2008 Financial Planning Limits - Federal Income Taxes


Personal exemption               $3,500

Phaseout of personal exemption
       Single                    $159,950
       Married filing jointly    $239,950
       Head of Household         $199,950
       Married filing separately $119,975

Standard Deduction
       Single                    $5,450
       Married filing jointly    $10,900
       Head of Household         $8,000
       Married filing separately $5,450

Elderly or blind additional deduction
       Single                    $1,350
       Married                   $1,050

Phaseout of itemized deductions
       Single                    $79,975
       Married filing jointly    $159,950

Kiddie tax standard deduction    $900