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| Taxes |
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Individual Tax Rates
Retirement Plan Limits
- Trustar Quick and easy to read summary table.
Maximum IRA Contribution for 2004 is $3,000 ($3,500 if age 50). For 2005, it is $4,000 ($4,500 if age 50). Tax deductibility depends on whether or not you are covered (eligible to participate) by a Employer Retirement Plan as follows:
IRA Deductions are limited for those covered by a Employer Retirement Plan. For 2004, limitations begin at modified adjusted gross income of $55,000 ($75K if Married Filing Joint). For 2005, limitations begin at modified AGI of $60K ($80K if MFJ).
Popular IRS Pubs: (2004 pdf files)
- Publication 17 Your Federal Income Tax. General info on broad range of topics for individuals.
- Publication 463 Travel, Entertainment, Gift, and Car Expenses.
- Publication 502 Medical and Dental Expenses.
- Publication 527 Residential Rental Property. Including Rental of Vacation Homes.
- Publication 560 Retirement Plans for Small Businesses. SEP, SIMPLE, 401(k), Keogh's.
- Publication 590 Individual Retirement Arrangements (IRA's)
- Publication 970 Tax Benefits for Education. Credits: Hope, Lifetime Learning. Deductions: Student Loan Interest, Tuition and Fees. Savings Accounts: Coverdell ESA, Qualified Tuition Program, 529 Plans.
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