Frank DiPaola, EA

Frank DiPaola, EA

Tax Accountant
 Tax Form Processing LLC 
FOR THE TAXPAYERSM
www.TaxFormProcessing.com
2400 N Forsyth Road Suite 101
Orlando, FL 32807-6445
What's NEW for Tax Year 2007?
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Personal and Dependent Exemptions for Tax Year 2007

$3,400* per exemption

*Exemption amount BEGINS to phase-out when adjusted gross income (AGI) reaches:
  • $156,400 if Single

  • $195,500 if Head of Household

  • $234,600 if Married Filing JOINTLY or Qualifying Widow(er)

  • $117,300 if Married Filing SEPARATELY

Exemption amount reaches a maximum phase-out when adjusted gross income (AGI) reaches:

  • $278,900 if Single

  • $318,000 if Head of Household

  • $357,100 if Married Filing JOINTLY or Qualifying Widow(er)

  • $178,550 if Married Filing SEPARATELY

For taxpayers who have AGI in EXCESS of the maximum phase-out, each exemption amount will be $1,133.


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