The standard deduction for taxpayers who do not itemize deductions on Schedule A of Form 1040 is higher for 2007 than it was for 2006. The amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer.
The basic standard deduction amounts for 2007 are:
- Head of household — $7,850
- Married taxpayers filing jointly and qualifying widow(er)s — $10,700
- Married taxpayers filing separately — $5,350
- Single — $5,350
For more information on deductions and exemptions with worksheets included please visit Exemptions, Standard Deductions and Filing Information.
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