TITLE: Table of 2002 Tax Changes for Individuals
SOURCE: CCH, Federal Tax Audio Advisor Bulletin
DATE POSTED: 1/3/02
Table of 2002 Tax Changes for Individuals
| Item | 2002 | 2001 |
| Personal exemption | 3,000 | 2,900 |
| Phase-out of exemptions | ||
| Joint return or qualifying widow(er) | 206,000 | 199,450 |
| Head of household | 171,650 | 166,200 |
| Single | 137,300 | 132,950 |
| Married filing separately | 103,000 | 99,675 |
| Standard deduction | ||
| Joint return or qualifying widow(er) | 7,850 | 7,600 |
| Head of household | 6,900 | 6,650 |
| Single | 4,700 | 4,550 |
| Married filing separately | 3,925 | 3,800 |
| Add'l for age/blindness-married | 900* | 900 |
| Add'l for age/blindness-unmarried | 1,150 | 1,100 |
| Person claimed as a dependent | 750* | 750 |
| Phase-out of itemized deductions | ||
| Joint/head of household/single | 137,300 | 132,950 |
| Married filing separately | 68,650 | 66,455 |
| Social Security-related changes | ||
| Wage base for SS portion | 84,900 | 80,400 |
| Wage base portion for Medicare | No ceiling | No ceiling |
| Earnings ceiling | ||
| Under age 65 | 11,280 | 10,680 |
| Age 65 and over | No ceiling | No ceiling |
| Kiddie tax threshold | 1,500* | 1,500 |
| AMT exemption for child under 14 | 5,500 | 5,350 |
| U.S. savings bond full exclusion if modified AGI is less than: | ||
| Joint return | 86,400 | 83,650 |
| Single | 57,600 | 55,750 |
| Married filing separately | 0 | 0 |
| Earned Income Credit: maximum base amount | ||
| One qualifying child | 7,370 | 7,140 |
| Two or more qualifying children | 10,350 | 10,020 |
| No qualifying child | 4,910 | 4,760 |
| Disqualifying unearned income | 2,550 | 2,450 |
| Education credits--Modified AGI phase-out starts at: | ||
| Married filing jointly | 82,000 | 80,000 |
| All other taxpayers | 41,000 | 40,000 |
| Qualifying base for Hope credit | 1,000* | 1,000 |
| Qualified transportation fringe benefits | ||
| Monthly transit passes/commuter vehicles | 100 | 65 |
| Qualified monthly parking | 185 | 180 |
| Luxury tax on automobiles | ||
| Tax rate | 3% | 4% |
| Amount | 40,000 | 38,000 |
| Long-term care | ||
| Deductions for premiums | ||
| Age 40 or less | 240 | 230 |
| More than 40 but not more than 50 | 450 | 430 |
| More than 50 but not more than 60 | 900 | 860 |
| More than 60 but not more than 70 | 2,390 | 2,290 |
| More than 70 | 2,990 | 2,860 |
| Attorney hourly fee cap (recoverable from the government) | 150 | 140 |
| Medical savings accounts | ||
| Annual deductible (min/max) | ||
| Individual coverage | 1,650/2,500 | 1,600/2,400 |
| Family coverage | 3,300/4,950 | 3,200/4,800 |
| Maximum out-of-pocket limit | ||
| Individual coverage | 3,300 | 3,200 |
| Family coverage | 6,050 | 5,850 |
| Estate and gift tax changes | ||
| Estate tax exclusion | 1,000,000 | 675,000 |
| Gift tax exclusion | 11,000 | 10,000 |
| Generation-skipping tax exemption | 1,000,000 | 1,060,000 |
* Unchanged from 2001
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