Tax Tips & Calculators

If you are 65 or older, your 2009 Standard Deduction increases by $1,400 ($1,100 if MFJ or QW) and by another $1,400 (or $1,100) if blind.

If you are 65 or older, your 2010 Standard Deduction increases by $1,400 ($1,100 if MFJ or QW) and by another $1,400
(or $1,100) if blind.

For 2009, an individual who is claimed as a dependent is entitled to a Standard Deduction of the larger of (1) earned income + $300, or (2) $950. This amount may not exceed the amounts shown above for the dependent's filing status.

For 2010, an individual who is claimed as a dependent is entitled to a Standard Deduction of the larger of (1) earned income + $300, or (2) $950. This amount may not exceed the amounts shown above for the dependent's filing status.

For 2009, nonitemizers may claim an additional Standard Deduction for state and local real property taxes. The maximum additional deduction is $500 ($1,000 MFJ). Nonitemizers may also add to their Standard Deductions the net casualty loss attributable to a federally declared disaster and sales or excise tax paid on the purchase of a new vehicle after February 16, 2009. If the vehicle cost more than $49,500, you can add only the amount that would have been paid on the first $49,500 of the purchase price. Income limitations apply.