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Pepperdine University School of Law

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Friday, January 11, 2013

IRS Releases 2013 Inflation-Adjusted Tax Tables

IRS LogoThe 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)

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