2011 Tax Guide. What You Need to Know About the New Rules

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1 2011 Tax Guide What You Need to Know About the New Rules

2 Tax Guide 2011 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax situation is different. You should contact your tax professional to discuss your personal situation.

3 Tax Guide QUICK REFERENCE Introduction The 2010 Tax Relief Act: A Summary Income Tax Rates Dividends and Capital Gains Payroll Taxes The Alternative Minimum Tax IRAs and Employer-Sponsored Retirement Plans Education Tax Advantages Estate and Gift Taxes

4 INTRODUCTION On December 17, 2010, the 2010 Tax Relief Act was signed into law, extending through 2012 tax cuts enacted over the past decade, and adding new tax breaks for individuals and businesses. The new rules will lower taxes for millions of Americans. This guide explains key provisions of the legislation for individuals, including: A two-year extension of current rates on ordinary income, dividends, and capital gains. A one-year payroll tax cut for most American workers. Increased exclusions for the alternative minimum tax (AMT). New rates and exclusions for the estate and gift tax. In addition to the new rules, the guide also reviews tax incentives for saving for retirement and college. As you review the federal tax rules, keep in mind that many of them are currently scheduled to expire at the end of 2011 or 2012 unless Congress extends them. Keep these expiration dates in mind when you consider how the tax rules may affect your personal situation. Finally, be sure to consult your tax professional before you act on anything you read. 2

5 THE 2010 TAX RELIEF ACT: A SUMMARY What s Been Extended At the heart of the bill is an across-the-board, two-year extension of Bush-era cuts, including: Income tax rates Current individual income tax rates stay in place with the highest bracket topping out at 35%. Investment income The rate on long-term capital gains (on investments held for 12 months or longer) remains at 15% through December 31, 2012, as does the tax rate on qualified dividends. Alternative minimum tax (AMT) The bill features a two-year patch that essentially keeps the AMT exemption at 2010 levels. If left unchecked, the AMT would have affected 21 million more American taxpayers in Tax credits/deductions for working families The bill renews the $1,000 Child Tax Credit, expands the Earned Income Tax Credit, and extends the American Opportunity Tax Credit, which provides college students a credit of up to $2,500 toward the cost of tuition. Several other education benefits were also extended through 2012, and deductions for expenses teachers incur were extended through IRA holders The law allowing IRA owners over the age of 70½ to donate distributions of up to $100,000 from their accounts tax free to qualified charities was extended through

6 What s New for 2011 Reduction in Social Security payroll taxes The bill reduces the standard 6.2% employee s portion of FICA payroll tax by two percentage points, to 4.2% for just one year. This reduction applies to the first $106,800 of pay per worker. For a worker earning $50,000 in 2011, the tax cut will amount to a savings of $1,000 for the year. Estate tax Under the new law, the estate tax, which was repealed entirely in 2010, is reinstated for two years at a maximum of 35% and impacts only those estates worth more than $5 million. In addition, the same exemption threshold $5 million per individual, $10 million per couple will apply to estate, gift, and generation-skipping taxes, thereby simplifying the gifting of assets during an individual s lifetime. Required minimum distributions (RMDs) The new law does not extend the suspension of required minimum distributions from IRA accounts for taxpayers older than 70½ that was in effect only for the 2009 tax year. Tax deductions A variety of tax deductions including a sales tax deduction for new cars and trucks, a property tax deduction for people who don t itemize on their tax returns, and an exemption from taxes for the first $2,400 of unemployment benefits all expired in 2010 and do not apply to If any of these changes may apply to you, be sure to talk to your tax professional. 4

7 INCOME TAX RATES As a result of the legislation, existing rates on ordinary income, ranging from 10% to a high of 35%, will remain in effect through Each tax rate indicated below applies to a tier of your income, with the lowest portion taxed at 10%, the next threshold taxed at 15%, and so on. Your filing status single taxpayer, head of household, or married couple filing jointly or separately determines the income ranges that define your tax rates. Rates on Ordinary Income for the 2011 Tax Year* Single or Married Filing Separately $0 $8,500 $8,501 $34,500 $34,501 $83,600 $83,601 $174,400 $174,401 $379,150 $379,151 and over $0 + 10% $ % over $8,500 $4, % over $34,500 $17, % over $83,600 $42, % over $174,400 $110, % over $379,150 Married Filing Jointly or Qualifying Widow(er) $0 $17,000 $17,001 $69,000 $69,001 $139,350 $139,351 $212,300 $212,301 $379,150 $379,151 and over $0 + 10% $1, % over $17,000 $9, % over $69,000 $27, % over $139,350 $47, % over $212,300 $102, % over $379,150 Head of Household $0 $12,150 $12,151 $46,200 $46,201 $119,400 $119,401 $193,350 $193,351 $379,150 $379,151 and over $0 + 10% $1, % over $12,150 $6, % over $46,200 $24, % over $119,400 $45, % over $193,350 $106, % over $379,150 *Source: IRS. Bracket ranges are preliminary and subject to change. 5

8 DIVIDENDS AND CAPITAL GAINS The federal tax rate on long-term capital gains and qualifying dividends typically is determined by your marginal ordinary income tax rate. Most individuals currently are assessed a 15% rate on long-term capital gains and qualifying dividends, although those in the 10% and 15% ordinary income tax brackets benefit from a tax-free rate of 0% through Keep in mind that not all types of dividend income are subject to the 15% or 0% tax rate. Ordinary rates may apply to dividends paid by certain tax-exempt organizations. Also note that circumstances in which investors have owned their shares for less than a minimum required holding period, or in which shares form part of a hedging transaction, may be subject to additional rules. Rates on long-term capital gains apply to gains resulting from the sale of stocks, mutual fund shares, and other assets held for more than one year. Short-term capital gains on assets held for one year or less are taxed at ordinary federal income tax rates. 6

9 2011 Rates on Capital Gains and Qualifying Dividends Ordinary Income Tax Rate 10% 15% 25% 28% 33% 35% Long-Term Capital Gains and Qualifying Dividends 0% 0% 15% 15% 15% 15% Planning Tip: Tax on long-term capital gains and dividends continues to be eliminated altogether for taxpayers in the 10% and 15% ordinary income marginal tax brackets, posing an opportunity for those with limited income who live off their savings or investment portfolio. The capital gains tax for these brackets is currently slated to resume in

10 PAYROLL TAXES The 2010 Tax Relief Act calls for a special one-year cut in FICA payroll taxes, from 6.2% to 4.2%, for the employee s portion. FICA taxes are only applied on the first $106,800 of pay per worker. This means individuals will realize annual tax savings of up to $2,136 but for the 2011 tax year only. Payroll Tax Savings in 2011* Income Old Tax 2011 Tax Annual Tax Savings $10,000 $620 $420 $200 $25,000 $1,550 $1,050 $500 $50,000 $3,100 $2,100 $1,000 $75,000 $4,650 $3,150 $1,500 $100,000 $6,200 $4,200 $2,000 *Employee portion only. Self-Employed Self-employed individuals, who pay both the employee and employer portions of the FICA tax, will also realize a 2% cut in Total FICA taxes, including the Medicare tax, drops from 15.3% to 13.3% of taxable income but just for The 2010 Tax Relief Act also calls for an enhanced deduction for the employer portion. Planning Tip: Consider using your payroll tax savings to invest more for retirement by adding it to your IRA or by upping your contribution to your employer-sponsored retirement savings plan. It s a painless way to save more for retirement and can further lower your tax bill if you make before-tax contributions. 8

11 THE ALTERNATIVE MINIMUM TAX The federal alternative minimum tax (AMT) was established more than 30 years ago to ensure that the wealthiest Americans couldn t use loopholes to avoid paying income tax entirely. It was never indexed for inflation, and as a result, an increasing number of taxpayers are affected by the AMT, which has a separate set of rules from the regular income tax system. A number of factors, including the amount or type of exemptions and deductions used, can trigger the AMT. Federal tax rules do permit an exemption from the AMT. For 2011, the exemption is for the first $74,450 of income for married couples filing jointly and the first $48,450 for single filers. For 2012 and beyond, exemptions are currently scheduled to revert to fall back limits of $45,000 for joint filers and $33,750 for singles, unless Congress acts to increase them. AMT Exemption Single filers Joint filers Married filing separately 2010 $47,450 $72,450 $36, $48,450 $74,450 $37,225 Planning Tip: If you re subject to the AMT, you may face stricter limits on medical expense deductions, use of tax credits, and tax-exempt interest. Consult your tax professional for information about the AMT and how it relates to your situation. 9

12 IRAs AND EMPLOYER-SPONSORED RETIREMENT PLANS Annual contribution and income limits for IRAs and employer-sponsored retirement plans remain steady in For traditional and Roth IRAs, the contribution limit stays at $5,000 per individual ($10,000 for joint filers). Investors aged 50 and older get a bonus: An annual catch-up contribution of $1,000 that permits them to potentially accumulate even more. You can make your 2010 contribution to a traditional or Roth IRA anytime until April 18, For the 2011 tax year, your contribution can be made anytime between January 1, 2011, and April 17, IRA Contribution Limits Tax Year Maximum Annual IRA Contribution $5,000 $5,000 Indexed to inflation Catch-Up Contribution $1,000 $1,000 $1,000 Contributions to a traditional IRA may be tax deductible, depending on your income level and whether or not you (or your spouse) are covered by an employer-sponsored retirement plan at work. Filers who are not covered by an employer-sponsored retirement plan (and, if married, whose spouses are also not covered) may deduct their contributions regardless of their income level and filing status. All other filers may only deduct traditional IRA contributions if their income falls below certain limits. (In each category, the deduction value phases in gradually below the absolute limit.) 10

13 For tax filers who are covered by employer-sponsored plans, these limits are: $66,000 for those filing as single or head of household, $110,000 for married taxpayers filing jointly, and $10,000 for married taxpayers filing separately. For a married taxpayer filing jointly who is not covered by a plan but whose spouse is covered, the limit is $179,000. For a married taxpayer filing separately, the limit is $10,000. Contributions to a Roth IRA also have limitations based on income and filing status. The amount of the permitted contribution is phased in below these limits. For taxpayers filing as single or head of household, the Roth qualification limit is $122,000. For those married filing jointly, the limit is $179,000. For those married but filing separately, the limit is $122,000 if you did not live with your spouse at any time during the year. Otherwise, it is $10,000. Please keep in mind that all of these limits refer to the modified adjusted gross income reported on the return. Planning Tip: Taxpayers at any income level are now permitted to convert a traditional IRA to a Roth IRA. Whether a conversion is right for you will depend in part on the amount of time you plan to leave the assets invested. The further you are from retirement, the longer your earnings can grow tax free, and the more time you will have to compensate for the associated tax bill, which now must be paid in full the year you convert. 11

14 Contribution Limits for Employer-Sponsored Retirement Savings Plans If you are eligible to participate in an employer-sponsored retirement plan, you may want to determine the maximum you are permitted to contribute on a pre-tax basis and whether a catch-up contribution may apply. The amounts in the table below are government maximums, but your employer may impose lower limits (k), 403(b), and 457 Plan Contribution Limits Tax Year Maximum Annual IRA Contribution $16,500 $16,500 Indexed to inflation Catch-Up Contribution $5,500 $5,500 Indexed to inflation SIMPLE Plans Individuals who contribute to SIMPLE plans for small-business owners and employees may make a maximum annual contribution of $11,500 in Future limits will be indexed to inflation. Participants who are age 50 and older may be able to make a catch-up contribution of $2,500 in

15 EDUCATION TAX ADVANTAGES Families who hope to send children to college, as well as those paying education expenses at the elementary and secondary levels, may benefit from the tax rules outlined below. Coverdell Education Savings Accounts Earnings on investments in Coverdell accounts are not taxed, and withdrawals are federally tax free as long as they are used for qualified expenses associated with elementary, secondary, or college education. You may contribute $2,000 annually per child under the age of 18. The contribution deadline is the same as that for traditional and Roth IRAs tax -filing deadline of the following year. (You have until April 18, 2011, to contribute for the 2010 tax year, and contributions for 2011 can be made anytime between January 1, 2011, and April 17, 2012.) Single taxpayers with modified adjusted gross incomes of more than $110,000 and joint filers with incomes in excess of $220,000 are not eligible to contribute to Coverdell accounts. 529 Plans These college savings accounts permit investors to accumulate aggregate amounts of up to $200,000 or more for higher education, depending on the plan. Withdrawals used to finance qualified education expenses are federal tax free. There are no income thresholds and typically no annual contribution limits, although contributions of more than $13,000 ($26,000 when made jointly with a spouse) could potentially trigger the federal gift tax. Investors can transfer assets from one 529 plan to another on behalf of the same beneficiary without paying taxes on the distribution. Planning Tip: Money in a 529 plan is removed from your taxable estate. You may contribute five years worth of gifts all at once, or $65,000 per beneficiary, without triggering the federal gift tax. To meet this condition, you must not provide additional gifts to the same beneficiary during the remainder of the five-year period. 13

16 ESTATE AND GIFT TAXES The 2010 Tax Relief Act also reinstated the estate tax, which had been repealed entirely in For 2011 and 2012, a maximum rate of 35% will apply on estates worth more than $5 million. The same exemption threshold $5 million per individual, $10 million per couple applies to estate, gift, and generation-skipping taxes. Additionally, stepped up cost basis rules once again apply, allowing executors to value estate assets at current fair market value without incurring capital gains taxes. Estate Taxes 2010* ** Maximum rate 0% 35% 55% Exemption NA $5 million $1 million *See 2010 Options on the facing page. **After 2013, the estate tax maximum rate and exemption are currently scheduled to revert to 55% and $1 million, respectively, unless Congress passes new legislation. 14

17 2010 Options Estates of individuals who died in 2010 can elect to be subject to either the estate tax rules that were in effect in 2010 or those in effect in Those opting for 2010 rules would pay no estate tax, but must adhere to modified carryover rules, under which the executor may increase the basis of estate property only by a total of $1.3 million, with other estate property taking a carryover basis equal to the lesser of the decedent s basis or the fair market value of the property on the decedent s death. Those opting for 2011 rules face a maximum estate tax rate of 35% on estate assets exceeding $5 million, but receive a stepped-up cost basis for inherited assets. Portability The new estate tax rules provide for portability between spouses of the maximum exclusion. Under this provision, a surviving spouse may use the unused portion of the estate tax exclusion of his or her predeceased spouse. Since estate taxes do not apply to transfers between spouses, a surviving spouse could potentially double up to $10 million his or her exclusion. For example, the first $10 million of an estate of a wife who had inherited her predeceased husband s entire estate would be exempt from estate tax. Note that portability applies to estates for decedents dying after December 31,

18 Gift Tax As in 2010, individuals may still gift up to $13,000 per recipient in 2011 without triggering the gift tax. If you are married and file jointly, then you may gift up to $26,000 to each individual you choose to gift. Gifts above these amounts must be applied to the lifetime gift tax exclusion. For gifts made in 2010, the gift tax is computed using a rate schedule having a top tax rate of 35% and a maximum applicable lifetime exclusion amount of $1 million. For gifts made in 2011 and 2012, the gift tax is reunified with the estate tax, with a top gift tax rate of 35% and a maximum applicable exclusion amount of $5 million. The portability rules discussed above also apply to the gift tax lifetime exclusion. Gift Taxes Annual gift exclusion per recipient $13,000 $13,000 TBD* Maximum rate 35% 35% 55% Lifetime exclusion $1 million $5 million $1 million *To be determined. Annual exclusion may be adjusted annually for inflation. 16

19 Work With a Professional It s important to remember that many of the provisions of the 2010 Tax Relief Act expire at the end of 2011 or 2012, unless Congress elects to extend them. Moreover, estate and gift tax rules are complex and warrant careful planning. Be sure to discuss your personal situation with your tax professional. 17

20 Pursuant to IRS Circular 230, MetLife is providing you with the following notification: The information contained in this document is not intended to (and cannot) be used by anyone to avoid IRS penalties. This document supports the promotion and marketing of insurance products. You should seek advice based on your particular circumstances from an independent tax advisor. L [exp0312] 2011 McGraw-Hill Financial Communications. All rights reserved. Reproduction in whole or in part is prohibited without the express permission of McGraw-Hill Financial Communications. Contact us at or

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