IRA Contributions
The maximum contribution amount for tax year 2011 is $5,000.  The maximum contribution amount remains $4,000 for tax-years 2006 and 2007. The catch-up contribution increases to $1,000 (from $500) for tax-year 2006 and later years. Therefore, taxpayers age 50 and older can contribute up to $6,000 (from $5,000). The maximum contribution amount is $5,000 for tax years after December 31, 2007 (indexed for inflation after tax-year 2008).
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Elective Deferrals
The maximum deferral to 401(k) plans, 403(b) annuities, 457 deferrals, and salary reduction SEPs increases to $16,500 (from $15,500). The maximum contribution to a SIMPLE plan remains $10,000. 2011 catch up contributions for taxpayers 50 and over.
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IRA Deduction Phaseout
If a taxpayer is covered by a retirement plan at work, their IRA deductions may be limited if the AGI on Form 1040 is:

• $89,000-$109,000 - married filing jointly or qualifying widow(er) (from $85,000-$105,000)
• $56,000-$66,000 - single or head of household
• $0-$10,000 - married filing separately (remains the same)

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Investment Income
If the taxpayer's investment income is over $3,100 (from $2,950), the taxpayer is not eligible for the Earned Income Credit.
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Education Credit
The maximum Hope Credit increases to $2,500 per eligible student. The maximum Lifetime Learning Credit remains $2,000 per tax return. The phase-out range for the Lifetime Learning Credits is $100,000 - $120,000 if married filing jointly and $50,000 - $60,000 for all other filing statuses. The phase-out range for the Hope credit is $160,000 - $180,000 and $80,000 - $90,000 for all other filing statuses.
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Qualified Adoption Expenses
The credit increases to $13,360 (from $13,170) for qualifying adoption expenses. A credit of $13,360 is allowed for a special needs child regardless of the amount of qualifying expenses. The credit for a special needs child is allowed for the year in which the adoption becomes final. No credit for a special needs child is allowed until the adoption becomes final. The phaseout range increases to $182,210 to $222,510 of modified adjusted gross income.
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Social Security & Medicare Wage base
$106,800 for Social Security.
Medicare Wage Base: No Ceiling
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Child Tax Credit
2011 Tax Year Child Tax Credit amount will remain at $1000.00 per child under age 17 (www.irs.gov).  Refundable to extent 10% of taxpayer’s earned income in excess of $3,000 up to the per child credit amount, if total tax liability, minus nonrefundable credits taken.
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Income Tax Rates
The income tax rates remain 10%, 15%, 25%, 28%, 33%, and 35%.
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Earned Income Credit
IRS will disallow EIC if Federal Case Registry of child Support Orders shows that taxpayer is the non-custodial parent of a child claimed as a qualifying child for EIC.
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Earned Income Credit Amounts Increase
The following paragraphs explain the changes to the credit for 2008.

Amount of credit increased. The maximum amount of the credit has increased. The most you can get is:

• $3,094 if you have one qualifying child,
• $5,112 if you have more than one qualifying child
• $5,751 if you have more than two qualifying children, or
• $464 if you do not have a qualifying child.