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QUICK TAX FACTS
EXEMPTIONS
Publication 501
EGTRRA TAX LAW 2001 CHANGES EFFECTIVE 2006
Value of each exemption
$3,300
PHASE OUT LIMITS:
(See worksheet in Form 1040 instructions)
FILING STATUSAGI THRESHOLD
Single
$150,500
Head of Household
$188,150
Married Joint (or QW)
$225,750
Married Separate (MS)
$112,875
Note:
Reduce exemptions by 2% for each $2,500 (or any part thereof) over AGI threshold ($1,250 if MS). Beginning in 2006, the dollar amount of your exemptions cannot be reduced to less than $1,100 (each).
TOTAL PHASE OUT:
FILING STATUSNo exemption if AGI exceeds:
Single
$273,000
Head of Household
$310,650
Married Joint (or QW)
$348,250
Married Separate (MS)
$174,125
The information provided in this "Quick Tax Facts" section is intended as a general guideline only. For the most detailed and up-to-date information, contact us at 518-783-7200, or visit www.irs.gov.
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