Annual Limits Relating to Financial Planning
2007
| Traditional and Roth IRAs | |
| Traditional and Roth IRA Contribution Limit | $4,000 |
| Traditional and Roth IRA Catch-Up Contribution | $1,000 |
| IRA deduction Phaseout for Active Participants Single Married filing jointly Married filing separately | $52,000 - $62,000 $83,000 - $103,000 $156,000 - $166,000 $0 - $10,000 |
| IRA Deduction Phaseouts for Spousal contributions Married filing jointly | $156,000 - $166,000 |
| Roth IRA Contribution Phaseout Single Married filing jointly | $99,000 - $114,000 |
| Back | |
| Employer Retirement Plans | |
| Elective deferrals for 401(k), 403(b), 457, and SARSEPs | $15,500 |
| 401(k), 403(b), 457 Catch-Up Contribution | $5,000 |
| Defined Contribution Plan Limit | $45,000 |
| Maximum Annual Defined Benefit Limit | $180,000 |
| SIMPLE IRA and SIMPLE 401(k) Contribution | $10,500 |
| SIMPLE IRA and SIMPLE 401(k) Catch-Up Contribution | $2,500 |
| Maximum Includable Compensation | $225,000 |
| Highly Compensated Employee | $100,000 |
| Key Employee (top-heavy plan) | $145,000 |
| SEP Minimum Earnings Limit | $500 |
| PBGC maximum Monthly Benefit | $4,125.00 |
| Back | |
| Federal Income Taxes | |
| Personal exemption | $3,400 |
| Phaseout of personal exemption - 2/3 phaseout for 2007 Single Married filing jointly Head of Household Married filing separately | $156,400 $234,600 $195,500 $117,300 |
| Standard Deduction Single Married filing jointly Head of Household Married filing separately | $5,350 $10,700 $7,850 $5,350 |
| Elderly or blind additional deduction Single Married | $1,300 $1,050 |
| Phaseout of itemized deductions (other than medical, investment interest and casualty, theft & wagering loss) 2% of AGI in excess of: | $78,200 - Single $156,400 - MFJ |
| Kiddie tax standard deduction | $850 |
| Back | |
| Federal Estate and Gift Taxes | |
| Annual Gift Tax Exclusion | $12,000 |
| Estate Tax Exclusion | $2,000,000 |
| Generation-Skipping Tax Exclusion | $2,000,000 |
| Federal Gift Tax Exclusion | $1,000,000 |
| Back | |
| Education Funding Incentives | |
| Phaseout for Education Savings Accounts Single married filing jointly | $95,000 - $110,000 $190,000 - $220,000 |
| Phaseout of exclusion for EE bonds Single married filing jointly | $65,600 - $80,600 $98,400 - $128,400 |
| Phaseout of Hope Scholarship and Lifetime Learning Tax Credits Single married filing jointly | $47,000 - $57,000 $94,000 - $114,000 |
| Phaseout of Deductibility of Student Loan Interest Single married filing jointly | $55,000 - $70,000 $110,000 - $140,000 |
| Phaseout of Deduction for Higher Education Expenses Single married filing jointly | $65,000 $130,000 |
| Back | |
| Social Security | |
| Taxable Wage Base | $97,500 |
| Cost of living adjustment | 3.3% |
| Quarter of coverage | $1,000 |
| Back | |
| Medicare | |
| Monthly premium: Part A/Part B | $410/$93.50 |
| Part A coverage First 60 days patient paid deductible Next 30 days patient pays per day Next 60 days patient pays per day | $992 $248 $496 |
| Part B coverage Deductible Coinsurance | $131 20% |
| Skilled Nursing Benefits First 20 days patient pays per day Next 80 days patient pays per day Over 100 days patient pays per day | $0 $144 All costs |
| Back | |
| Long Term Care Insurance | |
| Per diem limit | $260 |
| Premium as a deductible medical expense limitation Age 40 or under Age 41 - 50 Age 51 - 60 Age 61 - 70 Age 71 or older | $290 $550 $1,110 $2,950 $3,680 |
| Back | |
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