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Personal and dependency exemptions $3,050 each person
Phase-out ranges: when adjusted gross income reaches certain levels, personal and dependency exemptions are phased out, effectively increasing the tax burden of individuals in those income ranges. The 2003 phase-out ranges are:
| Single taxpayers |
$139,500 - 262,000 |
| Married filing jointly (1) |
$209,250 - 331,750 |
| Married filing separately |
$104,625 - 165,875 |
| Heads of households |
$174,400 - 296,900 |
(1) includes surviving spouses
Standard Deductions: in lieu of itemizing deductions, standard deductions are available when more beneficial than itemized deductions.
| Single taxpayers |
$4,750 |
| Married filing jointly (1) |
$9,500 |
| Married filing separately |
$4,750 |
| Heads of households |
$7,000 |
| Dependents who need to file (but could be up to $4,750 depending on the amount of their earned income) |
$750 |
Taxpayers who are blind or age 65 and over may obtain an additional standard deduction of $950 if married (whether filing jointly or separately) or $1,150 if single or head of household. If a taxpayer is both blind and over age 65, double these amounts. |
