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IRA and Tax Tables

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IRA Contribution Levels
Year Under age 50 Age 50+
2010 $5,000 $6,000

Roth IRA Eligibility
Year If your tax status is… …you can contribute to a Roth IRA if your
modified adjusted gross income is less than…
2010 Married, filing jointly $177,000
2010 Single $120,000

Traditional IRA Deductions

If you are covered by a retirement plan at work, use this IRS table to determine if you can deduct your 2010 Traditional IRA contribution:


If Your Filing Status Is... And Your Modified AGI Is... Then You Can Take...
Single, head of household $56,000 or less a full deduction up to the amount of your contribution limit.
more than $56,000 but less than $66,000 a partial deduction.
$66,000 or more no deduction.
Married filing jointly or qualifying widow(er) $89,000 or less a full deduction up to the amount of your contribution limit.
more than $89,000 but less than $109,000 a partial deduction.
$109,000 or more no deduction.
Married filing separately less than $10,000 a partial deduction.
$10,000 or more no deduction.
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.

If you are not covered by a retirement plan at work or one isn’t offered, use this IRS table to determine if you can deduct your 2010 Traditional IRA contribution:


If Your Filing Status Is... And Your Modified AGI Is... Then You Can Take...
Single, head of household, or qualifying widow(er) any amount a full deduction up to the amount of your contribution limit.
Married filing jointly or separately with a spouse who is not covered by a plan at work any amount a full deduction up to the amount of your contribution limit.
Married filing jointly with a spouse who is covered by a plan at work $167,000 or less a full deduction up to the amount of your contribution limit.
more than $167,000 but less than $177,000 a partial deduction.
$177,000 or more no deduction.
Married filing separately with a spouse who is covered by a plan at work less than $10,000 a partial deduction.
$10,000 or more no deduction.
If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.

Roth IRA Conversion Eligibility
Year Eligibility
2009 Only if your modified adjusted gross income is $100,000 or less
2010 Anyone can

SEP IRA Contribution Levels

Here’s what you can contribute to a SEP IRA:


Year Status Maximum Contribution Deductible
2010 W-2 Income Up to 25% of compensation, but no more than $49,000. Yes (100%)
2010 Self Employed Up to 20% of compensation, but no more than $49,000. Yes (100%)


2010 Federal Tax Brackets
Marginal Tax Rate Single Married Filing Jointly or Qualifying Widow(er) Married Filing Separately
35% $373,651 and more $373,651 and more $186,826 and more
33% $171,851 - $373,650 $209,251 - $373,650 $104,626 - $186,825
28% $82,401 - $171,850 $137,301 - $209,250 $68,651 - $104,625
25% $34,001 - $82,400 $68,001 - $137,300 $34,001 - $68,650
15% $8,376 - $34,000 $16,751 - $68,000 $8,376 - $34,000
10% $0 - $8,375 $0 - $16,750 $0 - $8,375

Federal Estate Tax Levels

At death, a surviving spouse’s estate will owe estate taxes on the net value that exceeds the annual exemption:


Year Exempt from Tax Estate-Tax Rate
2010 Currently Unlimited 0%

State Estate-Tax Levels

While the net value of a surviving spouse’s estate may fall below the federal exemption level, it still may wind up owing state estate tax if it exceeds the following exemption level:


State Exemption Amount
Connecticut $2,000,000
Delaware $3,500,000
District of Columbia $1,000,000
Illinois $2,000,000
Kansas $1,000,000
Maine $1,000,000
Maryland $1,000,000
Massachusetts $1,000,000
Minnesota $1,000,000
New Jersey $675,000
New York $1,000,000
North Carolina $3,500,000
Ohio $338,333
Oklahoma $3,000,000
Oregon $1,000,000
Rhode Island $675,000
Tennessee $1,000,000
Vermont $2,000,000
Washington $2,000,000

Generation-Skipping Transfer (GST) Tax

Year Exempt from tax GST tax rate
2010 Currently unlimited 0%

Annual Gift Tax Exclusion

You may give the following amount to an individual, free of gift tax:


Year Annual Exclusion
2010 $13,000

IRA Life Expectancy Tables

When owners of a Traditional IRA reach age 70 ˝, they are required to take annual minimum distributions. The amount changes each year. Beneficiaries also have required distributions. The tables and their instructions can be found at the following links.


Uniform Lifetime Table

IRS Joint Life Expectancy Tables

Single Life Expectancy Table for Beneficiaries

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