Here are some tax changes that could put some dollars back in your pocket this year.
2011 | 2012 | |
Standard deduction, single filer | $5,800 | $5,950 |
Standard deduction, joint return | $11,600 | $11,900 |
Personal exemption | $3,700 | $3,800 |
ATM exemption | ||
Single filer | $48,450 | $33,750 |
Joint return | $74,450 | $45,000 |
Long-term care insurance (max. deduction) | ||
Age at end of tax year: | ||
40 or under | $340 | $350 |
41-50 | $640 | $660 |
51-60 | $1,270 | $1,310 |
61-70 | $3,390 | $3,500 |
Over 70 | $4,240 | $4,370 |
Roth IRA contribution | ||
Single filer | $107,000 | $110,000 |
Joint return | $169,000 | $173,000 |
401(k) and 403(b) plans | ||
Max. contribution | $16,500 | $17,000 |
Catch-up contribution | $5,500 | $5,500 |
Wages subject to Social Security tax | $106,800 | $110,100 |
And there are a few more that the IRS sent out last week. You might want to take a look at them to see if you qualify.
Best wishes,
George
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