Posted by Madison on December 11, 2007
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 |
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Standard Deduction |
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Single |
$ 5,350 |
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Married Filing Jointly |
$ 10,700 |
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Married Filing Separately |
$ 5,350 |
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Head of Household |
$ 7,850 |
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Dependent |
$ 850 |
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Exemption Phase-out (limited to 2/3) |
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Single |
$ 156,400 |
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Head of Household |
$ 195,500 |
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Married Filing Jointly |
$ 234,600 |
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Schedule A Phase-out (limited to 2/3) |
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All except Married Filing Separately |
$ 156,400 |
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Married Filing Separately |
$ 78,200 |
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Credits |
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Child Tax Credit |
$ 1,000 |
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Hope Credit |
$ 1,650 |
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Lifetime Learning Credit |
$ 2,000 |
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Elective Deferrals (401k, 403b, 457, Roth 401k) |
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Maximum |
$ 15,500 |
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Catch-up > 50 years old |
$ 5,000 |
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IRA Contributions (Traditional, Roth) |
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Maximum |
$ 4,000 |
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Catch-up 50 and over |
$ 1,000 |
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Simple IRA Contributions |
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Maximum |
$ 10,500 |
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Catch-up 50 and over |
$ 2,500 |
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Mileage |
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Charitable |
$ 0.14 |
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Business |
$ 0.485 |
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Medical/Moving |
$ 0.20 |
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Depreciation |
$ 0.19 |
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Car Depreciation Maximums |
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Year 1 |
$ 3,060 |
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Year 2 |
$ 4,900 |
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Year 3 |
$ 2,850 |
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Year 4 |
$ 1,775 |
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Sale of Residence Exclusion |
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Single |
$ 250,000 |
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Married |
$ 500,000 |
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Self Employment |
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SE/FICA Maximum Wages for 12.4% |
$ 97,500 |
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SE/FICA Maximum Wages for 2.9% |
No Limit |
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Tax Deduction |
50% |
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Health Insurance Deduction |
100% |
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Earned Income Credit Maximums |
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No children |
$ 12,590 |
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1 child |
$ 33,241 |
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2 or more children |
$ 37,783 |
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Add if married filing jointly |
$ 2,000 |
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Estate Tax Exclusion |
$ 2,000,000 |
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Annual Gift Tax Exclusion |
$ 12,000 |
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Long Term Capital Gain Holding Period |
12 months |
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Social Security Benefits Tax Maximum |
85% |
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IRC 179 Deduction |
$ 125,000 |
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4 Comments
Is “Car Depreciation Maximums” for business or personal deduction? if personal how to use it?
B@B: Unfortunately the car depreciation is for business use only. There isn’t any depreciation for personal use of vehicles.
Is home interest or mortgage insurance a deduction?
MSE@MSE: Yes, if you are itemizing home interest (or interest on your mortgage) is deductible on Schedule A.
I’m not sure I know what you mean by mortgage insurance. Do you mean PMI? or homeowners insurance?