2004
Minimum Filing Requirements
and Exemption/Deduction Amounts*
Filing Status | Under 65 | Over 65 | Standard Deduction | Exemption | Over 65 or Blind Additional |
Single | $ 7,950 | $ 9,150 | $4,850 | $3,100 | $ 1,200 |
Head Of Household | $10,250 | $11,450 | $7,150 | $3,100 | $1,200 |
Married Filing Jointly | $15,900 | $17,800 | $9,700 | $6,200 | $1,900 |
Married Filing Separately | $7,950 | $9,150 | $4,850 | $3,100 | $1,200 |
Qualified Widow(er) | $12,800 | $13,750 | $9,700 | $3,100 | $950 |
Other Helpful 2004 Information
Earnings Ceiling for Social Security | Under 65 $11,640 Over 65 Unlimited |
Child's Unearned Income Limit | $ 800 |
Self-Employed Insurance Deduction | 100% |
Earned Income Credit Maximum | No Child $ 390, (1) Child $2,604 ( 2) or more $4,300, |
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 | 37.5 cents per mile |
Charitable Auto Use | 14 cents per mile |
Medical or Moving Auto Use | 14 cents per mile |
Retirement Contributions 2004 | 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 |
|
| AVOIDING AN AUDIT IMPORTANT TAX ARTICLES
| TAX COURT CASES Earned Income Tax Credit Issue |
note:* certain personal tax situations may alter amounts shown