The IRS yesterday released the inflation-adjusted 2011 federal income tax brackets, tables and other items(IR-2010-127; Rev. Proc. 2011-12, 2011-2 I.R.B. ___ (Jan. 10, 2011) (supplementing Rev. Proc. 2010-40, 2010-46 I.R.B. 663 (Nov. 15, 2010)):
- Standard Deduction: $5,800 single/$11,600 joint (up $100/$200 from 2010)
- Personal Exemption: $3,700 (up $50 from 2010)
- Gift Tax Exemption: $13,000 (same as 2010)
- 401(k) Contribution Limit: $16,500 (same as 2010)
- Income Limit for Full Roth IRA Contributions: $107,000 single/$169,000 joint (up $2,000 from 2010)
- Limitation on Annual Benefit under Defined Benefit Plan: $195,000 (same as 2010)
- Kiddie Tax Threshold: $1,900 (same as 2010)
