2008 Standard Deduction Personal Exemption
July 27th, 2010Question: Can I deduct personal exemptions in addition to standard deduction?
I just heard, for the first time, about personal exemptions ($3500) as a deduction for reducing your taxable income. So far, I have always deducted the standard deduction ($8750 for 2008) on my 1040EZ form. Can I use the personal exemption in addition to the standard deduction? How/where would I do that? Does this mean I missed out all these years?
Can I also use personal exemptions if I itemize on Schedule A?
Thank you very much
Claudia
Answer: The standard deduction is $5450 (single filer) for 2008 tax year. 1040EZ really makes it easy for you cuz it combines the standard deduction and personal exemption already. You are not missing out on the personal exemption.
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