Standard Deduction 2006 vs 2005

Standard Deduction 2006 vs 2005

Standard Deduction 2006 vs 2005 - The standard deduction for taxpayers who do not itemize deductions on Schedule A of Form 1040 is, in most cases, higher for 2006 than it was for 2005. 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 2006 are:

  • Head of household — $7,550
  • Married taxpayers filing jointly and qualifying widow(er)s — $10,300
  • Married taxpayers filing separately — $5,150
  • Single — $5,150




The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer may not exceed the greater of $850 or the sum of $300 and the individual's earned income.



Standard Deduction 2006 vs 2005

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