|
|
| 2007
deductions
and exemptions |
| The standard deductions for Single,
Head of Household and Married Filing Separate increases $200 for 2007. The standard deduction increases
$400
for Joint and Surviving spouses for 2005.
Also, there was a $100 increase for a personal exemption.
|
|
|
Standard Deduction
|
2006 |
2007
|
| Joint returns & surviving spouses |
$10,300 |
$10,700 |
| Married filing separately |
$5,150 |
$5,350 |
| Head of household |
$7,550 |
$7,850 |
| Single |
$5,150 |
$5,350 |
| The
standard deduction is increased by $1,050 for a married taxpayer
aged 65 or older or blind ($2,100 if both 65 and blind);
by $1,300 for a single taxpayer aged 65 or older or blind
($2,600
if both 65 and blind). |
|
| |
| |
| Personal Exemption |
2006 |
2007 |
| |
$3,300 |
$3,400 |
No
personal exemption is allowed to an individual who is eligible
to be claimed as a dependent on another taxpayer's return.
The tax benefit of the personal exemption is phased out for
higher income taxpayers. |
|
| |
|
