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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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Standard Deduction
for Tax Year 2005
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TABLE 1 - STANDARD
DEDUCTION FOR TAXPAYERS WHO ARE: |
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Filing Status |
Deduction |
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Single |
$5,000 |
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Married Filing
JOINTLY or Qualifying Widow(er) |
$10,000 |
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Married Filing
SEPARATELY |
$5,000* |
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Head of Household |
$7,300 |
| *If your
spouse itemizes deductions, then YOU must ALSO itemize deductions.
Your standard deduction is ZERO! |
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TABLE 2 - STANDARD
DEDUCTION FOR TAXPAYERS WHO ARE: |
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Filing Status |
Age 65 or Over
OR Blind |
Age
65 or Over AND Blind |
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Single |
$6,250 |
$7,500 |
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Head of Household |
$8,550 |
$9,800 |
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Married Filing
SEPARATELY |
$6,000* |
$7,000* |
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Married Filing
Jointly or Qualifying Widow(er) |
| Step 1: $10,000
+ $1,000 for EACH spouse age 65 or older. |
| Step 2: Add an
additional $1,000 for EACH blind spouse to the amount calculated
in Step 1. |
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| *If your
spouse itemizes deductions, then YOU must ALSO itemize deductions.
Your standard deduction is ZERO! |
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TABLE 3 - STANDARD DEDUCTION FOR DEPENDENTS |
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The GREATER of:
OR
- The dependent's earned income
(from work) + $250, NOT to exceed the standard deduction shown for
dependent's filing status in:
- Table 1 if dependent is UNDER
age 65, OR
- Table 2 if dependent is age (65
or over) and/or blind
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Click here to return to "What's NEW for Tax Year 2005?" |
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