2003
Minimum Filing Requirements
and Exemption/Deduction Amounts*
Filing Status | Under 65 | Over 65 | Standard Deduction | Exemption | Over 65 or Blind Additional |
Single | $ 7,800 | $ 8,950 | $4,750 | $3,050 | $ 1,150 |
Head Of Household | $10,050 | $11,200 | $7,000 | $3,050 | $1,150 |
Married Filing Jointly | $15,600 | $17,500 | $9,500 | $6,100 | $1,900 |
Married Filing Separately | $7,025 | $9,100 | $4,750 | $3,050 | $1,150 |
Qualified Widow(er) | $12,550 | $13,700 | $9,500 | $3,050 | $950 |
Other Helpful 2003 Information
Earnings Ceiling for Social Security | Under 65 $11,520 Over 65 Unlimited |
Child's Unearned Income Limit | $ 750 |
Self-Employed Insurance Deduction | 100% |
Earned Income Credit Maximum | No Child $ 382, (1) Child $2,547 ( 2) or more $4,204, |
Education Credits | Hope Credit Maximum $1,500, Lifetime Credit maximum $2,000, College Tuition & Fees Deduction $3,000 Maximum |
Child Tax Credit Maximum | $1,000 |
Standard Business Auto Rate | 36 cents per mile |
Charitable Auto Use | 14 cents per mile |
Medical or Moving Auto Use | 12 cents per mile |
Retirement Contributions 2003 | under age 50 over age 50 Traditional IRA/Roth $ 3,000 $ 3,500 401-K & 403-B Plans $12,000 $14,000 Simple IRA Plans $ 8,000 $ 8,500 SEP Plans 25% of earned maximum compensation limit of $200,000 |
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| IMPORTANT TAX ARTICLES
| TAX COURT CASES Earned Income Tax Credit Issue |
note:* certain personal tax situations may alter amounts shown