Personal Exemptions and Standard Deduction Increase for 2006 Tax Year
Monday October 31, 2005
The IRS announced changes in various inflation-related tax benefits for the 2006 tax year. The following changes will apply to 2006 returns filed in 2007:
- Personal exemption for yourself, spouse, and dependents, increased to $3,300.
- Standard deduction increased to $5,150 for single taxpayers, $7,550 for head of household taxpayers, and $10,300 for married taxpayers filing jointly.
Comments
I believe the filing status is called “Head of Household” not “Health”
Many thanks for alerting me about the spelling error.
I know you wrote this a long time ago but can I claim the standard deduction AND another 3,300 for myself?
Thanks
I know you wrote this a long time ago but can I claim the standard deduction AND another 3,300 for myself?
Thanks
Yes, you can claim both the standard deduction and the personal exemption for yourself. The only reason you would not be able to claim a personal exemption is if someone else could claim you as a dependent.