2006
Minimum Filing Requirements
and Exemption/Deduction Amounts*
| Filing Status | Under 65 | Over 65 | Standard Deduction | Exemption | Over 65 or Blind Additional |
| Single | $ 8,450 | $ 9,700 | $5,150 | $3,300 | $ 1,250 |
| Head Of Household | $10,850 | $12,100 | $7,550 | $3,300 | $1,250 |
| Married Filing Jointly | $16,900 | $18,900 | $10,300 | $6,600 | $2,000 |
| Married Filing Separately | 8,450 | $9,700 | $5,150 | $3,300 | $1,250 |
| Qualified Widow(er) | $13,600 | $14,600 | $10,300 | $3,300 | $1,000 |
note:* certain personal tax situations may alter amounts shown
Other Helpful 2006 Information
| Earnings Ceiling for Social Security for
2007 * Under Full Retirement Age * At Full Retirement Age * Over Full Retirement Age |
$12,480 $33,240 $Unlimited |
| Self-Employed Insurance Deduction | 100% |
| Earned Income Credit Maximum | No Child $ 412, (1) Child $2,747 ( 2) or more $4,536 |
| Education Credits | Hope Credit Maximum $1,500, Lifetime Credit maximum $2,000, College Tuition & Fees Deduction $4,000 Maximum |
| Child Tax Credit Maximum | $1,000 |
| Standard Business Auto Rate Charitable Rate Medical / Moving Rate |
.445 .140 .180 |
| Child's Unearned Income Limit | $1,700 |
| Estate Tax Exclusion | $2,000,000 |
| Gift Limit | $12,000 |
| Adoption Credit | $10,960 |
| Coverdell Education Contribution Limit | $2,000 |
| Qualified Tuition Plan Gift Contribution Limit |
$12,000 |
| Retirement Contributions 2006 |
under age 50 over age 50 Traditional IRA/Roth $ 4,000 $ 5,000 401-K & 403-B Plans $15,000 $20,000 Simple IRA Plans $ 10,000 $ 12,500 SEP Plans 25% of earned maximum compensation limit of $44,000 |
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