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Page 21 of 63 |
What is the standard deduction? |
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The standard deduction is a deduction for individuals who do not have much in "below-the-line" deductions and, rather than make those persons list those minimal deductions, a flat amount is allowed even though the individual has not necessarily paid such amount. For 2007, the standard deduction is $10,700 for joint filers, $5.350 for singles and married filing separately, and $7,850 for heads of household. For 2008, the standard deduction is $10,900 for married filing jointly, $8,000 for heads of household, and $5,450 for single and married filing separately.
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