IRS Releases 2013 Inflation-Adjusted Tax Tables

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)