Federal Updates
2012 Federal Limits Impacted by COLA, Including SS Wage Base
Following are highlights from the 2012 changes influenced by Cost of Living Adjustments.
Announced in Revenue Procedure 2011-52:
Standard Deduction
Married Filing Jointly, Surviving Spouse – $11,900, increase of $300
Head of Household – $8,700, increase of $200
Single or Married Filing Separately – $5,950, increase of $150
Qualified Transportation
Commuter Vehicle or Transit Pass – $125
Qualified Parking – $240, increase of $10
Announced in IR-2011-103:
Elective 401(k), 403(b), and 457 plan contribution limit – $17,000, increase of $500
Announced in SSA 2012 COLA Fact Sheet:
Social Security Wage Base – $110,100, increase of $3,300
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