10 $ 0
11,950 45,550 1,195.00 15 11,950
45,550 117,650 6,235.00 25 45,550
117,650 190,550 24,260.00 28 117,650
190,550 373,650 44,672.00 33 190,550
373,650 ....... 105,095.00 35 373,650
Tax Rates--Estates And Trusts--2010
Taxable income: Tax:
Over But not over Tax +% On amount over
$ 0 $2,300 0.00 15 $ 0
2,300 5,350 $ 345.00 25 2,300
5,350 8,200 1,107.50 28 5,350
8,200 11,200 1,905.50 33 8,200
11,200 ..... 2,895.50 35 11,200
Long-Term Capital Gains and Qualifying Dividends--2010
For taxpayers in the 10% or 15% bracket--0%
For taxpayers in higher brackets--15%
Tax on unrecaptured Sec. 1250 gain--25%
Capital gain rate on collectibles--28%
Standard Deduction--2010
Filing Status Standard Deduction
Married filing joint and
surviving spouses $11,400
Heads of Household 8,400
Single individuals 5,700
Married, filing separate 5,700
Dependent's Standard Deduction--No more than the greater of $950 or $300 plus the individual's earned income.
Additional standard deduction for aged and blind--$1,100 each ($1,400 if individual is unmarried and not surviving spouse)
Personal Exemption--2010
Amount--$3,650
No phaseout of personal exemption in 2010.
American Opportunity Tax Credit (Hope Credit)--2010
100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum $2,500)
Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.
Credit completely phased out at $180,000 ($90,000).
Lifetime Learning Credits--2010
20% of first $10,000 of qualified education expenses.
Phaseout begins at modified adjusted gross income of $100,000 joint return; $50,000 all others.
Credit completely phased out at $120,000 joint returns; $60,000 all others.
Interest on Education Loans--2010
Maximum interest deduction--$2,500
Modified adjusted gross income phaseout range--Married, joint, $120,000--$150,000; all other filing status, $60,000--$75,000
Savings Bond/Higher Education Expense Exclusion--2010
Modified adjusted gross income phaseout--married, joint, $105,100--$135,100; all other filing status, $70,100--$85,100
Qualified Transportation Fringe Benefit Exclusion--2010
Commuter highway vehicle and transit pass--$230
Qualified parking--$230
Qualified bicycle allowance--$20 per month
Earned Income Tax Credit (EITC)--2010
Number of Qualifying Children
Item One Two or More Three or More None
Earned Income Amount $ 8,970 $12,590 $12,950 $ 5,980
Maximum Amount of Credit 3,050 5,036 5,666 457
Threshold Phaseout (single, surviving
spouse or head of household) 16,450 16,450 16,450 7,480
Completed Phaseout (single, surviving
spouse or head of household) 35,535 40,363 43,352 13,460
Threshold Phaseout (married, joint) 21,460 21,460 21,460 12,490
Completed Phaseout (married, joint) 40,545 45,373 48,362 18,470
Excessive Investment Income for Earned Income Tax Credit--$3,100
Miscellaneous--2010
Annual Exclusion for Gifts--$13,000
Annual Exclusion for Gifts to Spouse not a Citizen--$134,000
Notice of Large Gifts Received from Foreign Persons--$14,165
Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,340,000
Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$1,000,000
Unearned Income of Minor Child (Kiddie Tax)--$950 ($9,500 for parental election)
Foreign Earned Income Exclusion--$91,500
Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.
Adoption Expenses--2010
Maximum credit for child with special needs--$12,170
Maximum credit, other adoptions--$12,170
Other adoptions, gross income exclusion, qualified expenses up to $12,170
Phaseout range, modified adjusted gross income--$182,520 to $222,520
Persons Against Which a Federal Tax Lien is Not Valid--2010
Purchasers in a casual sale for less than $1,380 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $6,890.
Property Exempt from Levy--2010
Property exempt from levy under Sec. 6334(a)(2) cannot exceed $8,520. Property exempt from levy under Sec. 6334(a)(3) (books and tools for trade or business) cannot exceed $4,120.
Eligible Long-Term Care Premiums--2010
Attained Age Before the Close of the Tax Year Limitation on Premiums
40 or less $ 330
More than 40 but not more than 50 620
More than 50 but not more than 60 1,230
More than 60 but not more than 70 3,290
More than 70 4,110
Social Security--2010
OASDI Wage Base--$106,800
Household (domestic) employee cash wages threshold--$1,700
Quarter of coverage--$1,090
Health Savings Accounts--2010
Maximum annual HSA contributions deductible--$3,050 for individual; $6,150 for family coverage
Catch-up contributions for individuals 55 or older (but less than 65) is $1,000 (pro rate for year).
Deductible Amounts that define High Deductible Plan:
Annual Deductible Deductibles, Co-Payments and other Amounts
Not Less Than but not Premiums Not to Exceed
Self Only $1,200 $ 5,950
Family Coverage 2,400 11,900
· Homebuyer Credit Phaseout
· Single $125,000--$145,000
· Married, Joint $225,000--$245,000
· Prior to Nov. 7, 2009
· Single $ 75,000--$ 95,000