The standard deduction for taxpayers who do not itemize a deduction(s) on Schedule A of Form 1040 is, in most cases, higher for 2008 than it was for 2007. The amount of the deduction 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 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 seperate 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.

Exemption Amount Increased

The amount of the deduction for each exemption has increased from $3,400 in 2007 to a deduction of $3,500 in 2008.

To learn more about tax deduction information contact Bergerson Tax Services.