- My Dollar Plan - https://www.mydollarplan.com -

2008 Tax Information: All in One Place

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 [1]
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 [2] 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 [3] $ 7,500
Elective Deferrals (401k, 403b, 457, Roth 401k [4])
Maximum $ 15,500
Catch-up > 50 years old $ 5,000
IRA Contributions (Traditional, Roth [4])
Maximum $ 5,000
Catch-up 50 and over $ 1,000
Simple IRA Contributions
Maximum $ 10,500
Catch-up 50 and over $ 2,500
Mileage [5]
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 [6] 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 [7], including additional exemptions, deductions and credits.