2007 Tax Information

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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Comments to 2007 Tax Information

  1. Is “Car Depreciation Maximums” for business or personal deduction? if personal how to use it?

    B

  2. @B: Unfortunately the car depreciation is for business use only. There isn’t any depreciation for personal use of vehicles.

    Madison

  3. Is home interest or mortgage insurance a deduction?

    MSE

  4. @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?

    Madison

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