2007 Annual Limits Relating to Financial Planning – Federal Income Taxes

Personal exemption $3,400
Phaseout of personal exemption – 2/3 phaseout for 2007
    Single
    Married filing jointly
    Head of Household
    Married filing separately

$156,400
$234,600
$195,500
$117,300
Standard Deduction
    Single
    Married filing jointly
    Head of Household
    Married filing separately

$5,350
$10,700
$7,850
$5,350
Elderly or blind additional deduction
    Single
    Married

$1,300
$1,050
Phaseout of itemized deductions
(other than medical, investment interest and casualty, theft & wagering loss)
     2% of AGI in excess of:



$78,200 – Single
$156,400 – MFJ
Kiddie tax standard deduction $850

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