Personal Exemptions Increased for 2006

The amount you’re allowed to deduct for each exemption has increased $100 to $3,300 in 2006. You lose all or part of the exemptions if your Adjusted Gross Income is above a certain amount. For tax year 2006, the phase-out begins at:

• $112,875 - Married persons filing separately (up from $109,475 in 2005).
• $150,500 - Single individuals (up from $145,950 in 2005).
• $188,150 - Heads of households (up from $182,450 in 2005).
• $225,750 - Married persons filing jointly, or qualifying widows and widowers (up from $218,950 in 2005).