The IRS released various inflation-adjusted 2012 tax tables outlining tax exemptions, income tax thresholds, and retirement plan contributions (IR-2011-103; IR-2011-104; Rev. Proc. 2011-52, 2011-45 IRS).
- Estate Tax Exemption: $5,120,000 (up $120,000 from 2011)
- Standard Deduction: $5,950 single/$11,900 joint (up $150/$300 from 2011)
- Income Limit for Full Roth IRA Contributions: $110,000 single/$173,000 joint (up $3,000/$4,000 from 2011)
- Personal Exemption: $3,800 (up $100 from 2011)
- Gift Tax Exemption: $13,000 (same as 2011)
- 401(k)/403(b)/457 Contribution Limit: $17,000 (up $500 from 2011)
- Limitation on Annual Benefit under Defined Benefit Plan: $200,000 (up $5,000 from 2011)
Until next time,
Jeff Fouts, Tax Attorney
Here’s a bio of sorts. I’m happily married with two kids. I’m a real small town tax lawyer, (Ellijay, pop. 1,584) not some fictional marketing character. I’ve represented tax clients against the IRS in all 50 states, and in 21 foreign countries. I have 18 years experience, thousands of satisfied clients, about 8 critics at last count, and an A+ BBB Rating.
I’m a member in good standing of the bar and have active memberships in courts from Georgia to Washington D.C., including the U.S. Supreme Court. My competitors covet my website ranking but my clients covet my sound legal counsel. I deal directly with my clients and have a small, tireless staff of tax specialists.
You can put off your tax problem, or put us to work for you on your tax case.
