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| 2005 General
Tax Information |
| |
| 2005 Filing
Requirements |
| Single |
under 65 |
$8,200 |
| 65 or older |
$9,450 |
| Head of
household |
under 65 |
$10,500 |
| 65 or older |
$11,750 |
| Married, filing jointly*** |
under 65 (both spouses) |
$16,400 |
| 65 or older (one spouse) |
$17,400 |
| 65 or older (both spouses) |
$18,400 |
| Married, filing separately |
any age |
$3,200 |
| Qualifying widow(er) with
dependent child |
under 65 |
$13,200 |
| 65 or older |
$14,200 |
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*If you were born on January 1, 1941, you are
considered to be age 65 at the end of 2005.
**Gross Income means all income you received in the form of
money, good, property, and services that is not exempt from
tax, including any income from sources outside the United States
(even if you may exclude all or part of it). Do not include
Social Security benefits unless you are married filing a seperate
return and you lived with your spouse at any time in 2005.
***If you did not live with your spouse at the end of 2005 (or
on the date your spouse died) and your gross income was at least
$3,100, you must file a return regardless of age. |
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| 2005 Itemized
Deductions |
| Itemized 2005 Itemized Deductions (Phaseout) |
| All filing status' but Married Filing
Separate (Phaseout) |
$145,950 |
| Married Filing Separate
(Phaseout) |
$72,975 |
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| 2005 Standard
Deductions |
| |
| 2005 Education
Provisions |
| Hope Scholarship Credit |
$1000 |
Student
Loan Interest Deduction (Phaseout)
| Married Filing
Joint |
$105,000 - $135,000 |
| Single/Head of Household |
$50,000 - $65,000 |
|
Education Expense Deduction
| Single with AGI
0 to $65,000: |
$4000 |
| Married Filing Joint with AGI 0
to $80,000: |
$4000 |
| Single with AGI $66,000 to $130,000: |
$2000 |
| Married Filing Joint with AGI $66,000
to $160,000: |
$2000 |
|
U.S. Savings Bond Interest
Exclusion (Phaseout)
| Married Filing
Joint |
$91,850 to $121,850 |
| All other filing status |
$61,200 to $76,200 |
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| 2005 Mileage
Rates |
| Business Mileage |
40.5 cents per mile |
48.5 cents per mile (after August 31,
2005) |
| Charitable Mileage |
14 cents per mile |
|
| Medical Mileage |
15 cents per mile |
22 cents per mile (after August 31, 2005) |
|
| |
| 2005 Miscellaenous |
| Annual Exclusion for Gifts |
$11,000 |
| Annual Exclusion for
Gifts to Spouse not a Citizen |
$117,000 |
| Unearned Income of Minor Child (Kiddie
Tax) |
$800 ($8,000 for parental election) |
| Interest on Certain
Portion of Estate Tax Payable in Installments (Sec. 6166;
2% portion) |
$1,170,000 |
| Valuation of Qualified Real Property
in Decendent's Gross Estate (Sec. 2032A) |
$850,000 |
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| |
| 2005 Exemptions |
| Personal Exemptions |
|
| Exemption |
$3200/person |
| Personal Exemption
Phaseout |
|
| Single (Phaseout) |
$145,950 |
| Married Filing Joint and qualifying widow(er)s
with dependent children (Phaseout) |
$218,950 |
| Head of Household (Phaseout) |
$182,450 |
| Married, filing separate return (Phaseout) |
$109,475 |
|
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| 2005 Withholding
Table |
[ Download ] |
| |
| 2005 Adoption
Credit |
| Maximum credit for child with special
needs |
$10,630 |
| Other adoptions, qualified
expenses up to |
$10,630 |
| Phaseout range, modified AGI |
$159,450 to $199,450 |
|
| |
| 2005 Estate
and Gift Taxes |
| Unified Credit Amount |
$1,500,000 |
| Credit Allowed for
State Death Taxes |
25% |
| Estate/Gift Tax Rate (before phaseout) |
48% |
|
| |
| 2005 EIC |
| Excessive Investment Income for Earned
Income Tax Credit |
$2,700 |
| Income Limit for maximum
EITC amount |
|
| Qualifying individual w/ 1 child |
$7,830 |
| Qualifying individual w/o children |
$ 5,220 |
| Maximum Amount of Credit |
|
| Qualifying individual w/ 1 child |
$2,662 |
| Qualifying individual w/ 2 or more children
|
$4,400 |
| Qualifying individual w/o children |
$399 |
| AGI Phaseout Ranges |
|
| Married Filing Joint w/ 1 child |
$16,370 - $33,030 |
| Married Filing Joint w/ 2 or more children
|
$16,370 - $37,263 |
| Other Filing Status w/ 1 child |
$14,370 - $31,030 |
| Other Filing Status w/ 2 or more children
|
$14,370 - $35,263 |
| Married Filing Joint w/o children |
$ 8,530 - $13,750 |
| Other Filing Status
w/o children |
$ 6,530 - $11,750 |
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