Standard Deduction for 2011:

• $5,800 for unmarried taxpayers or married taxpayers filing separately
• $11,600 for married taxpayers filing jointly or qualifying widow(er)
• $8,500 for taxpayers filing as head of household

Personal Exemption for 2011:

The personal exemption amount is $3,700 (up from $3,650 in 2010).

Remember that there’s a temporary repeal of the standard deduction and personal exemption income limit phaseout until 2012. This means that all taxpayers will receive the full deduction and exemption amounts. Give us a call if you have questions about this.