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Standard deduction - Wikipedia, the free encyclopedia

Standard deduction

From Wikipedia, the free encyclopedia

Individual taxpayers in the United States are faced with a choice when preparing their tax returns. Starting with their AGI (adjusted gross income), they can itemize their deductions (from a list of allowable items) and subtract the total from their AGI (and any applicable personal exemptions) to arrive at their taxable income. Alternately, they can elect to subtract the standard deduction for their filing status (and any applicable personal exemptions) to arrive at their taxable income.

The applicable standard deduction amounts for tax year 2005 are:

Standard Deductions, Tax Year 2005
Filing status Standard Deduction
Single $5,000
Married Filing Jointly $10,000
Married Filing Separately $5,000
Head of household $7,300
Qualifying widow(er) $10,000

The applicable standard deduction amounts for tax year 2006 are:

Standard Deductions, Tax Year 2006
Filing status Standard Deduction
Single $5,150
Married Filing Jointly $10,300
Married Filing Separately $5,150
Head of household $7,550
Qualifying widow(er) $10,300

The standard deduction is increased if any of the following conditions are met:

  • The taxpayer is age 65 or older
  • The taxpayer's spouse is age 65 or older
  • The taxpayer is legally blind
  • The taxpayer's spouse is legally blind

For each applicable condition, add $1,000 (if the filing status is married filing jointly, married filing separately, or qualifying widow(er)) or $1,250 (if the filing status is single or head of household) to the standard deduction specified above.

For example, a 70-year old single filer's standard deduction would be $6,250. A 40-year old blind single filer's standard deduction would also be $6,250. A married couple, ages 78 and 80, where one spouse is blind would have a standard deduction of $13,000.

[edit] References

2005 1040 Instruction Booklet, Page 36

[edit] External links

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