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2006 Tax Changes

Exemption and Standard Deduction Increases

	2006	2007
Married Filing Joint	$10,300	$10,700
Single	$5150	$5350
Head of Household	$7550	$7850
Married Filing Separate	$5150	$5350
Exemptions	$3300	$3400

Personal Exemption PhaseOuts: (Personal exemption amounts begin phasing out after the following Adjusted Gross Income amounts)

	2006	2007
Married Filing Joint	$225,750	$234,600
Single	$150,500	$156,400
Head of Household	$188,150	$195,500
Married Filing Separate	$112,875	$117,300

Itemized Deduction Phaseouts: (Itemized deductions begin phasing out after the following Adjusted Gross Income amounts

	2006	2007
Married Filing Joint	$150,500	$156,400
Single	$150,500	$156,400
Head of Household	$150,500	$156,400
Married Filing Separate	$75,250	$78,200

Roth IRA Contribution Phaseouts: (Contributions to a Roth IRA are limited by Adjusted Gross Income and phase out totally at the top range amounts. If you anticipate your AGI to exceed these amounts and have already made a contribution to a Roth IRA, please call our office to discuss your situation.)

	2006
Married Filing Joint	$150,000 to $160,000
Single	$95,000 to $110,000
Head of Household	$95,000 to $110,000
Married Filing Separate	$0 to $10,000

Roth IRA Conversions: (Conversion of a tradional IRA to a Roth are limited by Adjusted Gross Income. A conversion is not allowed if your AGI exceeds the following amounts.)

	2006
Married Filing Joint	$100,000
Single	$100,000
Head of Household	$100,000
Married Filing Separate	Not Allowed