Tax Relief Act of 2010: Other

The Act prevents itemized deductions and personal and dependency exemptions from being reduced for higher income individuals for two additional years (2011 and 2012). The Act also extends "marriage penalty" relief, in the form of an expanded 15% tax bracket and an increased standard deduction amount for married individuals filing jointly, through 2012.

Before Act After Act
Charitable IRA distributions Ability of IRA holders over age 70½ to exclude from income up to $100,000 in qualified distributions made to charitable organizations expired at the end of 2009 Retroactively reinstated for 2010 and extended through 2011
Coverdell education savings accounts For 2010, a $2,000 maximum annual contribution phased out for higher incomes, but effective 2011, maximum annual contribution reduced to $500 with a lower phaseout range for married couples filing jointly 2010 rules extended through 2012

See also:
Summary | Tax Rates | Estate Tax | Gift and Transfer Tax | Business and SE | Tax Credits | Deductions | Other

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