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IRA Contribution Levels |
 |
| Year |
Under age 50 |
Age 50+ |
| 2010 |
$5,000 |
$6,000 |
Roth IRA Eligibility |
|
| Year |
If your tax status is… |
…you can contribute to a Roth IRA if your
modified adjusted gross income is less than… |
| 2010 |
Married, filing jointly |
$177,000 |
| 2010 |
Single |
$120,000 |
Traditional IRA Deductions |
|
If you are covered by a retirement plan at work, use this IRS table to determine if
you can deduct your 2010 Traditional IRA contribution:
| If Your Filing Status Is... |
And Your Modified AGI Is... |
Then You Can Take... |
| Single, head of household |
$56,000 or less |
a full deduction up to the amount of your contribution limit. |
| more than $56,000 but less than $66,000 |
a partial deduction. |
| $66,000 or more |
no deduction. |
| Married filing jointly or qualifying widow(er) |
$89,000 or less |
a full deduction up to the amount of your contribution limit. |
| more than $89,000 but less than $109,000 |
a partial deduction. |
| $109,000 or more |
no deduction. |
| Married filing separately |
less than $10,000 |
a partial deduction. |
| $10,000 or more |
no deduction. |
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status. |
If you are not covered by a retirement plan at work or one isn't offered, use this
IRS table to determine if you can deduct your 2010 Traditional IRA contribution:
| If Your Filing Status Is... |
And Your Modified AGI Is... |
Then You Can Take... |
| Single, head of household, or qualifying widow(er) |
any amount |
a full deduction up to the amount of your contribution limit. |
| Married filing jointly or separately with a spouse who is not covered by a plan at work |
any amount |
a full deduction up to the amount of your contribution limit. |
| Married filing jointly with a spouse who is covered by a plan at work |
$167,000 or less |
a full deduction up to the amount of your contribution limit. |
| more than $167,000 but less than $177,000 |
a partial deduction. |
| $177,000 or more |
no deduction. |
| Married filing separately with a spouse who is covered by a plan at work |
less than $10,000 |
a partial deduction. |
| $10,000 or more |
no deduction. |
| If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status. |
Roth IRA Conversion Eligibility |
|
| Year |
Eligibility |
| 2009 |
Only if your modified adjusted gross income is $100,000 or less |
| 2010 |
Anyone can |
SEP IRA Contribution Levels |
|
Here's what you can contribute to a SEP IRA:
| Year |
Status |
Maximum Contribution |
Deductible |
| 2010 |
W-2 Income |
Up to 25% of compensation, but no more than $49,000. |
Yes (100%) |
| 2010 |
Self Employed |
Up to 20% of compensation, but no more than $49,000. |
Yes (100%) |
2010 Federal Tax Brackets |
|
| Marginal Tax Rate |
Single |
Married Filing Jointly or Qualifying Widow(er) |
Married Filing Separately |
| 35% |
$373,651 and more |
$373,651 and more |
$186,826 and more |
| 33% |
$171,851 - $373,650 |
$209,251 - $373,650 |
$104,626 - $186,825 |
| 28% |
$82,401 - $171,850 |
$137,301 - $209,250 |
$68,651 - $104,625 |
|
| 25% |
$34,001 - $82,400 |
$68,001 - $137,300 |
$34,001 - $68,650 |
| 15% |
$8,376 - $34,000 |
$16,751 - $68,000 |
$8,376 - $34,000 |
| 10% |
$0 - $8,375 |
$0 - $16,750 |
$0 - $8,375 |
Federal Estate Tax Levels |
|
At death, a surviving spouse's estate will owe estate taxes on the net value that
exceeds the annual exemption:
| Year |
Exempt from Tax |
Estate-Tax Rate |
| 2010 |
Currently Unlimited |
0% |
State Estate-Tax Levels |
|
While the net value of a surviving spouse's estate may fall below the federal
exemption level, it still may wind up owing state estate tax if it exceeds the
following exemption level:
| State |
Exemption Amount |
| Connecticut |
$2,000,000 |
| Delaware |
$3,500,000 |
| District of Columbia |
$1,000,000 |
| Illinois |
$2,000,000 |
| Kansas |
$1,000,000 |
| Maine |
$1,000,000 |
| Maryland |
$1,000,000 |
| Massachusetts |
$1,000,000 |
| Minnesota |
$1,000,000 |
| New Jersey |
$675,000 |
| New York |
$1,000,000 |
| North Carolina |
$3,500,000 |
| Ohio |
$338,333 |
| Oklahoma |
$3,000,000 |
| Oregon |
$1,000,000 |
| Rhode Island |
$675,000 |
| Tennessee |
$1,000,000 |
| Vermont |
$2,000,000 |
| Washington |
$2,000,000 |
Generation-Skipping Transfer (GST) Tax |
|
| Year |
Exempt from tax |
GST tax rate
|
|
| 2010 |
Currently unlimited |
0% |
Annual Gift Tax Exclusion |
|
You may give the following amount to an individual, free of gift tax:
| Year |
Annual Exclusion |
| 2010 |
$13,000 |
IRA Life Expectancy Tables
When owners of a Traditional IRA reach age 70 ½, they are required to take annual
minimum distributions. The amount changes each year. Beneficiaries also have required distributions. The tables and their instructions can be found at the following links.
Uniform Lifetime Table |
|
IRS Joint Life Expectancy Tables |
|
Single Life Expectancy Table for Beneficiaries |
|
|
