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Business Telephone Excise Tax Credit
Individual Telephone Excise Tax Credit
§179 Deduction
Health Savings Accounts
2005 Retirement Plan Limits
§199 Manufacturer
Kiddie Tax
Alternative Minimum Tax
Capital Gains and Qualified Divi
ROTH Designated §401
§179 And SUV's
2005 Standard Deduction
Optional Sales Tax Deduction
Vehicle Donations
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Retirement Plan Limitations
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2006 |
2005 |
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Regular and Roth IRA
contribution limit (< age 50) |
$4,000 |
$4,000 |
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Additional IRA
contribution (age 50 or older) |
$500 |
$500 |
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Defined benefit plan -
maximum benefit |
$170,000 |
$170,000 |
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Exclusion - elective
deferrals for §401(k), etc. plans (< age 50) |
$15,000 |
$14,000 |
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Extra Exclusion -
deferrals for §401(k) plans (age 50 or older) |
$5,000 |
4,000 |
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SIMPLE – elective
deferral for §408(p)(2)(A) (< age 50) |
$10,000 |
$10,000 |
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SIMPLE – Extra deferral
for §408(p)(2)(A) (age 50 or older) |
$2,000 |
$2,000 |
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Compensation limitation
for qualified plans |
$220,000 |
$210,000 |
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Contribution limitation
for defined contribution plans |
$44,000 |
$42,000 |
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SEP - Minimum
compensation before coverage amounts |
$450 |
$450 |
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