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taxmap/instr/i1040gi-001.htm#TXMP1304ebfd

What's New for 2010(p7)


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taxmap/instr/i1040gi-001.htm#TXMP0e973bbb

Earned income credit (EIC).(p7)

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You may be able to take the EIC if:
The maximum AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit is still $3,100.
taxmap/instr/i1040gi-001.htm#TXMP7f5d2973

IRA deduction expanded.(p7)

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You may be able to take an IRA deduction if you were covered by a retirement plan and your 2010 modified AGI is less than $66,000 ($109,000 if married filing jointly or qualifying widow(er)). If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2010 modified AGI is less than $177,000.
taxmap/instr/i1040gi-001.htm#TXMP2355275b

Recapture of first-time homebuyer credit.(p7)

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If you claimed the first-time homebuyer credit for a home you bought in 2008, you generally must begin repaying it in 2010. See Form 5405 for details.
taxmap/instr/i1040gi-001.htm#TXMP26cdec88

Roth IRAs.(p7)

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Half of any income that results from a rollover or conversion to a Roth IRA from another retirement plan in 2010 is included in income in 2011, and the other half in 2012, unless you elect to include all of it in 2010. In addition, for any tax year beginning after 2009, you can make a qualified rollover contribution to a Roth IRA regardless of the amount of your modified AGI.
taxmap/instr/i1040gi-001.htm#TXMP640d01a8

Alternative minimum tax (AMT) exemption amount.(p7)

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The AMT exemption amount is scheduled to decrease to $33,750 ($45,000 if married filing jointly or a qualifying widow(er); $22,500 if married filing separately).
taxmap/instr/i1040gi-001.htm#TXMP50a1c247

Domestic production activities income.(p7)

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The percentage rate for 2010 increases to 9%. However, the deduction is reduced if you have oil-related qualified production activities income.
taxmap/instr/i1040gi-001.htm#TXMP5061257b

Personal casualty and theft loss limit reduced.(p7)

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Each personal casualty or theft loss is limited to the excess of the loss over $100 (instead of $500).
taxmap/instr/i1040gi-001.htm#TXMP2f5d5764

Expiring tax benefits.(p7)

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The following benefits are scheduled to expire and will not be available for 2010.
taxmap/instr/i1040gi-001.htm#TXMP46bb7714

Personal exemption and itemized deduction phaseouts ended.(p7)

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For 2010, taxpayers with AGI above a certain amount will no longer lose part of their deduction for personal exemptions and itemized deductions.
taxmap/instr/i1040gi-001.htm#TXMP6c5b89cb

Allowance of certain personal credits against the AMT.(p7)

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The allowance of the following personal credits against the AMT has expired.