| 2011 | 2012 | |
| 10% income tax bracket (based on taxable income) | $0 - $8,500 | $0 - $8,700 |
| 15% income tax bracket (based on taxable income) | $8,501 - $34,500 | $8,701 - $35,350 |
| Beginning of 25% bracket | $34,501 | $35,351 |
| Beginning of 28% bracket | $83,601 | $85,651 |
| Beginning of 33% bracket | $174,401 | $178,651 |
| Beginning of 35% bracket | $379,151 | $388,351 |
| Standard Deduction | $5,900 | $5,950 |
| Beginning/ending of personal exemption phaseout range (based on AGI) | Not applicable for 2011 | Not applicable for 2012 |
| Beginning of phaseout range for $1,000 dependant child tax credit eligibility (based on AGI) | $75,000 | $75,000 |
| Phaseout range for Lifetime Learning education credit (based on AGI) | $51,000 - $61,000 | $52,000 - $62,000 |
| Phaseout range for American Opportunity education credit (based on AGI) | $80,000 - $90,000 | $80,000 - $90,000 |
| Phaseout range for college loan interest deduction eligibility (based on AGI) | $60,000 - $75,000 | $60,000 - $75,000 |
| Maximum AGI to be eligible for Roth IRA conversion | Not applicable for 2011 | Not applicable for 2012 |
| Phaseout range for Roth IRA contribution eligibility (based on AGI) | $107,000 - $122,000 | $110,000 - $125,000 |
| Phaseout range for Coverdell Education Savings Account contribution eligibility (based on AGI) | $95,000 - $110,000 | $95,000 - 110,000 |
| Phaseout range for deductible IRA contribution eligibility | Complicated rules apply. See the IRA Primer | |
| Personal exemption deduction | $3,700 | $3,800 |
| Beginning of itemized deduction phaseout range (based on AGI). | Not applicable for 2011 | Not applicable for 2012 |
| Self-Employment income subject to Social Security and Medicare taxes. Use our calculator to figure tax owed. | $106,800 | $110,100 |
| Maximum deductible contribution to 401(k) | $16,500 | $17,000 |
| Maximum deductible contribution to self-employed SEP | $49,000 | $50,000 |
| Maximum deductible contribution to self-employed Keogh profit-sharing plan | $45,000 | $50,000 |
| Child's investment income before Kiddie Tax applies | $1,900 | $1,900 |
| Estate tax exemption | $5,000,000 | $5,140,000 |
| Mileage rate for business auto | 51/55.5 | 55.5 |
Friday, June 8, 2012
SM: Tax Rate Schedules for Single Filers
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