Glossary Terms



 

A standard deduction is the standard amount you may deduct from your adjusted gross income (AGI) to calculate taxable income. The amount depends on your tax filing status. For 2007, persons who file a single tax return may take a standard deduction of $5,350. Married persons filing a joint return, or a qualifying widow or widower with a dependent child, may take a standard deduction of $10,700. Married persons filing a separate return may take a standard deduction of $5,350. Persons filing as head of household may take a standard deduction of $7,850.





 

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