|
Personal and dependency exemptions $3,300 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 2006 phase-out ranges
are:
|
Single taxpayers |
$145,950 - 268,450 |
|
Married
filing jointly (1) |
$218,950 - 341,450 |
|
Married
filing separately |
$109,475 - 170,725 |
|
Heads
of households |
$182,450 - 304,950 |
(1)
includes surviving spouses
Standard
Deductions: in lieu of itemizing deductions, standard
deductions are available when more beneficial than itemized
deductions.
| Single
taxpayers |
$5,150 |
| Married
filing jointly (1) |
$10,300 |
| Married
filing separately |
$5,150 |
| Heads
of households |
$7,550 |
| Dependents
who need to file (but could be up to $5,150 depending
on the amount of their earned income) |
$850 |
Taxpayers who are blind or age 65 and over may obtain an additional standard deduction of $1,000 if married (whether filing jointly or separately) or $1,250 if single or head of household. If a taxpayer is both blind and over age 65, double these amounts.
|
