2007
Minimum Filing Requirements
and Exemption/Deduction Amounts*
Filing Status | Under 65 | Over 65 | Standard Deduction | Exemption | Over 65 or Blind Additional |
Single | $ 8,750 | $ 10,050 | $5,350 | $3,400 | $ 1,300 |
Head Of Household | $11,250 | $12,550 | $7,850 | $3,400 | $1,300 |
Married Filing Jointly | $17,500 | $19,600 | $10,700 | $6,800 | $2,100 |
Married Filing Separately | 8,750 | $10,050 | $5,350 | $3,400 | $1,300 |
Qualified Widow(er) | $14,100 | $15,400 | $10,700 | $3,400 | $1,300 |
Other Helpful 2007 Information
Earnings Ceiling for Social Security for 2007 * Under Full Retirement Age * At Full Retirement Age * Over Full Retirement Age | $12,960 $34,440 $Unlimited |
Self-Employed Insurance Deduction | 100% |
Earned Income Credit Maximum | No Child $ 428, (1) Child $2,853 ( 2) or more $4,716 |
Education Credits | Hope Credit Maximum $1,650, Lifetime Credit maximum $2,000, College Tuition & Fees Deduction $4,000 Maximum |
Child Tax Credit Maximum | $1,000 |
Standard Business Auto Rate Charitable Rate Medical / Moving Rate | .485 .140 .200 |
Child's Unearned Income Limit | $1,700 |
Estate Tax Exclusion | $2,000,000 |
Gift Limit | $12,000 |
Adoption Credit | $11,390 |
Coverdell Education Contribution Limit | $2,000 |
Qualified Tuition Plan Gift Contribution Limit | $12,000 |
Retirement Contributions 2007 | under age 50 over age 50 Traditional IRA/Roth $ 4,000 $ 5,000 401-K & 403-B Plans $15,500 $20,500 Simple IRA Plans $ 10,500 $ 13,000 SEP Plans 25% of earned maximum compensation limit of $44,000 |
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| AVOIDING AN AUDIT IMPORTANT TAX ARTICLES
| TAX COURT CASES Earned Income Tax Credit Issue |
note:* certain personal tax situations may alter amounts shown