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2006 Tax Changes
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Exemption and Standard Deduction Increases
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2006
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2007
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| Married Filing Joint |
$10,300
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$10,700
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| Single |
$5150
|
$5350
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| Head of Household |
$7550
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$7850
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| Married Filing Separate |
$5150
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$5350
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| Exemptions |
$3300
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$3400
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Personal Exemption PhaseOuts: (Personal exemption amounts begin phasing out after the following Adjusted Gross Income amounts)
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2006
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2007
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| Married Filing Joint |
$225,750
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$234,600
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| Single |
$160,500
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$156,400
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| Head of Household |
$188,150
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$195,500
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| Married Filing Separate |
$112,875
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$117,300
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Itemized Deduction Phaseouts: (Itemized deductions begin phasing out after the following Adjusted Gross Income amounts
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2006
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2006
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| Married Filing Joint |
$150,500
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$156,400
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| Single |
$150,500
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$156,400
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| Head of Household |
$150,500
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$156,400
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| Married Filing Separate |
$75,250
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$78,200
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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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2006
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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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2006
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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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