Standard deduction amount increases in most cases in 2005 years ago
The standard deduction for taxpayers who do not itemize deductions on Schedule A of Form 1040 is, in most cases, higher for 2005 than it was for 2004. The amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer.
The basic standard deduction amounts for 2005 are:
— Head of household - $7,300
— Married taxpayers filing jointly and qualifying widow(er)s - $10,000
— Married taxpayers filing separately - $5,000 * Single - $5,000
The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer may not exceed the greater of $800 or the sum of $250 and the individual's earned income.
