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What's new in 2008 Tax Return
Energy Credits:
- You may be able to claim a new tax credit for the purchase of new qualified energy efficiency improevments to your existing home. You may be able to claim a tax credit for the purchase of residential solar water heating, photovatic equipment, or fuel cell property.
Retirnment Savings Plan:
Traditional IRA income Limits
- If you have a traditional IRA, are covered by retirnment plan at work and are married filing jointly or a qualifing widow(er), the amount of income you can have and not be affected by the deduction phaseout increases The amounts for other filing statues are not changed.
Limit on elective deferals
- The maximum ammount of elective deferals under a salary reduction agreement that can be contributed to a qualified paln increases to $15,000 ($20,000 if you are age 50 or older). However, for SIMPLE plans, the amount is $10,000 ($12,500 if you are age 50 or older).
IRA catch up contribution
- The catch-up contribution for persons age 50 or older at the end of 2008 is increased to $1,000. The Maximum contribution for such person is $5,000.
Alternative Minimum Tax (ATM)
- The AMT exemption amount will decrease. The amount depends on your filing status.
Phaseout reduced.
Personal exemptions
- The phaseout of the limitation on personal exemptios will be reduced by 1/3.
Itemized deductions
- The phase out of the limitation on itemized deductions will be reduced by 1/3.
Alternative technology vehicles:
- You may be able to take a credit if you place an altenative technology vehicle in service during the year, You no longer can take a deduction for clean-fuel vehicles.
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