I know this isn’t everyone’s favorite topic… in fact I don’t know if it is ANYONE’S favorite topic!
Regardless, the inflation adjusted 2013 tax rate tables were recently released by the IRS (along with other inflation adjusted items) and this is important information if you do any tax planning at all.
Keep in mind, the information below is for 2013. You’ll file your tax return for 2013 in 2014. The taxes you’ll be filing in early 2013 is actually your 2012 tax return. In case you missed it, I did cover the 2013 IRA, 401(k) and retirement contribution limits here.
2013 Tax Rate Tables
2013 Standard Deduction
- Single – $6,100
- Married Filing Jointly – $12,200
- Head of Household – $8,950
- Married Filing Separately – $6,100
- Additional Standard Deduction Amount for Aged or Blind – $1,200
- Additional Standard Deduction Amount for Aged or Blind if Unmarried and Not a Surviving Spouse – $1,500
2013 Personal Exemptions
Personal exemptions are $3,900 each subject to phase outs.
Other IRS Inflation Adjusted Items for 2013
- Adoption Credit
- Child Tax Credit Refundable Amount
- Hope Scholarship Credit
- Earned Income Credit
- Alternative Minimum Tax (AMT) Exemption Amounts
- Overall Limitation on Itemized Deductions
- Qualified Transportation Fringe Benefit
- Adoption Assistance Programs
- Interest on Education Loans Phase Out
- Unified Credit Against Estate Tax
To find out more about a particular tax item, phase outs or other items make sure to check out IRS Rev Proc 13-15. This is the official IRS announcement for the items discussed in today’s tax update. Make sure to tune in tomorrow when I explain how marginal tax rates work in the United States.