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Old 09-11-2008, 11:37 AM
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What are the Standard Deduction Amounts Available for Tax Year 2008?

For Tax Year 2008, the following represent the standard deduction amounts available to US taxpayers filing their Individual Tax Return:

1. Single: $5,450

2. Head of Household: $8,000

3. Married Filing Joint: $10,900

4. Married Filing Separately: $5,450

5. Qualifying Widow/Widower: $10,900

6. Dependent: $900-$5,450 (See Note 1 below)

7. Additional Amount if Blind: $1,050

8. Additional Amount if age 65 or older: $1,050

9. Additional Amount for property taxes: $500 or $1,000 for married filing jointly

Note 1:

Dependents must calculate their standard deduction using an IRS Worksheet.

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