Archive for the ‘2005 Tax Year’ Category

2005 Annual Limits Relating to Financial Planning – Social Security

Saturday, January 1st, 2005

Taxable Wage Base $90,000 Social Security Tax Rate    Old-Age, Survivors and Disability Insurance    Hospital Insurance    Total 12.40% 2.9015.30% Earnings limitations for Social Security Benefits    Age 62 through 64    Year of Attainment of Age 65 $12,000$31,800 Cost of living adjustment  2.7% Quarter of coverage $920 Maximum benefit: retiring at age 65 $1,939

2005 Annual Limits Relating to Financial Planning – Education Funding Incentives

Saturday, January 1st, 2005

Coverdell Education Savings Account Contribution $2,000 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 $61,200 – $76,200$89,750 – $119,750 Phaseout of Hope Scholarship and Lifetime Learning Tax Credits    Single    married filing jointly $43,000 – $52,000$87,000 – $107,000 Phaseout of Deductibility of Student Loan Interest    Single    married filing […]

2005 Annual Limits Relating to Financial Planning – Federal Estate and Gift Taxes

Saturday, January 1st, 2005

Annual Gift Tax Exclusion $11,000 Estate Tax Exclusion $1,500,000 Generation-Skipping Tax Exclusion $1,500,000 Federal Gift Tax Exclusion $1,000,000

2005 Annual Limits Relating to Financial Planning – Federal Income Taxes

Saturday, January 1st, 2005

Personal exemption $3,200 Phaseout of personal exemption    Single    Married filing jointly    Head of Household    Married filing separately $145,950$218,950$182,450$109,450 Standard Deduction    Single    Married filing jointly    Head of Household    Married filing separately $5,000$10,000$7,300$5,000 Elderly or blind additional deduction    Single    Married $1,250$1,000 Phaseout of itemized deductions $145,950 Kiddie tax standard deduction $800 Deduction for self-employed health insurance premiums 100%

2005 Annual Limits Relating to Financial Planning – Employer Retirement Plans

Saturday, January 1st, 2005

Elective deferrals for 401(k), 403(b), 457 and SAR-SEPs $14,000 401(k), 403(b), 457 and SAR-SEP Catch-Up Contribution $4,000 Defined Contribution Plan Limit $42,000 SEP IRA Contribution $42,000 Maximum Annual Defined Benefit Limit $170,000 SIMPLE IRA and SIMPLE 401(k) Contribution $10,000 SIMPLE IRA and SIMPLE 401(k) Catch-Up Contribution $2,000 Maximum Includable Compensation $210,000 Highly Compensated Employee $95,000 […]

2005 Annual Limits Relating to Financial Planning – Traditional and Roth IRAs

Saturday, January 1st, 2005

Traditional and Roth IRA Contribution Limit $4,000 Traditional and Roth IRA Catch-Up Contribution $500 IRA deduction Phaseout for Active Participants    Single    Married filing jointly $50,000 – $60,000$70,000 – $80,000 IRA Deduction Phaseouts for Spousal contributions    Married filing jointly $150,000 – $160,000 Roth IRA Contribution Phaseout    Single    Married filing jointly    Married filing separately $95,000 – $110,000$150,000 – $160,000$0 – $10,000 Roth IRA […]