Maximum annual 401(k), 403(b) and 457 plan contribution limits for 2011 are $16,500 for individuals under age 50 and $22,000 for individuals age 50 and over. Contributions must be made by year-end.
Income tax rates are unchanged from 2010 to 2011.
The annual gift tax exclusion remains at $13,000 per donee for 2011.
Standard deductions for 2011 are as follows: Married Couples - $11,600, Married Couples with one spouse age 65 or older - $12,750, Married Couples with both age 65 or older - $13,900, Singles - $5,800, Singles age 65 and older - $7,250.
Personal exemptions are $3,700 for 2011.
The tax credit for energy-saving home improvements has been reduced to 10% for 2011, with a ceiling of $500.
Maximum deduction limits on long-term-care premiums have changed for 2011 to the following: Age 71 - $4,240 per person, Age 61 to 70 - $3,390 per person, Age 51 to 60 - $1,270 per person, Age 41 to 50 - $640 per person, Age 40 and younger - $340 per person.
Employee Social Security tax has been reduced from 6.2% to 4.2% for 2011.
There will be no inflation adjustment in Social Security payments for 2011.
