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New Personal Exemptions and Standard Deductions for 2009
For 2009, personal exemptions and standard deductions
will rise and tax brackets will widen because of inflation.
• The vale of each personal and dependency exemption,
available to most taxpayers, is $3,650 up $150 from 2008.
• The new standard deductions is $11,400 for married couples
filing a joint return (up $500), $5,700 for singles and married
individuals filing separately (up $250) and $8,350 for heads
of household (up $350). Nearly two out of three taxpayers take
the standard deduction, rather than itemizing deductions, such
as mortgage interest, charitable contributions and state and
local taxes.
• Tax-bracket thresholds increase for each filing status.
For a married couple filing a joint return, for example, the
taxable-income threshold separating the 15-percent bracket from
the 25-percent bracket is $67,900, up from $65,100 in 2008.
• The maximum earned income tax credit for low and moderate
income workers and working families with two or more children
is $5,028, up form $4824. the income limit for the credit for
joint return filers with two or more children is $43,415, up
from $41,646.
• The annual gift exclusion rises to $13,000, up from
$12,000 in 2008.
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