Tax Facts:

  • The maximum IRA contribution for 2009 and 2010 is $5,000 ($1,000 additional contribution for taxpayers age 55+)
  • The child tax credit for 2009 and 2010 is $1,000 per dependent child under age 17
  • The home sale exclusion is $250,000 for a single taxpayer and $500,000 for married taxpayers filing jointly
  • The federal exclusion for estate taxes for 2010 is $3.5 million
  • Non-profits can file a Federal Form 990-N when the annual gross receipts are under $25,000; a New Jersey return must be filed if the organization receives any contributions

Links:

Internal Revenue Service     www.irs.gov

State of New Jersey     www.state.nj.us

State of New York     www.state.ny.us

State of Pennsylvania     www.state.pa.us

Money Matters NJ     www.moneymattersnj.com