2005
Minimum Filing Requirements
and Exemption/Deduction Amounts*
Filing Status | Under 65 | Over 65 | Standard Deduction | Exemption | Over 65 or Blind Additional |
Single | $ 8,200 | $ 9,450 | $5,000 | $3,200 | $ 1,250 |
Head Of Household | $10,500 | $11,750 | $7,300 | $3,200 | $1,250 |
Married Filing Jointly | $16,400 | $18,400 | $10,000 | $6,400 | $2,000 |
Married Filing Separately | 8,200 | $9,450 | $5,000 | $3,200 | $1,250 |
Qualified Widow(er) | $13,200 | $14,200 | $10,000 | $3,200 | $1,000 |
Other Helpful 2005 Information
Earnings Ceiling for Social Security * Under Full Retirement Age * At Full Retirement Age * Over Full Retirement Age | $12,000 $31,080 $Unlimited |
Child's Unearned Income Limit | $ 800 |
Self-Employed Insurance Deduction | 100% |
Earned Income Credit Maximum | No Child $ 399, (1) Child $2,662 ( 2) or more $4,400, |
Education Credits | Hope Credit Maximum $1,500, 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 | .405 After 9/1 .485 .140 After 9/1 .140 .150 After 9/1 .220 |
Child's Unearned Income Limit | $1,600 |
Estate Tax Exclusion | $2,000,000 |
Gift Limit | $12,000 |
Adoption Credit | $10,630 |
Coverdell Education Contribution Limit | $2,000 |
Qualified Tuition Plan Gift Contribution Limit | $12,000 |
Retirement Contributions 2005 | under age 50 over age 50 Traditional IRA/Roth $ 4,000 $ 4,500 401-K & 403-B Plans $14,000 $18,000 Simple IRA Plans $ 10,000 $ 12,000 SEP Plans 25% of earned maximum compensation limit of $210,000 |
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note:* certain personal tax situations may alter amounts shown