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Thursday, October 31, 2013

Inflation Adjustments Affecting Individual Taxpayers in 2014

Tax Analysys Logo (2013)James C. Young (Northern Illinois University, College of Business), Inflation Adjustments Affecting Individual Taxpayers in 2014, 141 Tax Notes 413 (Oct. 28, 2013):

In this report, Young discusses 2014 inflation adjustments to parts of the individual tax system that are tied to a consumer price index year ending in August. Items adjusted by this index include the tax rate schedules, standard deductions and exemption and itemized deduction phaseouts, several minimum tax items, the gift and estate tax exclusions, and some computational elements related to the unearned income of minor children, the child credit, the earned income tax credit, adoption expenses, educational savings bonds, education credits, education loan interest, qualified transportation fringe benefits, medical savings accounts (Archer MSAs), health savings accounts, long-term care insurance premiums, long-term care insurance benefits, traditional and Roth IRA income phaseouts and contribution limits, and the section 179 expense election. Implications of the expiring provisions from tax legislation passed in the early 2000s also are discussed.

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