2008 Tax Information: All in One Place

Posted by Madison on February 10, 2009

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
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 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 $ 7,500
Elective Deferrals (401k, 403b, 457, Roth 401k)
Maximum $ 15,500
Catch-up > 50 years old $ 5,000
IRA Contributions (Traditional, Roth)
Maximum $ 5,000
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 (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 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, including additional exemptions, deductions and credits.



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Comments to 2008 Tax Information: All in One Place

  1. Thanks for posting this. I think its a great resource…unless you already filed your taxes.

    Just a friendly suggestion: I think it would be a lot more useful if it was published earlier in the year so that those of us who like to get our taxes done early have access to this great resource.

    James

  2. @ James: Great idea! I put a note on my calendar to make sure that next year it will go out earlier!

    Madison

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