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2004 Tax Changes
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Exemption and Standard Deduction Increases
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2003
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2004
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| Married Filing Joint |
$7,950
|
$9700
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| Single |
$4,750
|
$4850
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| Head of Household |
$7000
|
$7150
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| Married Filing Separate |
$3975
|
$4850
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| Exemptions |
$3050
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$3100
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Personal Exemption PhaseOuts: (Personal exemption amounts begin phasing out after the following Adjusted Gross Income amounts)
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2003
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2004
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| Married Filing Joint |
$209,250
|
$214,050
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| Single |
$139,500
|
$142,700
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| Head of Household |
$174,400
|
$178,350
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| Married Filing Separate |
$104,625
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$107,025
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Itemized Deduction Phaseouts: (Itemized deductions begin phasing out after the following Adjusted Gross Income amounts
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|
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2003
|
2004
|
| Married Filing Joint |
$139,500
|
$142,700
|
| Single |
$139,500
|
$142,700
|
| Head of Household |
$139,500
|
$142,700
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| Married Filing Separate |
$69,750
|
$71,350
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Roth IRA Contribution Phaseouts: (Contributions to a Roth IRA are limited by Adjusted Gross Income and phase out totally at the top range amounts. If you anticipate your AGI to exceed these amounts and have already made a contribution to a Roth IRA, please call our office to discuss your situation.)
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2004
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| Married Filing Joint |
$150,000 to $160,000
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| Single |
$95,000 to $110,000
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| Head of Household |
$95,000 to $110,000
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| Married Filing Separate |
$0 to $10,000
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Roth IRA Conversions: (Conversion of a tradional IRA to a Roth are limited by Adjusted Gross Income. A conversion is not allowed if your AGI exceeds the following amounts.)
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|
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2004
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| Married Filing Joint |
$100,000
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| Single |
$100,000
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| Head of Household |
$100,000
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| Married Filing Separate |
Not Allowed
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