Quick Tax Facts

Important Tax Figures for 2011

Standard Deduction

Single: $5,800
Head of Household: $8,500
Married Filing Joint: $11,600
Married Filing Separately: $5,800
Qualifying Widow/Widower: $11,400
Dependent: $950-$5,800*
Additional Amount if Blind: $1,150-$1,450
Additional Amount if age 65 or older: $1,150-$1,450

Personal Exemption

Per taxpayer and dependent: $3,800

Phaseout of Personal Exemptions

The amount you can claim for personal exemptions starts to phase out once you reach certain income thresholds.

If your income is within these ranges, your personal exemptions will be reduced. If your income exceeds the amounts listed below, your personal exemption is completely eliminated.
Single: $166,800 – $289,300
Head of Household: $208,500 – $331,000
Married Filing Joint: $250,200 – $372,700
Married Filing Separately: $125,100 – $186,350
Qualifying Widow/Widower: $250,200 – $372,700

 

Retirement Plan Limits

You can save for retirement up to the maximum dollar limit. Maximum contributions vary by the type of retirement plan:
Traditional or Roth IRA: $5,000 ($6,000 if age 50 or older)*
SEP IRA: $49,000**
SIMPLE IRA: $11,500 ($14,000 if age 50 or older)
401(k) plan: $16,500 ($22,000 if age 50 or older)
403(b) plan: $16,500 ($22,000 if age 50 or older)
457 plan: $16,500 ($22,000 if age 50 or older)
Defined Contribution Pension: $49,000
Defined Benefit Pension: $195,000

*If you fund both a traditional and Roth IRA, your total contribution to cannot exceed $4,000 (or $5,000) combined.
**SEP IRA contributions are calculated on an IRS worksheet. Your maximum contribution may be less than $45,000.

Updated: January 2012 for Tax Year 2011