What's New for the 2011 Form 1040?
NEW YORK (MainStreet) -- OK, you can stop holding your breath. There is not much new for the 2011 federal income tax return other than the annual indexing for inflation.
The personal exemption for 2011 is $3,700, and the standard deductions are $5,800 for single filers (and married filing separate), $11,600 for married couples filing joint and $8,500 for head-of-household filers.
The standard deduction for dependents is the greater of earned income plus $300 or $950, not to exceed $5,800.
|Expiring tax breaks and new capital gains rules mean that 2011 tax filings won't look like 2010's.|
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