| Deductions and Exemptions
| | Standard Deduction1 | Deduction | | Single | $5,150 | | Joint returns & surviving spouses | $10,300 | | Married filing separately | $5,150 | | Head of household | $7,550 | | | | | Personal Exemption2 | $3,300 |
1 The standard deduction is increased by $1,000 for a married taxpayer aged 65 or older or blind ($2,000 if both 65 and blind); by $1,250 for a single taxpayer aged 65 or older or blind ($2,500 if both 65 and blind).
| | 2 No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer’s return. Also, the tax benefit of the personal exemption is phased out for higher income taxpayers |
| This page was last modified on September 28, 2006 08:36 AM |
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