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2008 taxes, (filed in 2009): What’s New for 1040A, EZ tax form filers?

For 2008 tax returns, filed in 2009

Need to know » What's new for 2009 taxes filed in 2010?

Economic stimulus payment.

Any economic stimulus payment you received is not taxable for federal income tax purposes but reduces your recovery rebate credit.

Recovery rebate credit.

This credit is figured like last year’s economic stimulus payment, except that the amounts are based on tax year 2008 instead of tax year 2007. The maximum credit is $600 ($1,200 if married filing jointly) plus $300 for each qualifying child.

Alternative minimum tax (AMT) exemption amount increased.

The AMT exemption amount is increased to $46,200 ($69,950 if married filing jointly or a qualifying widow(er); $34,975 if married filing separately).

IRA deduction expanded.

You and your spouse, if filing jointly, each may be able to deduct up to $5,000 ($6,000 if age 50 or older at the end of the year). You may be able to take an IRA deduction if you were covered by a retirement plan and your 2008 modified adjusted gross income (AGI) is less than $63,000 ($105,000 if married filing jointly or qualifying widow(er)). If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2008 modified AGI is less than $169,000.

Standard deduction increased by real estate taxes and net disaster losses.

Your standard deduction is increased by:

Certain state or local real estate taxes you paid, and
A net disaster loss attributable to a federally declared disaster.

Earned income credit (EIC).

You may be able to take the EIC if:

A child lived with you and you earned less than $38,646 ($41,646 if married filing jointly), or
A child did not live with you and you earned less than $12,880 ($15,880 if married filing jointly).

The maximum AGI you can have and still get the credit also has increased. You may be able to take the credit if your AGI is less than the amount in the above list that applies to you. The maximum investment income you can have and still get the credit has increased to $2,950.

Tax rate on qualified dividends and net capital gain reduced.

The 5% tax rate on qualified dividends and net capital gain is reduced to zero.

Homeowners: property taxes and mortgage interest.

Homeowners who don't have enough itemized deductions to exceed their "standard deduction" are better off using their standard deduction as that will result in the lowest federal income tax.

The Housing Assistance Tax Act of 2008 allows homeowners to claim an additional standard deduction for property tax if the taxpayer does not itemize. The additional amount is limited to $500 or $1,000 for joint filers.

Amount of the Additional Standard Deduction for Property Taxes

The amount is claimed as an additional amount on top of their standard deduction.

The additional amount that can be claimed is the lower of the following two figures:

the amount of real estate property taxes paid during the year to state and local governments; or
$500 ($1,000 for married taxpayers filing a joint tax return).

When to Claim the Additional Standard Deduction for Property Taxes

This additional standard deduction applies to tax year 2008 only. This deduction is not available for any other tax year.

Standard Deduction Amounts for 2008

For 2008, here are the standard deduction amounts:

Single: $5,450
Head of Household: $8,000
Married Filing Joint: $10,900
Married Filing Separately: $5,450
Qualifying Widow/Widower: $10,900
Dependent: $900-$5,450*
Additional Amount if Blind: $1,050
Additional Amount if age 65 or older: $1,050

Additional Amount for property taxes: $500 or $1,000 for married filing jointly
* Dependents must calculate their standard deduction using an IRS Worksheet.

Planning Tips for the Additional Standard Deduction for Property Taxes

This additional standard deduction will likely work more efficiently for taxpayers who have no mortgage interest to deduct, or whose total itemized deductions do not exceed their standard deduction.

For example, married homeowners who are both over age 65 and who file a joint return would have a standard deduction amount of $14,000, which breaks down as follows:

$10,900 standard deduction for married filing jointly, plus
$1,050 for taxpayers age 65 and older for the husband, plus
$1,050 for taxpayers age 65 and older for the wife, plus
$1,000 additional standard deduction for property taxes for married couples.

Let's assume further they paid $10,000 in property taxes, and have no other itemized deductions, such as for mortgage interest or charity. In this case, their standard deduction is higher than their itemized deductions. Taking the standard deduction in this case would result in a lower overall tax than if they itemized.

For more details, please refer to the 1040A Instructions

For a list of forms we support please see Our Limitations

Archived: What's new for tax year 2007 (filed in 2008)

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