Important Changes

Increase in standard deduction. The standard deduction for taxpayers who do not itemize deductions on Schedule A of Form 1040 is higher in 2001 than it was in 2000. The amount depends on your filing status. 2001 Standard Deduction Tables are shown at the end of this chapter.

Itemized deductions. The amount you can deduct for itemized deductions is limited if your adjusted gross income is more than $132,950 ($66,475 if you are married filing separately). See chapter 22 for more information.

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