Key 2007 Exemptions and Deductions
Listed here for your reference are key deduction rates for 2007.
Personal Exemptions
The personal exemption for each qualifying dependent increases by $100 for 2007.
2007 | 2006 | |
Exemption | $3,400 | $3,300 |
The exemption phases out by 2% for each $2,500 ($1,250 for married filing separately) by which your income is over:
2007 Phase Out | |
Single | $156,400 |
Married Filing Separately | $117,300 |
Married Filing Jointly | $234,600 |
Head of Household | $195,500 |
2007 Alert: This phaseout amount is now reduced by 1/3 in 2007.
Standard Deductions
Standard deductions for those who do not itemize are as follows:
2007 | 2006 | |
Single | $5,350 | $5,150 |
Married Filing Separately | $5,350 | $5,150 |
Married Filing Joint | $10,700 | $10,300 |
Head of Household | $7,850 | $7,550 |
If 65 or over and/or blind add:
2007 | 2006 | |
Single/Head of Household | $1,300 | $1,250 |
Married/Surviving Spouse | $1,050 | $1,000 |
Itemized Deduction Phaseout
Deductions are reduced by 3% of every dollar of Adjusted Gross Income (AGI) over $156,400 ($78,200 if married filing separately) up to a maximum phaseout of 80% of your itemized deductions. Your medical expenses, investment interest, casualty losses and gambling losses are excluded.
2007 Alert: The phaseout amount noted above is now reduced by 1/3 in 2007.
Standard Mileage Rates
The standard mileage rates for 2007 are:
Mileage | 2007 Rate/Mile |
Business Travel | $0.485 |
Medical/Moving | $0.20 |
Charitable Work | $0.14 |