Key 2010 Exemptions and Deductions

Listed here are key deduction rates for 2010.

Personal Exemptions

The personal exemption for each qualifying dependent remains at $3,650 for 2010.

2010 Alert: The phase-out of the personal exemption will not apply in 2010. This includes taxpayers with adjusted gross incomes in excess of the former phase-out-amounts.

Standard Deductions

Standard deductions for those who do not itemize are shown below. Only the deduction for head of household increases for 2010.

  2010 2009
Single $5,700 $5,700
Married Filing Sep. $5,700 $5,700
Married Filing Joint $11,400 $11,400
Head of Household $8,400 $8,350

 

If 65 or over and/or blind add:

  2010 2009
Single/Head of Household $1,400 $1,400
Married / Surviving Spouse $1,100 $1,100

 

2010 Alert: The real estate tax standard deduction is available again in 2010. It is up to $500 (single) and $1,000 (married).

2010 Alert: The overall phase-out limitation on itemized deductions does not apply in 2010. This includes taxpayers with adjusted gross income in excess of the former phase-out amounts.

Standard Mileage Rates

The standard mileage rates for 2010 are:

Mileage Rate/Mile
Business Travel $.50
Medical/Moving $.165
Charitable Work $.14