Current Standard Deduction and Tax Brackets
The IRS has announced new 2011 tax numbers regarding the standard deduction for single filers and for those married filing jointly, as well as the 2011 value of the personal and dependent deduction. By law, these standard tax numbers are adjusted for inflation each year. As a result, these tax deductions can increase or decrease depending upon how prices change.
What Is the Standard Deduction for 2011
There was a small adjustment higher in most IRS tax numbers due to inflation. That means that most taxpayers should benefit from higher income limits and wider tax brackets than they had on their 2010 income taxes.
Standard Deduction 2011
Taxpayers must choose whether to itemize their deduction or take the standard deduction on their income taxes. For most taxpayers whose income comes primarily from a job as a regular employee, the decision about whether it is better to itemize or claim the standard deduction on income taxes comes down to how much mortgage interest they pay. Basically, if the mortgage interest deduction available is higher than the standard deduction amount, then itemizing makes sense.
The new standard deduction amount for 2011 is $11,600 for married couples filing jointly. That is an increase in the standard deduction from 2010 of $200. The 2011 standard deduction for single filers is $5,800, up from $5,700 in 2010.
Those checkboxes on IRS Form 1040 that ask whether you are blind or over age 65 increase the standard tax deduction for each taxpayer. Blind people and senior citizens qualify for an extra $1,150 in their standard deduction for married filers and $1,450 for singles and heads of household.
2011 Tax Brackets Widen
The income tax brackets for 2011 have also widened due to inflation adjustments. For example, the 15 percent tax bracket now goes up to $69,000 for married filing jointly, while the 15 percent tax bracket for single filers goes up to $34,500.
Income Tax Rate 2011
- $0 to $8,500 = 10% bracket
- $8,500 to $34,500 = 15% bracket
- $34,500 to $83,600 = 25% bracket
- $83,600 to $174,400 = 28% bracket
- $174,400 to $379,150 = 33% bracket
- $379,150 and up = 35% bracket
The Tax Bracket 2011 for Married Filing Jointly table is
- $0 to $17,0000 = 10% bracket
- $17,000 to $69,000 = 15% bracket
- $69,000 to $139,350 = 25% bracket
- $139,350 to $212,300 = 28% bracket
- $212,300 to $379,150 = 33% bracket
- $379,150 and up = 35% bracket
The upper ends of each tax bracket are higher for 2011 because the brackets are adjusted for inflation each year.
2011 Tax Deductions Limits Raised
Like other tax numbers, the ceilings and maximum income limits for various tax deductions and tax credits in 2011 have been increased as well.
Although most of the 2011 IRS Publication have not been finalized and posted online at irs.gov yet, many of these higher deduction limits have been published in other locations on the website. You can use the search box below to search IRS.gov for other tax forms or publications.
6 thoughts on “Standard Deduction 2011 and 2011 Tax Brackets”
My wife died in 2007. I’m 73. Can I file as a “Qualifying widower”?? Or do I have to file as single??