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.
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Before
Act |
After
Act |
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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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