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.