The 2010 Tax Law
For your convenience, highlights of The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 are provided:
- The federal income tax brackets (10%, 25%, 28%, 33% and 35%) have been extended through the end of 2012.
- For taxpayers in the 25% and above tax bracket, the capital gains and qualified dividends rates will remain 15% through 2012.
- The itemized deduction limitation, the provision requiring taxpayers to reduce itemized deductions (at certain income levels), has been suspended through 2012.
- The IRA charitable rollover provision that satisfies the Required Minimum Distribution for donors age 70½ or older was extended to 2011.
- Adjustments were made to the estate, gift and generation-skipping tax rates, including a lower 35% tax rate and an enhanced $5-million exemption, as well as portability of a spouse’s unused exemption for use in the survivor’s estate.
Further details are available at the Planned Giving website.