Instructions For Form 1040 - Draft Worksheet(S) And Tables - 2008 Page 11

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Deduction for Exemptions Worksheet—Line 42
Keep for Your Records
1.
Is the amount on Form 1040, line 38, more than the amount shown on line 4 below for your filing status?
Multiply $3,500 by the total number of exemptions claimed on Form 1040, line 6d, and enter the
No.
STOP
result on Form 1040, line 42.
Continue
Yes.
2.
Multiply $3,500 by the total number of exemptions claimed on Form 1040, line 6d . . . . . . . . . . . . . . . . . . . . .
2.
3.
Enter the amount from Form 1040, line 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.
4.
Enter the amount shown below for your filing status.
Single — $159,950
}
Married filing jointly or qualifying widow(er) — $239,950
. . . . . .
4.
Married filing separately — $119,975
Head of household — $199,950
5.
Subtract line 4 from line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.
6.
Is line 5 more than $122,500 ($61,250 if married filing separately)?
Multiply $2,333 by the total number of exemptions claimed on Form 1040, line 6d.
Yes.
Enter the result here and on Form 1040, line 42. Do not complete the rest of this
worksheet.
Divide line 5 by $2,500 ($1,250 if married filing separately). If the result is not a
No.
whole number, increase it to the next higher whole number (for example, increase
0.0004 to 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.
7.
Multiply line 6 by 2% (.02) and enter the result as a decimal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.
.
8.
Multiply line 2 by line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.
9.
Divide line 8 by 3.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.
10.
Deduction for exemptions. Subtract line 9 from line 2. Enter the result here and on
Form 1040, line 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.
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Parent category: Financial