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Hamilton Plans Newsletters

Ben Madonia '74
866-729-0317
315-859-4648 (fax)

Spring 2011

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:
www.hamilton.edu/PlanningYourGift