Publication 501 - Exemptions, Standard Deduction, And Filing Information - 2001
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21Publication 501
Contents
Cat. No. 15000U
Important Changes . . . . . . . . . . . . . . . . 1
Department
Exemptions,
of the
Important Reminders . . . . . . . . . . . . . . 2
Treasury
Standard
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Internal
Revenue
Who Must File . . . . . . . . . . . . . . . . . . . 2
Service
Deduction,
Who Should File . . . . . . . . . . . . . . . . . 4
Filing Status . . . . . . . . . . . . . . . . . . . . 4
and Filing
Exemptions . . . . . . . . . . . . . . . . . . . . . 8
Information
Standard Deduction . . . . . . . . . . . . . . . 17
2001 Standard Deduction Tables . . . . 18
How To Get Tax Help . . . . . . . . . . . . . . 19
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 21
For use in preparing
2001
Returns
Important Changes
Who must file. Generally, the amount of in-
come you can receive before you must file a
return has increased. Table 1 shows the filing
requirements for most taxpayers.
Exemption amount. The amount you can de-
duct for each exemption has increased from
$2,800 in 2000 to $2,900 in 2001.
Exemption phaseout. You lose all or part of
the benefit of your exemptions if your adjusted
gross income is above a certain amount. The
amount at which this phaseout begins depends
on your filing status. For 2001, the phaseout
begins at $99,725 for married persons filing sep-
arately; $132,950 for single individuals;
$166,200 for heads of household; and at
$199,450 for married persons filing jointly. See
Phaseout of Exemptions, later.
Standard deduction. The standard deduction
for most taxpayers who do not itemize deduc-
tions on Schedule A of Form 1040 is higher in
2001 than it was in 2000. The amount depends
on your filing status. The 2001 Standard Deduc-
tion Tables are shown near the end of this publi-
cation as Tables 7, 8, and 9.
Itemized deductions. Some of your itemized
deductions may be limited if your adjusted gross
income is more than $132,950 ($66,475 if you
are married filing separately). See Who Should
Itemize, later.
Kidnapped child. A child who has been kid-
napped may still qualify you for:
•
Head of household or qualifying widow(er)
with dependent child filing status, and
•
The child’s dependency exemption.
For details, see Filing Status and Exemptions for
Dependents, later.
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