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| 2011- Income Phase Out Limits for Individuals : |
| Below are the income phase-out limits which may reduce your deductions, exemptions and tax credits: |
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Itemized Deductions (2009) |
Phase-Out Level |
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Single / Joint / Head of household |
$1,66,800 |
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Married filing separately
The income limit on itemized deductions is repealed for 2010. |
$83,400 |
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Personal Exemption (2009) |
Phase-Out Level |
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Single |
$1,66,800 - 2,89,300 |
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Joint returns & surviving spouses |
$2,50,200 - 3,72,700 |
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Married filing separately |
$1,25,100 - 1,86,350 |
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Head of household
The income phase-out of personal exemptions is eliminated for 2010. |
$2,08,500 - 3,31,000 |
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Child Credit ($1,000 Per Child) |
Phase-Out Level |
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Single / Head of household |
Starts at $75,000 |
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Joint |
Starts at $1,10,000 |
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Married filing separately |
Starts at $55,000 |
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IRA Deductibility (With Company Pension) |
Phase-Out Level |
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Single / Head of household |
$56,000 - 66,000 |
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Joint |
$89,000 - 1,09,000 |
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Married filing separately |
$0 - 10,000 |
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When spouse has company pension |
$1,67,000 - 1,77,000 |
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Roth IRA Eligibility |
Phase-Out Level |
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Single / Head of household |
$1,05,000 - $1,20,000
*(Rollover limit removal)
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Joint |
$ 1,67,000 - $1,77,000
*(Rollover limit removal)
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Married filing separately |
$0 - 10,000 |
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Rollover of regular IRA to Roth IRA |
$ Modified AGI and Filing Status requirement are eliminated |
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Education Savings Accounts (Ed IRA) |
Phase-Out Level |
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Single / Head of household / Married filing separately |
$95,000 - 1,10,000 |
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Joint |
$1,90,000 - 2,20,000 |
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Lifetime Learning Credits |
Phase-Out Level |
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Single / Head of household |
$50,000 - 60,000 |
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Joint |
$1,00,000 - 1,20,000 |
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Married filing separately |
$ 0 |
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Education Loan Interest Deduction |
Phase-Out Level |
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Single / Head of household |
$60,000 - 75,000 |
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Joint |
$1,20,000 - 1,50,000 |
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Married filing separately |
$ 0 |
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College Savings Bond Interest Exclusion |
Phase-Out Level |
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Single / Head of household |
$70,000 - 85,100 |
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Joint |
$1,05,100 - 1,35,100 |
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Married filing separately |
$ 0 |
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*Adjusted or modified adjusted gross income. |
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American opportunity Credit |
Phase-Out Level |
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Single / Head of household |
$80,000 - 90,000 |
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Joint |
$1,60,000 - 1,80,000 |
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Married filing separately |
$ 0 |
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