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Recent Changes That May Affect Your 2011 Taxes

  • Increases in Deductions/Exemptions
    The standard deduction will increase $100 ($200 for joint filers) from 2010 amounts with a $50 increase for the additional deduction for senior citizens and blind taxpayers. Exemptions increase $50 (to $3,700) from the 2010 amount of $3,650. The alternative minimum tax (AMT) exemption increases $1,000 ($2,000 for joint filers) from 2010 amounts.
  • Penalty Increase
    Funds withdrawn from health savings accounts that are not used for qualifying medical expenses are now subject to a 20% tax penalty (increased from 10% in 2010).
  • Schedule M is Gone
    The Making Work Pay Credit is no longer valid.
  • Schedule D Makeover
    Form 8949 will now be used to itemize any capital gain/loss transactions. The sum of these transactions will then be reported on Schedule D, Capital Gains and Losses.
  • More Detailed Reporting of Business, Farm, and Rental Income
    Hello Form 1099K
    Third party payments of income earned through a sole-proprietorship, farm, or rents must now be separated from all other income on schedules C, F, and/or E. If the income meets specific criteria (over $20,000 of over 200 total transactions per payer), these payments will be reported to taxpayers on Form 1099K by each third party payer. If form 1099K is not required, taxpayers must separate these types of transactions according to their records.
  • Over-the Counter Medication Expenses no Longer Eligible Expenses
    Unless you have a doctor’s prescription for over-the-counter medication, you can no longer claim these medications as an expense on the following types of accounts: •HRA (health reimbursement accounts) •HSA (health savings accounts) •Archer MSA (medical savings account)
  • Something New on Your W-2
    As part of the new health care law, employers will be reporting health care benefits for employees. This amount will appear on your form W-2 in 2012 for informational purposes only. It will not affect your personal income tax return.
  • Additional Foreign Account Reporting
    Holders of interest in certain foreign assets worth over $50,000 will be required to report additional information to the IRS about such accounts.