Publication 553 - Highlights Of 2002 Tax Changes Page 2
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31To adjust your....
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pay electronically. IRS e-file offers accurate, safe, and fast
alternatives to filing on paper.
Withholding
W – 4, Employee’s
919, How Do I
For 2002, 99% of all forms and schedules can be e-filed.
Withholding
Adjust My Tax
You can now e-file a return for a decedent. Even returns
Allowance
Withholding?
with a foreign address can be e-filed.
Certificate
Free Internet filing options. More taxpayers can now
Estimated tax
1040 – ES,
505, Tax
prepare and e-file their individual income tax returns free
payments
Estimated Tax for
Withholding and
using commercial tax preparation software accessible
Individuals
Estimated Tax
through or The IRS is
partnering with the tax software industry to offer free prep-
Photographs of missing children. The Internal Reve-
aration and filing services to a significant number of tax-
nue Service is a proud partner with the National Center for
payers.
Missing and Exploited Children. Photographs of missing
More information. For information on IRS e-file and to
children selected by the Center may appear in this publica-
see if you qualify for the free Internet filing options, visit the
tion on pages that would otherwise be blank. You can help
IRS web site at .
bring these children home by looking at the photographs
and calling 1– 800 – THE –LOST (1 –800 – 843 –5678) if
you recognize a child.
Reduced Income Tax Rates
Comments and suggestions. We welcome your com-
For 2002, the 27.5%, 30.5%, 35.5%, and 39.1% tax rates
ments about this publication and your suggestions for
are reduced to 27%, 30%, 35%, and 38.6%, respectively.
future editions.
10% tax rate. A portion of your income that would be
You can e-mail us while visiting our web site at
subject to a 15% tax rate is subject to a reduced rate of
.
10%. The 10% tax rate is reflected in the tax tables and tax
You can write to us at the following address:
rate schedules. You do not have to make a separate
computation or figure a credit to get the benefits of this
Internal Revenue Service
rate.
Tax Forms and Publications
W:CAR:MP:FP
Standard Deduction Amount
1111 Constitution Ave. NW
Washington, DC 20224
Increased
The standard deduction for taxpayers who do not itemize
We respond to many letters by telephone. Therefore, it
deductions on Schedule A of Form 1040 is, in most cases,
would be helpful if you would include your daytime phone
higher for 2002 than it was for 2001. The amount depends
number, including the area code, in your correspondence.
on your filing status, whether you are 65 or older or blind,
and whether an exemption can be claimed for you by
another taxpayer. The 2002 Standard Deduction Tables
are shown in Publication 501, Exemptions, Standard De-
1.
duction, and Filing Information.
Limit on Itemized Deductions
Tax Changes for
Increased
Individuals
If your adjusted gross income is above a certain amount,
you lose all or part of your itemized deductions. In 2002,
this amount is increased to $137,300 ($68,650 if married
2002 Changes
filing separately). In 2001, the amount was $132,950
($66,475 if married filing separately). For more information
and a worksheet to figure the amount you can deduct, see
the instructions for line 28 of Schedule A (Form 1040).
IRS e-file
Exemption Amount Increased
The amount you can deduct for each exemption has in-
creased from $2,900 in 2001 to $3,000 in 2002.
You may be able to file a paperless tax return.
You lose all or part of the benefit of your exemptions if
Paperless filing is easier than you think and it’s available to
your adjusted gross income is above a certain amount.
most taxpayers who file electronically. You can file elec-
The amount at which the phaseout begins depends on
tronically, sign electronically, and get your refund or even
your filing status. For 2002, the phaseout begins at
Page 2
Chapter 1 Tax Changes for Individuals
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