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 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

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