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2008 Tax Deductions
2008/2009 Tax Rate Guide
2008 Filing Requirements
2008 Tax Deductions
2008 Earned Income Credit
2008 Dependent and Education Guidelines
2008 Miscellaneous Rates
2008 MACRS Recovery Periods
| STANDARD DEDUCTIONS |
|---|
| IF YOUR FILING STATUS IS... | BASE AMOUNT | ADDITIONAL AMOUNT FOR BLINDNESS OR OVER AGE 65 |
| Single | $5,450 | $1,350 |
| Married Filing Jointly | $10,900 | $1,050 |
| Married Filing Separate | $5,450 | $1,050 |
| Head of Household | $8,000 | $1,350 |
| Qualifying Widow(er) with Dependent Child | $10,900 | $1,050 |
| Dependent of Another | $900 or Earned Income + $300 | $10,50 or $1,350 if single or HOH |
| WHERE TO DEDUCT YOUR INTEREST EXPENSE |
|---|
| IF YOU HAVE... | THEN DEDUCT IT ON... | AND FOR MORE INFORMATION GO TO... |
| Deductible student loan interest | Form 1040, line 33 or Form 1040A, line 18 | Publication 970 |
| Deductible home mortgage interest and points reported on Form 1098 | Schedule A (Form 1040), line 10 | Publication 936 |
| Deductible home mortgage interest not reported on Form 1098 | Schedule A (Form 1040), line 14 | Publication 936 |
| Deductible points not reported on Form 1098 | Schedule A (Form 1040), line 12 | Publication 936 |
| Deductible investment interest (other than interest incurred to produce rents or royalties | Schedule A (Form 1040), line 13 | Publication 550 |
| Deductible business interest (non-farm) | Schedule C or C-EZ (Form 1040) | Publication 535 |
| Deductible farm business interest | Schedule F (Form 1040) | Publications 225 and 535 |
| Deductible interest incurred to produce rents or royalties | Schedule E (Form 1040) | Publications 527 and 535 |
| Personal Interest | Not Deductible | |
| STUDENT LOAN INTEREST DEDUCTION |
|---|
| Maximum Interest Deduction | $2,500 |
| Modified Adjusted Gross Income Phaseout: | |
| Married Filing Jointly | $115,000-$145,000 |
| Single/HOH | $55,000-$70,000 |
| PHASEOUT OF IRA DEDUCTIONS |
|---|
| FILING STATUS | AGI BEGIN PHASEOUT | AGI FULLY PHASED OUT |
| Single (or Married Filing Separate & lived apart from spouse for all of 2008) | $53,000 | $63,000 |
| Married Filing Jointly | $85,000 ($156,000 if spouse is not covered by a pension plan) | $105,000 ($166,000 if spouse is not covered by a pension plan |
| Married Filing Separate | $0.00 | $10,000 |
| Head of Household | $53,000 | $63,000 |
| Qualifying Widow(er) | $85,000 | $105,000 |
| ALTERNATIVE MINIMUM TAX |
|---|
| First $175,000 ($87,500 married, separate) of Alternative Minimum Taxable Income | 26% |
| Over $175,000 of Alternative Minimum Taxable Income | 28% |
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| EXEMPTIONS: |
| Married Filing Jointly or Qualifying Widow(er) | $69,950 |
| Married Filing Separate | $34,975 |
| Single or Head of Household | $46,200 |
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| EXEMPTION PHASEOUT: |
| 25% of amount AMTI exceeds: |
| Filing Status | AGI Begin Phaseout | AGI Fully Phaseout |
| MFJ/Surviving Spouse | $150,000 | $429,800 |
| Single/HOH | $112,500 | $297,300 |
| Married Filing Separate | $75,000 | $214,900 |
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| EXEMPTION AMOUNTS |
|---|
| Personal and Dependent | $3,500 |
| Estate Amount | $600 |
| Simple Trust* | $300 |
| Complex Trust | $100 |
| PHASEOUT POINTS FOR EXEMPTIONS |
|---|
| TYPE OF TAXPAYER | PHASEOUT BEGINS | PHASEOUT ENDS |
| Single | $159,950 | $282,450 |
| Married Filing Jointly | $239,950 | $362,450 |
| Married Filing Separate | $119,950 | $181,225 |
| Head of Household | $199,950 | $322,450 |
| Qualifying Widow(er) with Dependent Child | $239,950 | $362,450 |
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Fremont, CA 94538
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