Source: https://intaxicating.wordpress.com/tag/income/
Timestamp: 2019-04-26 05:49:08+00:00

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Below is the IRS press release identifying the 2011 Adjusted tax rates, effective January 1, 2011.
This revenue procedure sets forth inflation adjusted items for 2011. Other inflation adjusted items for 2011 are in Rev. Proc. 2010-40, 2010-46 I.R.B. 663 (dated November 15, 2010).
For taxable years beginning in 2011, the value used in § 24(d)(1)(B)(i) to determine the amount of credit under § 24 that may be refundable is $3,000.
Hope Scholarship, American Opportunity, and Lifetime Learning Credits.
§ 25A(b)(1), as increased under § 25A(i) (the American Opportunity Tax Credit), is an amount equal to 100 percent of qualified tuition and related expenses not in excess of $2,000 plus 25 percent of those expenses in excess of $2,000, but not in excess of $4,000. Accordingly, the maximum Hope Scholarship Credit allowable under § 25A(b)(1) for taxable years beginning in 2011 is $2,500.
(2) For taxable years beginning in 2011, a taxpayer’s modified adjusted gross income in excess of $80,000 ($160,000 for a joint return) is used to determine the reduction under § 25A(d)(2) in the amount of the Hope Scholarship Credit otherwise allowable under § 25A(a)(1). For taxable years beginning in 2011, a taxpayer’s modified adjusted gross income in excess of $51,000 ($102,000 for a joint return) is used to determine the reduction under § 25A(d)(2) in the amount of the Lifetime Learning Credit otherwise allowable under § 25A(a)(2).
(1) In general. For taxable years beginning in 2011, the following amounts are used to determine the earned income credit under § 32(b). The “earned income amount” is the amount of earned income at or above which the maximum amount of the earned income credit is allowed. The “threshold phaseout amount” is the amount of adjustedgross income (or, if greater, earned income) above which the maximum amount of the credit begins to phase out. The “completed phaseout amount” is the amount of adjusted gross income (or, if greater, earned income) at or above which no credit is allowed. The threshold phaseout amounts and the completed phaseout amounts shown in the table below for married taxpayers filing a joint return include the increase provided in § 32(b)(3)(B)(i), as adjusted for inflation for taxable years beginning in 2011.
(2) Excessive investment income. For taxable years beginning in 2011, the earned income tax credit is not allowed under § 32(i) if the aggregate amount of certain investment income exceeds $3,150.
(2) Dependent. For taxable years beginning in 2011, the standard deduction amount under § 63(c)(5) for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of (1) $950, or (2) the sum of $300 and the individual’s earned income.
(3) Aged or blind. For taxable years beginning in 2011, the additional standard deduction amount under § 63(f) for the aged or the blind is $1,150. These amounts are increased to $1,450 if the individual is also unmarried and not a surviving spouse.
§ 132(f)(2)(B), regarding the fringe benefit exclusion amount for qualified parking, is $230.
(1) Exemption amount. For taxable years beginning in 2011, the personal exemption amount under § 151(d) is $3,700.
Interest on Education Loans. For taxable years beginning in 2011, the $2,500 maximum deduction for interest paid on qualified education loans under § 221 begins to phase out under § 221(b)(2)(B) for taxpayers with modified adjusted gross income in excess of $60,000 ($120,000 for joint returns), and is completely phased out for taxpayers with modified adjusted gross income of $75,000 or more ($150,000 or more for joint returns).
This revenue procedure applies to taxable years beginning in 2011.
Check the appropriate box if you worked outside Canada.
If the income was earned in Canada and you did not receive an RL-1 slip, check the appropriate box and enclose a copy of your T4 slip with your return.
If you are in either of the above situations, complete Schedule R to find out whether you are required to pay a Québec parental insurance plan (QPIP) premium.
If you were not resident in Canada throughout the year, enter the total income that you earned during the period in which you were not resident in Canada and that is not subject to Québec income tax.
If you earned no income during this period, enter “nil” in the appropriate box.
If you or your spouse on December 31, 2008 did not reside in Canada throughout the year, you must include in your family income, all of the income that you and your spouse earned, including income earned while you were not resident in Canada.
If your spouse was resident in Canada, outside Québec, you must take into account his or her income for the entire year.
These amounts must be reported in Canadian dollars. To convert the amounts, use the exchange rate in effect at the time you earned them.
You may use the average exchange rate for the year if the amounts were received over the entire year. For information on the exchange rate, consult the Bank of Canada website.

References: § 24
 § 24

§ 25
 § 25
 § 25
 § 25
 § 25
 § 25
 § 25
 § 32
 § 32
 § 32
 § 63
 § 63

§ 132
 § 151
 § 221
 § 221