2008 Deductions and Exemptions

Standard Deduction1 Deduction

Single

$5,450

Joint returns & surviving spouses

$10,900

Married filing separately

$5,450

Head of household

$8,000

Personal Exemption2 $3,500

1 The standard deduction is increased by $1,050 for a married taxpayer aged 65 or older or blind ($2,100 if both 65 and blind); by $1,350 for a single taxpayer aged 65 or older or blind ($2,700 if both 65 and blind).

2 No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer’s return. Also, the tax benefit of the personal exemption is phased out for higher income taxpayers.

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