Daily Almanac for
Aug 30, 2008
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Itemized Deductions

Taxpayers may itemize deductions or take the standard deduction. The standard deduction amounts for 2005 were as follows: $5,000 for single persons, $7,300 for heads of household, $10,000 for married filing jointly or qualifying widower, and $5,000 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 2005: state and local 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).


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Adjusted Gross IncomeFederal Individual Income TaxPersonal Exemptions
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