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Exemptions, Standard Deductions and General Filing Information
Larry Denton
Exemptions, Standard Deductions and Filing Information for 2005
Beginning in 2005, you will use new rules to determine whether you can claim an exemption for a dependent. You can claim an exemption for a “qualifying child” or a “qualifying relative.”
Head of household filing status. Beginning in 2005, you will use new rules to determine whether someone is your qualifying person so you can claim head of household filing status. To be your qualifying person, a child generally must be your “qualifying child.”
Generally, the amount of income you can receive before you must file a return has increased. Table 1, shown below, the filing requirements for most taxpayers are as follows:
Table 1. 2005 Filing Requirements Chart for Most Taxpayers
IF your filing status is... AND at the end of 2005 you were... * THEN file a return if your gross income was at least... **
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
* If you were born before January 2, 1941, you are considered to be 65 or older at the end of 2005.
** Gross income means all income you received in the form of money, goods, property, and
services that is not exempt from tax, including any income from sources outside the United
States (even if you may exclude part or all of it). Do not include social security benefits unless
you are married filing a separate return and you lived with your spouse at any time during
2005.
*** If you didn't live with your spouse at the end of 2005 (or on the date your spouse died) and
your gross income was at least $3,200, you must file a return regardless of your age.
The amount you can deduct for each exemption has increased from $3,100 in 2004 to $3,200 in 2005.
Exemption for individual displaced by Hurricane Katrina. You may be able to claim a $500 exemption if you provided housing to a person displaced by Hurricane Katrina. For details, see Exemption for Individual Displaced by Hurricane Katrina.
You lose all or part of the benefit of your exemptions if your adjusted gross income is above a certain amount. The amount at which this phaseout begins depends on your filing status. For 2005, the phaseout begins at $109,475 for married persons filing separately; $145,950 for single individuals; $182,450 for heads of household; and $218,950 for married persons filing jointly or qualifying widow(ers).
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