IRS 2008 Standard deductions
The amount of Standard deduction changes every year due to adjustments for inflation. The amount for 2008 according to IRS website are:
IRS 2008 Standard deduction for Single Taxpayer: $5,450
IRS 2008 Standard deduction for Married filing jointly: $10,900
IRS 2008 Standard deduction for Head of Household: $8,000
IRS 2008 Standard deduction for Married filing separately: $5,450
The precise amount of standard deduction you can claim also depends on a variety of other factors. If any of the following apply to you, please use the Standard Deduction Worksheet in the Form 1040EZ, 1040A or 1040 instructions.
- You are over 65 years of age.
- You are blind.
- You plan to claim additional standard deduction for state and local taxes.
- A tax exemption can be claimed for you by another taxpayer.
- You have a net disaster loss from a federally declared disaster.
- If you are married but filing separately and your spouse itemizes deductions, you cannot claim a standard deduction. You have to itemize deductions too.
- Non-resident Aliens, dual-status aliens and individuals who file returns for periods of less than 12 months are not eligible for standard deductions.
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i received a $500 deduction for real estate taxes..why is this tax amount (couples received $1000) cut in half when the taxes are based on assessed values and I pay the same as a couple would in the same valued property. Now I get one $250 stimulus check when a couple (eligible ) EACH receive a check (I'm OK with this) but feel Washington knows they "cheated" single individuals owning a home.
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