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Federal Individual Income Tax Rates
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2011 Federal
Individual Tax Table
Federal Income Tax Rates for Estates and Trusts
Federal
Income Tax Rates for Corporations
IRA Deduction Phaseout
Indexed Benefit Limits
| Limit |
2009 |
2010 |
2011 |
2012 |
| 401(k) elective deferral limit |
$15,500 |
$16,500 |
$16,500 |
$17,000 |
| 401(k) participants age
50 or older may defer an additional: |
$ 5 ,000 |
$ 5 ,500 |
$ 5 ,500 |
$ 5 ,500 |
| 401 (k) total deferral limit |
$20,500 |
$22,000 |
$22,000 |
$22,500 |
| 403(b) TSA elective deferral limit |
$15,500 |
$16,500 |
$16,500 |
$17,000 |
| 403(b) TSA elective catch up deferral limit |
$ 3,000 |
$ 3,000 |
$ 3,000 |
$ 3,000 |
| 403(b) elective participants age
50 or older may defer an additional: |
$ 5,000 |
$ 5,000 |
$ 5,500 |
$ 5,500 |
| 403 (b) total deferral limit including the
elective catch up |
$23,500 |
$25,000 |
$25,000 |
$25,500 |
| Roth and Traditional IRA deferral limit |
$ 4,000 |
$ 5,000 |
$ 5,000 |
$ 5,000 |
| IRA participants age 50
or older may defer an additional: |
$ 1,000 |
$ 1,000 |
$ 1,000 |
$ 1,000 |
| Roth and Traditional IRA total deferral limit |
$5,000 |
$6,000 |
$6,000 |
$6,000 |
| Simple Plan elective deferral limit |
$10,500 |
$11,500 |
$11,500 |
$11,500 |
| Simple participants age
50 or older may defer an additional: |
$ 2,500 |
$ 2,500 |
$ 2,500 |
$ 2,500 |
| Simple Plan elective total deferral limit |
$13,000 |
$14,000 |
$14,000 |
$14,000 |
| Coverdell Savings Account (Educational IRA) deferral limit |
$ 2,000 |
$ 2,000 |
$ 2,000 |
$ 2,000 |
Long Term Care
The deductibility of premiums paid for
qualified long term care contracts is limited to a dollar amount,
based on the
age of the covered individual at the end of the tax
years.
These amounts are
adjusted for inflation.
| Age |
2011 Limitation |
2012 Limitation |
| 40 or less |
$340 |
$350 |
| 41 - 50 |
$640 |
$660 |
| 51 - 60 |
$1,270 |
$1,310 |
| 61 -70 |
$3,390 |
$3,500 |
| 71 or more |
$4,240 |
$4,370 |
There is also a per diem limit on the amount of
benefits received from a qualified long term care contract
that
may be excluded
from income. The daily limit for 2011 is
300.
The daily limit for 2012 is $310.
Medicare
| Part A |
2012 Amounts |
|
Deductibles
and co-pays are reset each benefit period. A
benefit period begins the day you go to a hospital or skilled
nursing facility. The benefit period ends when you haven’t received any
hospital care (or skilled care in a SNF) for 60 days in a row. If you go
into the hospital after one benefit period has ended, a new benefit period
begins. You must pay the inpatient hospital deductible for each benefit
period. There is no limit to the number of benefit periods you can have. |
| Deductible 1-60 days |
$1,156 |
| Co-payment 61-90 days |
$289 a day
maximum of $8,670 |
| Co-payment 91-150 days |
$578 a day maximum of
$34,680 |
| Co-payment 151 days or more |
You Pay All Costs |
| Skilled Nursing
Confinement |
First 20 Days You
receive 100% Coverage |
| Co-payment
Days 21-100 |
$144.50 a day
maximum
of $11,560 |
| When you are
hospitalized for at least 3 days and enter a Medicare approved skilled
nursing facility within 30 days after hospital discharge and are receiving
skilled nursing care. |
| After 100 Days You Pay All Costs |
|
Part B Premium -(Effective
1/1/2012 Part B Premiums based upon the Medicare Beneficiaries
modified adjusted gross income.) |
|
Individual Filer
Joint Filer |
| Less than $85,000 |
Less than $170,000 |
$99.90 monthly* |
| $85,001 - $107,000 |
$170,001 - $214,000 |
$139.90 monthly |
| $107,001 - $160,000 |
$214,001 - $320,000 |
$199.80 monthly |
| $160,001 - $214,000 |
$320,001 - $428,000 |
$259.70 monthly |
| More than $214,000 |
More than $428,000 |
$319.70 monthly |
| Part B Deductible |
$140.00 annually |
|
*Part B premiums are based on your yearly income in 2010.
Click here for
more information on Medicare premiums. |
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Medicare Part D Prescription Drug Coverage
Information |
Estate and Gift Tax Exclusion Amounts
| |
Exclusion Amount |
Highest Estate and Gift Tax Rate |
| 2002 |
1,000,000 |
50% |
| 2003 |
1,000,000 |
49% |
| 2004 |
1,500,000 |
48% |
| 2005 |
1,500,000 |
47% |
| 2006 |
2,000,000 |
46% |
| 2007 |
2,000,000 |
45% |
| 2008 |
2,000,000 |
45% |
| 2009 |
3,500,000 |
45% |
| 2010 |
N/A (taxes repealed) |
top individual rate under the bill (gift tax
only) |
| 2011 |
5,000,000 |
35% |
| Annual Gift Tax Exclusion |
$13,000 |
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