Archive for the ‘2007 Tax Year’ Category

2007 Annual Limits Relating to Financial Planning – Federal Estate and Gift Taxes

Monday, January 1st, 2007

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

2007 Annual Limits Relating to Financial Planning – Federal Income Taxes

Monday, January 1st, 2007

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 – […]

2007 Annual Limits Relating to Financial Planning – Employer Retirement Plans

Monday, January 1st, 2007

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 […]

2007 Annual Limits Relating to Financial Planning – Traditional and Roth IRAs

Monday, January 1st, 2007

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