Posted by Madison on February 10, 2009
Here’s the 2008 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. Last year, the list was a popular reference sheet, so I thought it would be good to publish it again.
| Exemptions |
$ 3,500 |
|
|
|
| Standard Deduction |
|
|
Single |
$ 5,450 |
|
Married Filing Jointly |
$ 10,900 |
|
Married Filing Separately |
$ 5,450 |
|
Head of Household |
$ 8,000 |
|
Dependent |
$ 900 |
|
|
|
| Standard Deduction Increases |
|
|
Real Estate Tax Single |
$ 500 |
|
Real Estate Tax Married Filing Jointly |
$ 1,000 |
|
|
|
| Exemption Phase-out |
|
|
Single |
$ 159,950 |
|
Head of Household |
$ 199,950 |
|
Married Filing Jointly |
$ 239,950 |
|
|
|
| Schedule A Phase-out |
|
|
All except Married Filing Separately |
$ 159,950 |
|
Married Filing Separately |
$ 79,975 |
|
|
|
| Credits |
|
|
Child Tax Credit |
$ 1,000 |
|
Hope Credit |
$ 1,800 |
|
Lifetime Learning Credit |
$ 2,000 |
|
First Time Home Buyer Credit |
$ 7,500 |
|
|
|
| Elective Deferrals (401k, 403b, 457, Roth 401k) |
|
|
Maximum |
$ 15,500 |
|
Catch-up > 50 years old |
$ 5,000 |
|
|
|
| IRA Contributions (Traditional, Roth) |
|
|
Maximum |
$ 5,000 |
|
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 (Jan. 1 – June 30) |
$ 0.505 |
|
Business (July 1 – Dec. 31) |
$ 0.585 |
|
Medical/Moving (Jan. 1 – June 30) |
$ 0.19 |
|
Medical/Moving (July 1 – Dec. 31) |
$ 0.27 |
|
|
|
| Sale of Residence Exclusion |
|
|
Single |
$ 250,000 |
|
Married |
$ 500,000 |
|
|
|
| Self Employment |
|
|
SE/FICA Maximum Wages for 12.4% |
$ 102,000 |
|
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 |
$ 250,000 |
Many of the limits above are affected by the Midwestern Disaster areas, including additional exemptions, deductions and credits.
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2 Comments
Thanks for posting this. I think its a great resource…unless you already filed your taxes.
Just a friendly suggestion: I think it would be a lot more useful if it was published earlier in the year so that those of us who like to get our taxes done early have access to this great resource.
@ James: Great idea! I put a note on my calendar to make sure that next year it will go out earlier!