Individual Income Tax 2007 Update. Shana L. Francis Kevin D. Klein. Today’s Presentation. 2007 Federal Update Looking Forward: 2008 Federal Changes 2007 Virginia Update Looking Forward: 2008 Virginia Changes. Elective Salary Deferrals. 401(k) maximum elective deferral for 2007:
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Shana L. Francis
Kevin D. Klein
Examples: Cancelled check, Letter from Charity, etc.
*Both credits subject to phase-out
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