2005 Annual Limits Relating to Financial Planning – Federal Income Taxes

Personal exemption $3,200
Phaseout of personal exemption
    Single
    Married filing jointly
    Head of Household
    Married filing separately

$145,950
$218,950
$182,450
$109,450
Standard Deduction
    Single
    Married filing jointly
    Head of Household
    Married filing separately

$5,000
$10,000
$7,300
$5,000
Elderly or blind additional deduction
    Single
    Married

$1,250
$1,000
Phaseout of itemized deductions $145,950
Kiddie tax standard deduction $800
Deduction for self-employed health insurance premiums 100%

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