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Federal Individual Income Tax Rates

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.

                      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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