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Frank DiPaola,
EA
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Tax Accountant |
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Tax Form Processing LLC
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FOR THE TAXPAYERSM |
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www.TaxFormProcessing.com |
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2400 N Forsyth Road Suite 101 |
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Orlando, FL 32807-6445 |
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What's NEW for Tax Year 2005? |
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Personal and
Dependent Exemptions for Tax Year 2005
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$3,200*
per exemption |
*Exemption amount begins to phase-out when adjusted gross income
(AGI) reaches:
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$145,950 if Single
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$182,450 if Head of Household
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$218,950 if Married Filing JOINTLY or Qualifying Widow(er)
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$109,475 if Married Filing SEPARATELY
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Additional Exemption Amount
for Taxpayers Housing Individuals Displaced by Hurricane Katrina
You may be able to claim an additional
exemption amount of $500 per person (up to $2,000) if you provided
housing to a person who was displaced from his or her main home because
of Hurricane Katrina and ALL of the following apply:
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The person displaced lived in your main
home for AT LEAST 60 consecutive days in year 2005,
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You did NOT receive any rent or other
amount from any source for providing the housing,
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The main home on August 28, 2005 of the
person displaced was in the Hurricane Katrina disaster area, AND
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The person displaced was NOT your spouse
or dependent.
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Click here to return to "What's NEW for Tax Year 2005?" |
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