Tax Update Blog: Permalink
« Previous · Tax Update Blog Home · Next »
2004 EXEMPTIONS AND STANDARD DEDUCTIONS
November 24, 2003
The IRS has issued a revenue procedure (Rev. Proc. 2003-85) for all income tax items that are adjusted for inflation for 2004. Some key numbers:
STANDARD DEDUCTION
-Married filing joint returns: $9,700
-Heads of households: $7,150
-Single taxpayers: $4,850
-Married filing separate: $4,850
-Dependent taxpayers: Greater of $800, or earned income plus $250, up to amounts above.
-Aged and blind addtional standard deduction: $950 ($1,200 for unmarried taxpayers other than surviving spouse.
PERSONAL EXEMPTIONS
The 2004 amount will be $3,100; the deduction for personal exemptions will start to phase out at the following income levels:
-Married filing joint returns: $214,050
-Heads of households: $176,350
-Single taxpayers: $142,700
-Married filing separate: $107,025
Bookmark: del.icio.us • Digg • reddit
Tax Updates
Subscribe to Tax Updates
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
Search Tax Updates
Friends and Neighbors
Economics Nerds
Hard-Core Tax Nerds
Gigablogs
Insurance Folk
Goners
Legislation
Tax Update Data Feeds
