2008 Standard Deduction
November 30, 2008 by: The Tax ManThe basic standard deduction amounts for 2008 are:
Head of household deduction is $8,000
Married taxpayers filing jointly and qualifying widow(er)s deduction is $10,900
Married taxpayers filing a separate deduction is $5,450
Single deduction is $5,450
The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer may not exceed the greater of $900 or the sum of $300 and the individual’s earned income.
For 2008, the additional standard deduction amount for a person who is age 65 or older or blind is $1,050. If you are single and not a surviving spouse, the additional standard deduction amount is $1,350.
