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Tab Title1 Premium 1040 Small Business

TaxTable,EICTable Tab1 Tab1

State Tab2 Tab2

QuickFacts,Worksheets,WheretoFile Tab3 Tab3

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SchedulesAandB Tab5 Tab5

SchedulesC,F,andSE Tab6 Tab6

ScheduleDandForm4797 Tab7 Tab7

ScheduleE,PassiveActivities,At-Risk Tab8 Tab8

Form2106,Travel,Meals,&Entertainment Tab9 Tab9

Form4562,Depreciation,Section179 Tab102 Tab102

Autos&ListedProperty Tab11 Tab11

TaxCredits,AMTandSpecialTaxpayers Tab12 Tab12

Children,EducationandDivorce Tab13 Tab13

Retirement&SocialSecurity Tab14 Tab14

Estate&FinancialPlanning Tab15

IRS,Penalties,Audits Tab16

BusinessReferenceandWorksheets Tab15 TabA

Partnerships(1065) Tab16 TabB

CCorporations(1120) Tab17 TabC

SCorporations(1120S) Tab18 TabD

Comparing the Premium, 1040, and Small Business HandbooksTab Title1 Premium 1040 Small

Business

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Payroll(940/941) Tab23 TabI

DepreciationandAmortization2 Tab10 TabJ2

EmployeeBenefitPlans TabK

AccountingMethods&Principles TabL

StartingaNewBusiness TabM

Acquisitions,Dispositions,Liquidations TabN

BusinessDeductionsandCredits Tab24 TabO

TaxPlanning TabP

What'sNew Tab25 Tab17 TabQ

TaxPracticeSurvey Tab26

Index Tab27 Tab18 TabR

TotalPages(approximate) 532 356 314

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HANDOUTSWORKSHEETS

FORMATIONS

PERSONNEL

SATION

FINANCING

FRINGEBENEFITS

RETIREMENTPLANS

TRAVEL/ENTHOME OFCOTHER EXP

DEALINGSWITH

OWNER

BUSINESSDISPOSI

TIONS

VALUATION

BUY/SELLAGREEMENTS

C CORP

S CORPS

LLCS &PARTNER

SHIPS

SOLE PROPRIETORS

IRS/TAX LAW CHANGES

INDEX

TAX PLANNING

Copyright 2011 Thomson Reuters.All Rights Reserved.

Tax Planningfor Businesses

Small Business Consulting and Tax Planning

2011 EditionHighlights of Tax Law Changes Impacting Business Tax Planning

Tax Advantaged Payroll for 2011 Section 179 Deduction Rules Extended—Again

Employer payroll tax holiday for new employees. Under the Hiring Incen-tives to Restore Employment (HIRE) Act, wages paid by a qualified employer to a qualified new employee with respect to employment between 3/19/10 and 12/31/10 are exempt from the 6.2% employer’s portion of the FICA tax. Students who did not work because they were taking classes are not disqualified. See Employer Payroll Tax Holiday for New Employees on Page 16-11 for more information.

The benefit of the exemption for any eligible wages paid during March 2010 is reflected as a credit on the employer’s Form 941, Employer’s Quarterly Federal Tax Return, for the second quarter of 2010. The exemption benefit for wages paid during the last three quarters of 2010 is claimed on Forms 941 for those quarters.

An employer can elect out of the payroll tax holiday for some or all of its qualified employees. Without an election out, wages paid during the one-year period beginning on a qualified new employee’s hire date will be ineligible for the work opportunity tax credit (WOTC) (see Tax Credit for Hiring Targeted Employees on Page 3-4). It may be beneficial to elect ou t for low-paid workers eligible for both breaks if the WOTC tax savings would exceed the FICA tax exemption.

Credit for retaining workers. In addition to the payroll tax holiday, employ-ers can claim a temporary new tax credit of up to $1,000 for wages paid to each qualified new employee. The credit is implemented by an increase to the employer’s Section 38 general business credit on its 2011 income tax return. To claim a full $1,000 credit, a worker must be paid at least $16,130 during the 52-week period beginning on his hire date. See General Business Credit Increased for Retained Workers on Page 16-9 for more information.

The $250,000 maximum Section 179 deduction amount has been extended for one year, through tax years beginning in 2011. In addition, the $800,000 threshold for the Section 179 deduction phase-out rule has been extended. More specifically:• For tax years beginning in 2011, the maximum Section 179 deduction generally remains at

$250,000 (versus $134,000 before the new law).• For tax years beginning in 2011, the maximum Section 179 deduction will fall to $25,000, unless

Congress takes further action.• For tax years beginning in 2010, the qualifying property phase-out threshold for the Section

179 deduction generally remains at $800,000 (versus $530,000 before the new law).• For tax years beginning in 2011, the phase-out threshold will fall to $200,000, unless Congress

takes further action. � Observation: The Hire Act extended the 2009 Section 179 amounts through 2010. Some other Section 179 provisions were already effective through 2010. For example, the Section 179 deduction is still available for purchased software, and Section 179 deduction elections can still be made or revoked on amended returns. See Section 179 Deduction on Page 7-18 for more information.

Special (Bonus) Depreciation Allowance—Almost Gone• The special depreciation allowance generally applied to qualified property acquired and placed

in service before 2010. However, certain long production period property and noncommercial aircraft may be eligible if placed in service before 2011.

• Taxpayers may elect out of the special depreciation allowance for any class of property for any year.

• Taxpayers can rely on the special depreciation allowance guidance in Regulation Section 1.168(k)-1. (Rev. Proc. 2008-54, Section 5)

See Special Depreciation Allowance on Page 7-19 for more information.

2011 Business Quick Facts Data SheetSection 179 Deduction:

Maximum deduction $ 250,000Qualifying property phaseout threshold $ 800,000SUV deduction limit $ 25,000

Depreciation Limits (First Year):Luxury autos $ 3,060Light trucks and vans $ 3,160

Auto Business Standard Mileage Rate $ .50Social Security Tax Wage Base $ 106,800Health Savings Accounts (HSAs):

Plan min. deductible/max. deductible contribution:

Self coverage $ 1,200/3,050Family coverage $ 2,400/6,150

Catch-up contribution: (Age 55 or older) $ 1,000Out-of-pocket limit: Self coverage $ 5,950

Family coverage $ 11,900Travel Per Diem Rates1

Lodging: Standard $ 70High/low method $ 193/111

Meals and Incidentals: Standard $ 46Transport industry $ 59High/low method $ 65/52

1 U.S. rates for October 1, 2010, through September 30, 2011. Higher rates allowed for many locations.

2011 Employer Retirement Plan Contribution LimitsProfit Sharing 401(k) SIMPLE IRA SEP

Employee Elective Deferral:< Age 50≥ Age 50

N/AN/A

$16,500$22,000

$11,500$14,000

N/AN/A

Employer Contribution:Per Participant

Lesser of: 100% of comp or $49,000

Lesser of: 100% of comp or $49,000

N/A Lesser of: 25%2 of comp or $49,000

Total Deductible Contribution

25% of total comp1 paid to all participants

25% of total comp1 paid to all participants (excluding employee deferrals)

Either: 1) 100% match

up to 3% of comp or

2) 2% of comp1

25% of total comp1 paid to all participants

1 Limited to $245,000 per participant.2 20% of net SE income for self-employed.

TablesWork -shee Ts

handou Ts

Form 1040r oadmap

r esidences& Vaca Tion

homes

solepropri -eTors

c ompensa -Tion

sTocks, bonds & muTual Funds

r ealesTaTe

c hildren

educa Tion

diVorce

c hari Tabl eGiVinG

r eTiremen T plans

amT

elderly

esTaTe &GiFT Tax

index

TAX PLANNING

Income, Estate and Gift Tax Planning for Individuals

2011 Edition

Tax Planningfor Individuals

Quickl ist of Tax-saving ideasa ction item Tab

pending Tax r ate increaseThe ordinary income and capital gain tax rates are scheduled to increase in 2011. Consider the following to minimize taxes:• Accelerating compensation into 2010. 5• Timing sales to recognize gains in 2010 and losses in 2011. 6, 7• Pledging installment receivables to recognize the remaining gain

in 2010.7

r etirement plans and ira sEvaluate conversion of traditional IRAs to Roth IRAs. Unless taxpayer elects out, income from 2010 conversions is recognized in 2011 and 2012.

12

Increase the distribution options for inherited employer retirement plans by rolling the funds into an IRA. Rolling retirement plans into a Roth IRA can also eliminate income tax on future earnings in the account.

12

Consider special rules for surviving spouses who inherit retirement accounts.

12

self-employed Taxpayers (schedules c and F)Consider new incentives for hiring unemployed workers (payroll tax holiday for work from 3/19/2010–12/31/2010 and increased general business credit if the worker is retained for at least 52 weeks).

4

Place business assets in service in 2010 to take advantage of the increased Section 179 expensing limits for 2010. Maximum deduction is scheduled to drop to $25,000 in 2011.

4

Ensure that business owners maximize their deductible retirement plan contributions. If no plan is in place, help the owners evaluate the available options [including SEPs, SIMPLE IRAs and 401(k) plans] and choose the one that best meets their needs.

12

educationThe American opportunity credit is only available for a certain number of years per student. The lifetime learning credit can be taken for an unlimited number of years. Planning when to take each of the credits can maximize the total education credits claimed for each student.

9

Parents can shift education credits and the deduction for student loan interest to their children (students) by not claiming the child as a dependent. Determine whether the child’s tax savings outweighs the parent’s loss of the exemption deduction.

9

c reditsHelp clients maximize tax credits for purchases of the following:• Plug-in electric vehicles. 4• Hybrid and advance-lean burn vehicles. 4• Personal energy property. 3• Residential energy efficient property. 3

2011 k ey Figuresr etirement plans

ira contribution limitsUnder age 50 $ 5,000Age 50 and older 6,000

simple ira elective deferral limitsUnder age 50 $ 11,500Age 50 and older 14,000

401(k) elective deferral limitsUnder age 50 $ 16,500Age 50 and older 22,000

profit-sharing plans / sep sContribution limit $ 49,000Compensation limit (for contributions) 245,000Maximum contribution percentage (SE / employer) 20 / 25%

business deductionssection 179 deduction—limit $ 250,000section 179 limit—qualifying property phase-out threshold $ 800,000section 179 deduction—su V limit (per vehicle) $ 25,000depreciation limit—autos (1st year) $ 3,060depreciation limit—trucks & vans (1st year) $ 3,160standard business mileage rate 50¢

educationeducation credits

American opportunity credit (maximum per student) $ 2,500Lifetime learning credit (maximum per return) 2,000

student loan interest deduction $ 2,500education savings account (esa ) contribution limit $2,000 / ben.Qualified tuition plan (QTp) contribution limit Set by QTP

health savings a ccountsself-only coverage

Contribution (deduction) limit $ 3,050Plan minimum deductible 1,200Plan out-of-pocket limit 5,950

Family coverageContribution (deduction) limit $ 6,150Plan minimum deductible 2,400Plan out-of-pocket limit 11,900

c atch-up contribution (age 55 and older) $ 1,000Gift Tax

a nnual exclusion $ 13,000l ifetime exemption $ 1,000,000

social security / se taxmaximum earnings subject to tax

Social Security tax $ 106,800Medicare tax No Limit

maximum earnings and still receive full benefitsUnder full retirement age (FRA) at year-end $ 14,160Year FRA reached (months up to FRA only) 37,680Month FRA reached and later No Limit

Copyright 2011 Thomson Reuters.All Rights Reserved.

Income, Estate and Gift Tax Planning for Individuals

Save time and get fast, accurate answers you need to help individual clients reduce their taxes!Aperfectcompaniontothe1040 Quickfinder Handbook, theTax Planning for Individuals Quickfinder Handbook includes:100softaxplanningideastoreduceindividualclients’federaltaxburdens;easy-to-readandto-the-pointdiscussionofeachstrategy;quick,at-a-glancetablesandcharts;real-lifeexamples;aunique1040TaxPlanningRoadmaptousewithanycompletedForm1040;andClientHandouts.

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Tax Planning for Individuals Quickfinder® Handbook

Sortthroughthemazeofbusinesstaxissues,stayuptospeedonnewbusinesstaxsavingstrategies,andleveragechangingtaxrulestoyourclients’advantage.TheTax Planning for Businesses Quickfinder Handbook includes:• Smallbusinesstaxplanningforeverybusinesslifecycle phase. • Informationthataddressesalltypesofbusinessentities— proprietorships,CandScorporations,partnerships,LLCs. • Quickreferencetables,charts,andtime-savingClientHandouts. • Quickreferencematerialonmanysmallbusinessnon-tax issues.

Small Business Consulting and Tax Planning

Tab titles include: 1.HandoutsandWorksheets2.FormationandStart-Up3.PersonnelandCompensation4.Financing5.FringeBenefits6.RetirementPlans7.Travel/Entertainment,HomeOffice,OtherExpenses

8.DealingsWithOwner

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Tax Planning for BusinessesQuickfinder® Handbook

Tab titles include: 1.Tables,Worksheets,

Handouts2.Form1040Roadmap3.Residences&Vacation

Homes4.SoleProprietors5.Compensation6.Stocks,Bonds&Mutual

Funds

7.RealEstate8.Children9.Education10.Divorce11.CharitableGiving12.RetirementPlans13.AlternativeMinimumTax14.Elderly15.Estate&GiftTax16.Index

9.BusinessDispositions10.Valuation11.Buy/SellAgreements12.CCorporations13.SCorporations14.LLCsandPartnerships15.SoleProprietors16.IRS,TaxLawChanges17.Index

Your first stop when advising small business clients—full of money-saving tax planning strategies!

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Quick Answers—Tax Planning





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REFER-ENCES & WORK-SHEETS

BACK-GROUNDINFORMA-

TION

BUSINESS START-UP

CONSIDER-ATIONS

WORKING W/ CLIENT

RECORDS

ENTITY CHANGES

REVENUE & RECEIV-

ABLES

INVENTORY

CAPITALIZED ASSETS

INVEST-MENTS

INTANGIBLEASSETS

LIABILITIES

OWNERS’EQUITY

EXPENSES

PAYROLL & EMPLOYEE BENEFITS

INTERESTEXPENSE

BUSINESSDISPOSI-

TIONS

RELATED ENTITY

TRANSAC-TIONS

ACCOUNTING

Copyright © 2011 Thomson Tax & Accounting. All Rights Reserved.

Accounting &Bookkeeping

Accounting & Bookkeeping for Tax Professionals

2011 Edition

Accounting EquationAssets = Liabilities + Owner’s Equity

Asse

ts

Debit Balance (+) Credit Balance (−)• Cash• Accounts Receivable• Construction in Progress (CIP)• Inventory• Prepaid Assets/Expenses• Loans to Shareholders• Equipment• Buildings and Land

• Accumulated Depreciation• Accumulated Amortization• Billings on CIP

Liab

ilities

Debit Balance (−) Credit Balance (+)• Accounts Payable• Payroll Taxes Payable• Notes Payable• Loans from Shareholders

Owne

r’s E

quity

(C

apita

l)

Debit Balance (−) Credit Balance (+)• Treasury Stock• Drawing Account• Dividend Distributions• Deductions in Excess of Basis

• Owner’s Equity (or Capital)• Common Stock• Preferred Stock• Paid-In or Capital Surplus• Partnership Capital• Retained Earnings• Current Earnings

Common Journal EntriesTransaction

Accrual Method Cash MethodDebit Credit Debit Credit

Cash receipts for sales and services Cash Sales Cash SalesSale of merchandise or services on credit Accounts Receivable Sales * *Receipt of payment on customer account Cash Accounts Receivable Cash Sales*Payment of operating expenses with cash Expense Account Cash Expense Account CashOperating expenses accrued on credit Expense Account Accounts Payable * *Payment of operating expenses accrued on credit Accounts Payable Cash Expense Account* CashDownpayment on or purchase of equipment for cash Equipment Cash Equipment CashPurchase of equipment on credit Equipment Loan Payable Equipment Loan PayablePayment on loan Loan Payable and Interest

ExpenseCash Loan Payable and

Interest ExpenseCash

Depreciation on assets Depreciation Expense Accumulated Depreciation Depreciation Expense Accumulated DepreciationCost of goods sold COGS Account Inventory COGS Account InventoryOwner contributes cash to business Cash Capital Account Cash Capital AccountOwner withdraws cash from business Capital Account Cash Capital Account Cash* Generally, cash method entities do not record income or expense transactions until cash is exchanged, except for loans. However, entities should maintain separate

accounts receivable and accounts payable ledgers for other business purposes.

Value of InventoryCost Method Lower of Cost or Market Method

Cost of inventory consists of: Cost of inventory consists of:Inventory price of goods on hand at beginning of tax year

Cost of all items whose cost is less than FMV

+ Invoice price less discounts for current year purchases

+ FMV of all items whose cost is greater than FMV

+ Indirect costs allocable to current year purchases under UNICAP

Note: Determination of cost and FMV must be made for each inventory item, not the entire inventory.+ Transportation or other charges to

acquire costs+ Direct and indirect costs allocable to

goods produced in the current year

A time-saving resource tailored for Tax Professionals

Pre-orderyour2011Edition,availableOctober2011. 10.IntangibleAssets

11.Liabilities12.Owners’Equity13.Expenses14.Payroll&EmployeeBenefits

15.InterestExpense16.BusinessDispositions17.RelatedEntity

Transactions18.Index

TheAccounting and Bookkeeping Quickfinder Handbook includesguidance,worksheets,andtonsofexamplejournalentriesshowingyouhowtorecordmanycommontransactionsinthetax-basisaccountingrecords.Alsoincludes:bookkeepingbasics;recordingtaxadjustmentsinthegeneralledger;andusingsoftwarewithclientrecords.

Accounting & BookkeepingQuickfinder® Handbook

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Quick answers to accounting and bookkeeping questions...for you...for your clients!

Tab titles include: 1.References&Worksheets2.BackgroundInformation3.BusinessStart-UpConsiderations

4.WorkingwithClientRecords

5.EntityChanges6.Revenue&Receivables7.Inventory8.FixedAssets9.Investments

California Tax Quickfinder® HandbookA must for anyone who prepares Californiaincome tax returns.

TheCalifornia Tax Quickfinder HandbookcoversIndividuals,Corporations,andPass-throughentities.ThisHandbookhas24chaptersinaperfect-boundbook,andincludesmorethan300pagesofindividualandbusinesstaxinformationprovidedinonesource.

California Tax Handbook Chapter Topics include the following:

2010TaxLegislation;IntroductiontoCaliforniaTaxation.

INDIVIDUALS:WhoMustFile;TaxRates,StandardDeductionandExemptionCredit;NonresidentIssues;IncomeInclusions;IncomeExclusions;AdjustmentstoIncome;ItemizedDeductions;Account-ingPeriods,SalesandExchanges;TaxCreditsforIndividuals.

BUSINESS:AccountingPeriods,Methods,Inventory,etc.;Depre-ciation,Amortization,Depletion,BadDebts;Corporations;SCorps,LLCsandOtherEntities;QuittingBusinessinCalifornia;GrossIncome;DeductionsandNetOperatingLoss;MultistateTaxation;Pass-ThroughEntities;TaxCreditsforBusinesses.

OTHER: AlternativeMinimumTax,PrematureDistributions;InterestandPenalties;PropertyTax.

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Quickfinder® Tax Tips Newsletter

Written by tax professionals,for tax professionals, 1

March 2009 v.6.03Route To: File

Tax Legislation AlertAmerican Recovery and Reinvestment Act of 2009On February 17, 2009, the President signed into law $787 billion of economic stimulus provisions collectively called the American Recovery and Reinvestment Act of 2009. Division A of the Act contains appropriations (spending) provisions, while Division B includes significant tax provisions in at least four of its titles, as follows:• Title I—American Recovery and Rein-

vestment Tax Act of 2009,• Title II—Assistance for Unemployed

Workers and Struggling Families Act,• Title III—Premium Assistance for COBRA

Benefits and• Title VII—Limits on Executive Compen-

sation.Some of the changes that you’re most likely to encounter are listed below. For a table summarizing these and other major changes, go to the Updates sec-tion of Quickfinder.com and click on American Recovery and Reinvestment Act of 2009.Individual tax relief includes:• Making Work Pay Credit—a refund-

able credit for 2009 and 2010 equal to the lesser of 6.2% of earned income or $400 ($800 MFJ), phased out over a modified AGI range of $75,000–$95,000 ($150,000–$190,000 MFJ).

• Retirees—certain Social Security, Rail-road Retirement or veterans benefits recipients and certain government retir-ees will receive either a one-time $250 payment or credit.

• Earned Income Credit—for 2009 and 2010, the credit percentage is increased for families with three or more qualifying children to 45% and the MFJ threshold phaseout amounts are increased to $5,000 above those for other taxpay-ers.

• Child Tax Credit—for 2009 and 2010, the earned income threshold for determining the refundable portion of the credit is reduced to $3,000.

• American Opportunity Tax Credit—the Hope Credit is renamed and modified so that, for 2009 and 2010, the maximum credit is $2,500 per eligible student per

year. Also, it can be claimed for qualified tuition and related expenses paid for each of the first four years of post-sec-ondary education. The credit is phased out for taxpayers with modified AGI of $80,000–$90,000 ($160,000–$180,000 MFJ).

• First-time Homebuyer Credit—the credit is extended to apply to purchases before December 1, 2009, and its maximum amount is increased from $7,500 to $8,000. Also, credit recapture is waived for quali-fying purchases during 2009.

• Motor Vehicle Taxes Deduc-tion—state or local sales or excise taxes paid on the purchase of a qualified motor vehicle can be deducted both by itemizers and those claim-ing the standard deduction if the vehicle is purchased between February 17, 2009 and December 31, 2009.

Business tax breaks include extending the 50% special depreciation allowance and in-creased Section 179 expensing to 2009, providing longer NOL carrybacks for certain small businesses, decreasing 2009 individual estimated tax payments for certain small business own-ers, deferring debt discharge income from reacquisitions of debt, reducing capital gains taxes for sellers of qualified small business stock and shortening S corps’ built-in gains holding period from ten to seven years for 2009 and 2010.Alternative minimum tax relief. AMT exemption amounts for individuals are increased for 2009 (the so-called “AMT patch”). Also, personal nonrefundable credits and the residential energy property and alternative motor vehicle credits may offset AMT and regular tax for 2009.Energy incentives. Several of these ben-efit highly specialized energy production projects. Provisions with broad interest to individuals include (1) extension through 2010 and expansion of the tax credits for personal energy property purchases such as new furnaces, energy-efficient windows and doors, or insulation and (2) broaden-ing of the vehicles eligible for the plug-in electric motor vehicle credit.

Internal Revenue Service2009 Nationwide Tax ForumsThe IRS has announced the locations and dates of its 2009 Nationwide Tax Forums. EAs and CPAs can earn up to 18 CPE hours at each forum, which include speak-ers from the IRS, NAEA and AICPA, among others. Each forum also includes an expo with vendors showcasing their tax products and services.

In addition to the regular sessions, the fol-lowing workshops will be offered for more in-depth learning:• Redesigned Form 990.• 1040 NR: Redesigned and Ready for

Nonresident Filers.• Using e-Services Products for Account

Resolution.Advanced registration is required for the workshops.The 2009 locations and dates are:

City Dates Location

Las Vegas 7/7 – 7/9 Mandalay Bay Hotel & Casino

San Diego 7/14 – 7/16 Town & CountryOrlando 8/4 – 8/6 Caribe Royale

New York 8/25 – 8/27 Hilton New YorkDallas 9/8 – 9/10 Hilton AnatoleAtlanta 9/22 – 9/24 Hilton Atlanta

In addition to the tax information sessions, the IRS also offers practitioners an op-portunity to resolve client tax cases at the forum. A practitioner can bring an IRS case or question regarding IRS tax law and pro-cedures to the Practitioner Case Resolution

See “Internal Revenue Service—-Continued” on page 2

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Traditional IRAs

Roth IRAs

SIMPLE IRA

Plans

SEP Plans

401(k) & 403(b) Plans

Other

Plans

Distrib-utions

Rollovers

Bene-

Choosing a Small

Business Plan

Correcting Plan Errors

Index

Index

IRS Materials

TAX PLANNINGIRA andRetirement Plan

IRA Owners • Plan Participants

Copyright 2011 Thomson Reuters. All Rights Reserved.the Quickfinder logo and Quickfinder® Handbooks are trademarks of Thomson Reuters.

2011 EditionComputing Required Minimum Distributions

Age Distribution Period



70................... 27.4 86......................14.1 101...................... 5.971................... 26.5 87......................13.4 102...................... 5.572................... 25.6 88......................12.7 103...................... 5.273................... 24.7 89......................12.0 104...................... 4.974................... 23.8 90......................11.4 105...................... 4.575................... 22.9 91......................10.8 106...................... 4.276................... 22.0 92......................10.2 107...................... 3.977................... 21.2 93.......................9.6 108...................... 3.778................... 20.3 94.......................9.1 109...................... 3.479................... 19.5 95.......................8.6 110...................... 3.180................... 18.7 96.......................8.1 111 ...................... 2.981................... 17.9 97.......................7.6 112...................... 2.682................... 17.1 98.......................7.1 113...................... 2.483................... 16.3 99.......................6.7 114...................... 2.184................... 15.5 100.....................6.3 115+.................... 1.985................... 14.8

Use this Uniform Life table for: (1) All unmarried owners and (2) married owners,unless spouse is (a) the sole beneficiary and (b) is more than 10 years youngerthan the owner. In that case, use Joint Life and Last Survivor table on Page 7-21.

2011 Key FiguresIRA contribution limits:

Under age 50 $ 5,000Age 50 or older 6,000

Traditional IRA deduction phase-out begins at AGI of (active retirement plan participants):

MFJ (participating spouse) and QW $ 89,000MFJ (non-participating spouse) 167,000Single and HOH 56,000MFS 0

Roth IRA contribution phase-out begins at AGI of:MFJ and QW $ 167,000Single and HOH 105,000MFS 0

Roth IRA conversion—AGI limit:All filers N/A

SIMPLE IRA plan elective deferral limits:Under age 50 $ 11,500Age 50 or older 14,000

401(k), 403(b), 457 and SARSEP elective deferral limits:Under age 50 $ 16,500Age 50 or older 22,000

Annual elective deferral limit1 $ 16,500Profit-sharing plan/SEP contribution limit $ 49,000SEP compensation threshold (for coverage) $ 550Annual compensation limit for qualified plan and SEP benefits and contributions $ 245,000Annual benefit limit for defined benefit plan $ 195,000Highly compensated employee—any employee with compensation in excess of: $ 110,000Key employee—compensation in excess of:

More than 1% owner $ 150,000Officers 160,000

ESOP extension of five-year distribution period:Account balance threshold $ 985,000Additional account balance increments 195,000

PBGC guaranteed maximum monthly benefit at age 65 $ 4,500Retirement saver’s credit phased out at AGI of:

MFJ $ 55,500Single, MFS, QW 27,750HOH 41,625

1 Overall limit for sum of an individual’s elective deferrals; catch-upcontributions for individuals age 50 or older are not subject to the limit.

�Note: See Quick Facts Tax Data Sheet—IRAs and Retirement Plans onPage 10-7 for 2007–2009 amounts.

Comparison of Traditional and Roth IRAsTraditional Roth

Contributions:2011 limit < Age 50 $5,000 $5,0002011 limit ≥ Age 50 6,000 6,000Deductible? Yes1 NoAllowed after age 701/2? No Yes

Distributions:taxable? Yes, to the extent they

exceed basis.No2

Required minimumdistributions?

After age 701/2. After owner’s death.

10% penalty if beforeage 591/2?

Yes, subject toexceptions.

Yes, subject toexceptions.

Basis allocation? Portion of total basis in alltraditional IRAs allocated

to each distribution.

total basis in allRoth IRAs distributed

before earnings.1 Deduction may be phased out if individual or spouse is covered by an employer

retirement plan.2 If a qualified distribution. If nonqualified distribution, distributions taxable after

basis is recovered.

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