A bank account is a financial account with a banking institution, recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank. Bank accounts may have a positive, or debit balance, where the bank owes money to the customer; or a negative, or credit balance, where the customer owes the bank money.

 
   

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Tax Brackets 2009

 

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Single Taxpayers--2009

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $  8,350        $    0.00   10       $      0
   8,350       33,950           835.00   15          8,350
  33,950       82,250         4,675.00   25         33,950
  82,250      171,550        16,750.00   28         82,250
 171,550      372,950        41,754.00   33        171,550
 372,950      .......       108,216.00   35        372,950
  

Married Individuals Filing Joint and Surviving Spouses--2009

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 16,700        $     0.00  10       $      0
  16,700       67,900          1,670.00  15         16,700
  67,900      137,050          9,350.00  25         67,900
 137,050      208,850         26,637.50  28        137,050
 208,850      372,950         46,741.50  33        208,850
 372,950      .......        100,894.50  35        372,950
 

Married Individuals Filing Separate--2009

 

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $  8,350        $    0.00   10       $      0
   8,350       33,950           835.00   15          8,350
  33,950       68,525         4,675.00   25         33,950
  68,525      104,425        13,318.75   28         68,525
 104,425      186,475        23,370.75   33        104,425
 186,475      .......        50,447.25   35        186,475


Heads Of Households--2009

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

$      0     $ 11,950        $    0.00   10       $      0
  11,950       45,500         1,195.00   15         11,950
  45,500      117,450         6,227.50   25         45,500
 117,450      190,200        24,215.00   28        117,450
 190,200      372,950        44,585.00   33        190,200
 372,950      .......       104,892.50   35        372,950



Estates And Trusts--2009

      Taxable income:                   Tax:
  Over     But not over         Tax       +%   On amount over            

  $    0       $2,300             0.00   15         $    0
   2,300        5,350        $  345.00   25          2,300
   5,350        8,200         1,107.50   28          5,350
   8,200       11,150         1,905.50   33          8,200
  11,150        .....         2,879.00   35         11,150

Long-Term Capital Gains and Qualifying Dividends--2009

For taxpayers in the 10% or 15% bracket--0%

For taxpayers in higher brackets--15%

Tax on unrecaptured Sec. 1250 gain--25%

Capital gain rate on collectibles--28%

 

 

Standard Deduction--2009

Filing Status                       Standard Deduction

Married filing joint and 
surviving spouses                       $11,400

Heads of Household                        8,350
   
Single individuals                        5,700

Married, filing separate                  5,700

Dependent's Standard Deduction--No more than the greater of $950 or $300 plus the individual's earned income.

Additional standard deduction for aged and blind--$1,100 each ($1,400 if individual is unmarried and not surviving spouse)

Additional standard deduction for real estate taxes--$500 max. ($1,000 if married filing joint) if not itemizing.

Additional standard deduction for sales tax paid on new motor vehicle purchased on or after February 17, 2009 and in or before December 31, 2009. Amount phased out for taxpayers with AGI between $125,000 ($250,000 married, joint) and $135,000 ($260,000 married, joint).

Additional standard deduction for casualty losses in federally declared disaster area.

 

Itemized Deduction Phaseout--2009

All filing status but married separate--$166,800; Married, separate--$83,400

 

Personal Exemption--2009

Amount--$3,650

Phaseout of Personal Exemption--

Filing Status                                       AGI Begin Phaseout      AGI Maximum Phaseout

Married, filing joint/surviving spouse                    $250,200                 $372,700

Heads of household                                         208,500                  331,000

Single                                                     166,800                  289,300

Married, filing separate                                   125,100                  186,350

For taxable years beginning in 2009 the exemption amount for taxpayers with AGI in excess of the maximum phaseout amount is $2,433.

 

Alternative Minimum Tax--2009

First $175,000 ($87,500 married, separate) of Alternative Minimum Taxable Income       26%

Over $175,000 of AMTI (Alternative Minimum Taxable Income)                             28%

Exemptions:

Joint Filers                      $70,950 

Married, separate                 $35,475

Single (and head of household)    $46,700  

Estates & Trusts                  $22,500 

Child subject to Kiddie Tax        $6,700 (plus child's earned income)

Exemption Phaseout:

25% of amount AMTI exceeds:

$150,000 for married, joint and surviving spouses

$112,500 single (and head of household)

$75,000 married, filing separate


American Opportunity Tax Credit (Hope Credit)--2009

100% of first $2,000 of education expenses; 25% of expenses between $2,000 and $4,000 (maximum $2,500)

Phaseout begins at modified adjusted gross income of $160,000 joint return; $80,000 all others.

Credit completely phased out at $180,000 ($90,000).

 

Lifetime Learning Credits--2009

Phaseout begins at modified adjusted gross income of $100,000 joint return; $50,000 all others.

 

Interest on Education Loans--2009

Maximum interest deduction--$2,500

Modified adjusted gross income phaseout range--Married, joint, $120,000--$150,000; all other filing status, $60,000--$75,000

 

Savings Bond/Higher Education Expense Exclusion--2009

Modified adjusted gross income phaseout--married, joint, $104,900--$134,900; all other filing status, $69,950--$84,950

 

Qualified Transportation Fringe Benefit Exclusion--2009

Commuter highway vehicle and transit pass 1/09-2/09--$120

Commuter highway vehicle and transit pass 2/09-12/09--$230

Qualified parking--$230

 

Miscellaneous--2009

Annual Exclusion for Gifts--$13,000

Annual Exclusion for Gifts to Spouse not a Citizen--$133,000

Notice of Large Gifts Received from Foreign Persons--$14,139

Interest on Certain Portion of Estate Tax Payable in Installments (Sec. 6166; 2% portion)--$1,330,000

Valuation of Qualified Real Property in Decendent's Gross Estate (Sec. 2032A)--$1,000,000

Unearned Income of Minor Child (Kiddie Tax)--$950 ($9,500 for parental election)

Foreign Earned Income Exclusion--$91,400

Minor Child subject to Kiddie Tax--up to age 18 or full-time student over 18 with earned income no more than 1/2 support under age 24.

 

 

Adoption Expenses--2009

Maximum credit for child with special needs--$12,150

Maximum credit, other adoptions--$12,150

Other adoptions, gross income exclusion, qualified expenses up to $12,150

Phaseout range, modified adjusted gross income--$182,180 to $222,180

 

Persons Against Which a Federal Tax Lien is Not Valid--2009

Purchasers in a casual sale for less than $1,380 or a mechanic's lienor that repair or improved certain residential property if the contract price is not more than $6,880.

 

Eligible Long-Term Care Premiums--2009

Attained Age Before the Close of the Tax Year   Limitation on Premiums

     40 or less                                        $  320
     More than 40 but not more than 50                    600
     More than 50 but not more than 60                  1,190
     More than 60 but not more than 70                  3,180
     More than 70                                       3,980

Social Security--2009

OASDI Wage Base--$106,800

Household employee cash wages threshold--$1,700

Quarter of coverage--$1,090

 

Health Savings Accounts--2009

Maximum annual HSA contributions deductible--$3,000 for individual; $5,950 for family coverage

Catch-up contributions for individuals 55 or older (but less than 65) is $1,000 (pro rate for year).

Deductible Amounts that define High Deductible Plan:

                Annual Deductible   Deductibles, Co-Payments and other Amounts 
                  Not Less Than           but not Premiums Not to Exceed

Self Only            $1,150                         $ 5,800

Family Coverage       2,300                          11,600

Sales Tax Deduction for Autos--2009

Sales tax on new vehicles purchased after February 16, 2009 is deductible. Only the first $49,500 of vehicle cost qualifies. Deductions is phased out for AGI between $250,000 and $260,000 (married, joint) or $125,000 and $135,000 (single).

 
 
 
   
 
   
 
   
 
 
   
 
 
   
 
 
 
 
 
   
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Download Tax Forms
 
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