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Personal and dependency exemptions $3,400 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 2007 phase-out ranges are:
| Single taxpayers |
$156,400 – 278,900 |
| Married filing jointly (1) |
$234,600 – 357,100 |
| Married filing separately |
$117,300 – 178,550 |
| Heads of households |
$195,500 – 310,000 |
(1) includes surviving spouses
Standard Deductions: in lieu of itemizing deductions, standard deductions are available when more beneficial than itemized deductions.
| Single taxpayers |
$5,350 |
| Married filing jointly (1) |
$10,700 |
| Married filing separately |
$5,350 |
| Heads of households |
$7,850 |
| Dependents who need to file (but could be up to $5,350 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 $1,050 if married (whether filing jointly or separately) or $1,300 if single or head of household. If a taxpayer is both blind and over age 65, double these amounts. |
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