Key 2011 Exemptions and Deductions
Listed here are key deduction rates for 2011.
Personal Exemptions
The personal exemption for each qualifying dependent in 2011 is:
2011 | 2010 | |
Exemption | $3,700 | $3,650 |
Note: The exemption phase-out calculation for clients above certain income thresholds does not apply in 2011.
Standard Deductions
Standard Deductions in 2011 for those who do not itemize are presented here. Unlike 2010, most Standard Deductions increase slightly versus last year.
2011 | 2010 | |
Single | $5,800 | $5,700 |
Married Filing Sep. | $5,800 | $5,700 |
Married Filing Joint | $11,600 | $11,400 |
Head of Household | $8,500 | $8,400 |
If 65 or over and/or blind add:
2011 | 2010 | |
Single/Head of Household | $1,450 | $1,400 |
Married / Surviving Spouse | $1,150 | $1,100 |
Note: The deduction phase-out calculation for clients above certain income thresholds does not apply in 2011.
Standard Mileage Rates
The standard mileage rates for 2011 are:
Rate/Mile | 1/1-6/30 | 7/1-12/31 |
Business Travel | $.51 | $.555 |
Medical/Moving | $.19 | $.235 |
Charitable Work | $.14 | $.14 |