Standard Deduction Increased
The standard deduction for people who do not itemize their deductions on Schedule A (Form 1040) is, in most cases,
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Special Limitation Period for Retroactively Excluding Military Retirement Pay
If you retire from the armed services based on years of service and are later given a retroactive service-connected disability
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Qualified Transportation Fringe Benefits
Beginning January 1, 2009, the monthly exclusion for commuter highway vehicle transportation and transit passes increased to $120 and the
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Personal Exemptions
2008 Changes The amount you can deduct for each exemption has increased to $3,500 for 2008. You lose part of
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New Rules for Children of Divorced or Separated Parents
Revocation of release of claim to an exemption. For tax years beginning after July 2, 2008 (the 2009 calendar year
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Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
2009 The limit on the exclusion for payments made on a per diem or other periodic basis under a long-term
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Home/Residence-Related Tax Changes
Discharge of Qualified Principal Residence Indebtedness The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income for
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Health/Medical-Related Tax Changes
Archer Medical Savings Accounts (MSAs) 2010 Changes For Archer MSA purposes for 2010, the minimum annual deductible of a high
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Education-Related Tax Changes
Student Loan Interest Deduction 2009 For 2009, the amount of the student loan interest deduction is phased out (gradually reduced)
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