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Itemized Deductions
Taxpayers may itemize deductions or take the standard deduction. The
standard deduction amounts for 2008 were as follows: $5,450 for single
persons, $8,000 for heads of household, $10,900 for married filing jointly
or qualifying widower, and $5,450 for married filing separately. Taxpayers
65 and older or blind are entitled to an additional standard deduction of
$1,250.
In itemizing deductions, the following are major items that may be
deducted in 2008: state, local, and foreign income, and property taxes,
charitable contributions, employee moving expenses, medical expenses
(exceeding 7.5% of adjusted gross income), casualty losses (only the
amount over the $100 floor which exceeds 10% of adjusted gross income),
mortgage interest, and miscellaneous deductions (deductible only to the
extent by which cumulatively they exceed 2% of adjusted gross income).
Information Please® Database, © 2008 Pearson
Education, Inc. All rights reserved.
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