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IRS Releases 2012 COLAs

Updates to inflation-adjusted tables, as reported by the IRS, note increases in standard deduction and retirement plan contributions, among other changes.

Here's a summary of the changes:

  •   Standard deduction: 
    • Married couples filing jointly or surviving spouses: $11,900 in 2012, up from $11,600 in 2011
    • Heads of households: $8,700 in 2012, up from $8,500 in 2011 
    • Single taxpayers filing separately: $5,950 in 2012, up from $5,800 in 2011
  • Transportation fringes: For employer-provided transportation fringle benefits, the following amounts may be excluded from gross income:
    • $240/month for qualified parking (up from $230 in 2011)
    • $125/month for any transit pass or transportation in a commuter highway vehicle
  • Foreign earned income exclusion: Under IRC §911(b)(2)(D)(i), the maximum foreign earned income exclusion amount is $95,100 (up from $92,100 in 2011). For foreign housing cost exclusion, the maximum amount is $13,314 (up from $13,006 in 2011).
For a summary of COLA retirement plan limit increases, visit the IRS site. 

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