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 [1] 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 |