Expiring Tax Benefits

November 10, 2011

Individual Income Tax Benefits Expiring 12/31/2011:

  • Personal tax credits applied against income tax no longer apply
  • Higher alternative minimum tax exemptions revert back to extraordinarily-low thresholds
  • $250 school teacher expense deduction ends
  • Mortgage insurance premium deduction expires
  • State and local sales tax deductions expire
  • Tuition and related fees deduction end
  • IRA to charity tax-free transfers stop
  • 2% Social Security tax reduction ends

Individual Income Tax Benefits Expiring 12/31/2012:

  • Marriage penalty equalization ends
  • Dividends taxed at capital gains rates removed, taxed at regular rates now
  • Capital gains low tax rates expires
  • Removal of itemized deduction phase out for higher income Americans
  • Removal of personal exemption phase out for higher income Americans
  • Child care deduction limit of $3,000 reverts to $2,400
  • Child credit reduces from $1,000 per child to $500 per child
  • Low 10% tax bracket for low income Americans is eliminated
  • Lower income tax rates and smaller brackets expires
  • Refundable adoption credit and reduced deduction
  • American Opportunity college education credit expires
  • Major reduction in earned income credits and refunds
  • Income tax exemption for debt forgiven on home foreclosures and repossessions
  • Deduction for student loan interest ends
  • Education IRA limit drops from $2,000 to $500
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