Federal Standard Tax Deduction
The Federal Standard Tax Deduction for taxpayers who do not itemize has been raised for 2008.
The base amount for each filing status is listed below.
Standard Deduction Table
| Filing Status | Standard Deduction |
|---|
| Single | $5,450 |
| Head of Household | $8,000 |
| Married Filing Separately | $5,450 |
| Married Filing Jointly | $10,900 |
| Qualifying Widow(er) | $10,900 |
Standard deductions are then increased if the taxpayer is 65 or older or blind.
The standard deduction may also be increased by $500 for any state or local real estate taxes paid in 2008 or up to $1000 for persons married filing jointly.
The standard deduction may also be increased by the net disaster loss from any federally declared disaster.
A more exact standard deduction can be calculated using worksheet 3 from Exemptions, Standard Deduction, and Filing Information