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 |
|
|
|
| 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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4 Comments
Is “Car Depreciation Maximums” for business or personal deduction? if personal how to use it?
@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: 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?