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Updated for 2011
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Need Some Deductions for 2011?

Don't overlook these!

10 Oddball Tax Deductions

11 Most Overlooked Tax Deductions

Updated for 2011

Key Numbers and Rates for 2011

Personal Exemption (for yourself and each dependent)

Each allowable exemption: $3,700
No phaseout for 2011

Standard Deduction

Joint return and qualifying widow(er): $11,600
Head of household: $8,500
Single: $5,800
Married filing separately: $5,800
Dependents - minimum deduction: $950
Additional deduction if age 65 or older, or blind:
- Married-per-spouse, filing jointly or separately:
  - $1,150
  - $2,300 for both age and blindness
- Qualifying widow(er):
  - $1.150
  - $2,300 for both age and blindness
- Single or head of household:
  - $1,450
  - $2,900 for both age and blindness

Capital Gain Rates for Assets Held Over One Year

If otherwise subject to 10% or 15% rate: 0%
If otherwise subject to rate over 15%: 15%
Collectibles gain - maximum rat: 28%
Unrecaptured Section 1250 gain on depreciated real estate-maximum rate: 25%

Qualified Dividends Tax Rate

If otherwise subject to 10% or 15%: 0%
If otherwise subject to rate over 15%: 15%

IRS Mileage Rate:

For Businesses:
- January 1, 2011 through June 30, 2011: 51 cents per mile
- July 1, 2011 through December 31, 2011: 55.5 cents per mile
Medical and Moving:
- January 1, 2011 through June 30, 2011: 19 cents per mile
- July 1, 2011 through December 31, 2011: 23.5 cents per mile
Charitable:
- January 1, 2011 through December 31, 2011: 14 cents per mile

Exclusion for Employer Provided Transportation

Transit passes and commuter vehicle transport: $230 per month
Qualified parking: $230 per month
Qualified bicycle commuting: $20 per month

IRA Contributions

Traditional IRA contribution limit: $5,000
Additional contribution if age 50 or older: $1,000
Deduction phaseout for active plan participant:
- Single or head of household: $56,000 - $66,000
- Married filing jointly, two participants: $90,000 - $110,000
- Married filing jointly, one participant:
  - Participant spouse: $90,000 - $110,000
  - Non-participant spouse: $169,000 - $179,000
  - Married filing separately, live together, either participates:
    - $0 - $10,000
- Married filing separately, live apart all year:
  - Participant spouse: $56,000 - $66,000
  - Non-participant spouse: no phaseout
Roth IRA contribution limit: $5,000
- Additional contribution if age 50 or older: $1,000
- Contribution limit phaseout range:
  - Single, head of household: $107,000 - $122,000
  - Married filing separately, live apart all year: $107,000 - $122,000
  - Married filing jointly, or qualifying widow(er): $169,000 - $179,000
  - Married filing separately, live together at any time: $0 - $10,000

Elective Deferral Limits

401(k), 403(b), 457 plans: $16,500
Salary-reduction SEP: $16,500
SIMPLE: $11,500
Additional contribution if age 50 or older:
- 401(k), 403(b), governmental 457 and SEP plans: $5,500
- SIMPLE IRA: $2,500

Education

American Opportunity credit limit-per student: $2,500
Lifetime Learning credit limit-per-taxpayer: $2,000
Phaseout of American Opportunity credit:
- Married filing jointly: $160,000 - $180,000
- Single, head= of housel=hold, or qualifying widow(er): $80,000 - $90,000
Phaseout of Lifetime Learning credit:
- Married filing jointly: $102,000 - $122,000
- Single, head of household, or
- qualifying widow(er): $51,000 - $61,000
Student loan interest deduction limit: $2,500
- Phaseout of deduction limit:
  - Married filing jointly: $120,000 - $150,000
  - Single, head of household, qualifying widow(er): $60,000-$75.000
Coverdell ESA limit: $2,000
- Phaseout of limit:
  - Married filing jointly: $190,000 - $220,000
  - All others: $95,000 - $110,000
Tuition and fees deduction:
- Tuition and fees deduction limit: $4,000
- Income cut-off:
  - Married filing jointly: $130,000
  - Single, head of household, or qualifying widow(er) $65,000
- Tuition and fees deduction limit-tier 2 limit: $2,000
- Income cut-off:
  - Married filing jointly: $160,000
  - Single, head of household, or qualifying widow(er): $80,000

Long-term Care Premiums

Limit on premium allowed as medical expense
- Age 40 or under: $340
- Over 40 but not over 50: $640
- Over 50 but not over 60: $1,270
- Over 70: $4,240

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SEP Plans: What is Compensation Under a SEP Plan? Self-Employed Person's Compensation

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