2008
Minimum Filing Requirements
and Exemption/Deduction Amounts*
Filing Status | Under 65 | Over 65 | Standard Deduction | Exemption | Over 65 or Blind Additional |
Single | $ 8,950 | $ 10,300 | $5,450 | $3,500 | $ 1,350 |
Head Of Household | $11,500 | $12,850 | $8,000 | $3,500 | $1,350 |
Married Filing Jointly | $14,400 | $20,000 | $10,900 | $3,500 | $1,050 |
Married Filing Separately | 8,950 | $10,000 | $5,450 | $3,500 | $1,050 |
Qualified Widow(er) | $14,400 | $15,450 | $10,900 | $3,500 | $1,050 |
note:* certain personal tax situations may alter amounts shown
Other Helpful 2008 Information
Earnings Ceiling for Social Security for 2008 * Under Full Retirement Age * At Full Retirement Age * Over Full Retirement Age | $13,560 $36,120 $Unlimited |
Self-Employed Insurance Deduction | 100% |
Earned Income Credit Maximum | No Child $ 438, (1) Child $2,917 ( 2) or more $4,824 |
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 Avg. Charitable Rate Medical / Moving Rate Avg. | .545 .140 .230 |
Child's Unearned Income Limit | $1,800 |
Estate Tax Exclusion | $2,000,000 |
Gift Limit | $12,000 |
Adoption Credit | $11,650 |
Coverdell Education Contribution Limit | $2,000 |
Qualified Tuition Plan Gift Contribution Limit | $12,000 |
Retirement Contributions 2008 | under age 50 over age 50 Traditional IRA/Roth $ 6,000 $ 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 $46,000 |
AVOIDING AN AUDIT IMPORTANT TAX ARTICLES
| TAX COURT CASES Earned Income Tax Credit Issue |