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Tax Rates, Deductions and Exemptions

> 2016 Deductions And Exemptions

 

 

2016 Deductions And Exemptions

Standard Deduction 2015 2016
Joint returns & surviving spouses $12,600 $12,600
Married filing separately $6,300 $6,300
Head of household $9,250 $9,300
Unmarried $6,300 $6,300
     
Additional Standard Deductions for Elderly (Ages 65 & Older) &/or Blind Taxpayers 2015 2016
Married / Surviving Spouse $1,250 $1,250
Unmarried / Head of Household $1,550 $1,550
Standard Mileage Allowance $.575 $.54
     
Personal Exemption 2015 2016
  $4,000 $4,050

Button No personal exemption is allowed to an individual who is eligible to be claimed as a dependent on another taxpayer's return. The tax benefit of the personal exemption is phased out for higher income taxpayers. Taxpayers may not claim a dependency exemption for a dependant who is a student and who reaches the age of 24 during the tax year.
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