Standard Deductions & Personal Exemption
Standard Deduction Amount is increased:
|
Filing Status |
Standard Deduction for 2011 Tax Returns |
Standard Deduction for 2010 Tax Returns |
|
Single or Married Filing Separately |
$5,800 | $5,700 |
|
Married Filing Jointly or Qualified Widow(er) with dependent child |
$11,600 | $11,400 |
|
Head of Household |
$8,500 |
$8,400 |
There are provision for higher Standard Deduction for Age (65 & Older) and/or Blindness. There are separate provisions for Dependent’s Standard Deduction.
Schedule L is no longer in use to figure out your standard deduction.
Personal Exemption Amount is increased:
The amount of exemption you can claim for each exemption is increased from $3,650 to $3,700.
