On Thursday the IRS released the standard deduction amounts for 2011. This will affect your 2011 tax return that you’ll file in 2012.
- The personal exemption amount will increase to $3,700 (up from $3,650 for 2010 returns).
- The standard deduction for married couples will be 11,600 (up $200 from 2010); $5,800 for single and married filing separately (up $100); and $8,500 for head of household (up $100).
- The tax bracket thresholds will increase slightly. For example, the 25% tax bracket for a married couple will begin at $69,000 (up $1,000 from 2010).
Read more in this IRS news release.
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