Your Questions About: 1040ez

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David asks…

What is the percentage of income of the built in deduction for the 1040EZ?

I’m trying to figure out if I should file a 1040EZ, or if I have enough deductions to itemize. I know there is a built in deduction for the 1040EZ, does anybody know if it’s a set percentage of income, or exactly what determines the set deduction amount?
Just to clarify, I know I could do either, but I’m just trying to figure out what would get me the best return.

Potter answers:

The standard deduction for a single filer is $5,150 for 2006.

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