Here’s the 2007 tax limits, credits, exemptions, deductions, phase-out and exclusion numbers all in one place! It is a good reference and will come in handy at tax time. Thanks to a reader, Sam, for the initial list.
| Exemptions | $ 3,400 | |
| Standard Deduction | ||
| Single | $ 5,350 | |
| Married Filing Jointly | $ 10,700 | |
| Married Filing Separately | $ 5,350 | |
| Head of Household | $ 7,850 | |
| Dependent | $ 850 | |
| Exemption Phase-out (limited to 2/3) | ||
| Single | $ 156,400 | |
| Head of Household | $ 195,500 | |
| Married Filing Jointly | $ 234,600 | |
| Schedule A Phase-out (limited to 2/3) | ||
| All except Married Filing Separately | $ 156,400 | |
| Married Filing Separately | $ 78,200 | |
| Credits | ||
| Child Tax Credit | $ 1,000 | |
| Hope Credit | $ 1,650 | |
| Lifetime Learning Credit | $ 2,000 | |
| Elective Deferrals (401k, 403b, 457, Roth 401k) | ||
| Maximum | $ 15,500 | |
| Catch-up > 50 years old | $ 5,000 | |
| IRA Contributions (Traditional, Roth) | ||
| Maximum | $ 4,000 | |
| Catch-up 50 and over | $ 1,000 | |
| Simple IRA Contributions | ||
| Maximum | $ 10,500 | |
| Catch-up 50 and over | $ 2,500 | |
| Mileage | ||
| Charitable | $ 0.14 | |
| Business | $ 0.485 | |
| Medical/Moving | $ 0.20 | |
| Depreciation | $ 0.19 | |
| Car Depreciation Maximums | ||
| Year 1 | $ 3,060 | |
| Year 2 | $ 4,900 | |
| Year 3 | $ 2,850 | |
| Year 4 | $ 1,775 | |
| Sale of Residence Exclusion | ||
| Single | $ 250,000 | |
| Married | $ 500,000 | |
| Self Employment | ||
| SE/FICA Maximum Wages for 12.4% | $ 97,500 | |
| SE/FICA Maximum Wages for 2.9% | No Limit | |
| Tax Deduction | 50% | |
| Health Insurance Deduction | 100% | |
| Earned Income Credit Maximums | ||
| No children | $ 12,590 | |
| 1 child | $ 33,241 | |
| 2 or more children | $ 37,783 | |
| Add if married filing jointly | $ 2,000 | |
| Estate Tax Exclusion | $ 2,000,000 | |
| Annual Gift Tax Exclusion | $ 12,000 | |
| Long Term Capital Gain Holding Period | 12 months | |
| Social Security Benefits Tax Maximum | 85% | |
| IRC 179 Deduction | $ 125,000 | |
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