Every year, many of the various tax limitations, deductions, allowances, etc., are inflation adjusted. The following are the more commonly-encountered values that apply to 2007: Personal and dependent exemption amount: $3,400 Standard deduction: Joint filers - $10,700, Single - $5,350 and Head of household - $7,850 IRA contribution limit: $4,000 ($5,000 if age 50 or over) IRA deduction phase-out AGI threshold: $52,000 for unmarried ($83,000 for joint filers) Spousal IRA deduction AGI phase-out threshold: $156,000 401(k) and 403(b) plan contribution limit: $15,500 ($20,500 if age 50 or over) Simple plan contribution ...