Standard Deduction . . .
This entry was posted on 1/17/2007 10:31 AM and is filed under Tax News, Tax Tips.
The Standard Deduction Increased for 2006!
For most people who don't itemize deductions, the basic
standard deduction increased in 2006 to:
- $7,550 - Head of
household.
- $10,300 - Married filing
jointly.
- $10,300 - Qualifying
widows or widowers.
- $5,150 - for married
taxpayers filing separately.
- $5,150 - for single people.
These dedications will not apply if someone can claim you as a dependant. In
those cases, the standard dedication amount for an individual may not exceed
the greater of 1) $850, or 2) the sum of $300 and the individual's earned
income. There are special rules if you file Married Filing Separately.
