The IRS today released various inflation-adjusted 2013 tax brackets, tables, exemptions, thresholds, and other items (IR-2013-4; Rev. Proc. 2013-15, 2013-5 I.R.B. ___ (Jan. 28, 2013):
- Tax Tables: New 39.6% added for income in excess of $400,000 single/$450,000 joint
- Standard Deduction: $6,100 single/$12,200 joint (up $150/$200 from 2012)
- Itemized Deductions: Phase out for income in excess of $250,000 single/$300,000 joint
- Personal Exemption: $3,900 (up $100 from 2012), phasing out for income in excess of $250,000 single/$300,000 joint (complete phase out at $372,500/$422,500)
- Alternative Minimum Tax Exemption: $51,900 single/$80,800 joint (up $1,300/$2,050 from 2012)
- Maximum Earned Income Credit: $6,044 for taxpayers filing
jointly with 3 or more qualifying children (up $153 from 2012) - Estate Tax Exemption: $5,250,000 (up $130,000 from 2012)
- Gift Tax Annual Exclusion: $14,000 (up $1,000 from 2012)
