Inflation Adjustments - 2014
The most frequently asked tax questions related to Inflation Adjustments - 2014
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Answer Tax Questions2014 Tax Rates
Asked Thursday, October 31, 2013 by an anonymous user
The tax rate of 39.6 percent affects singles whose income exceeds $406,750 ($457,600 for married taxpayers filing a joint return), up from $400,000 and $450,000, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.
2014 Standard Deduction
Asked Thursday, October 31, 2013 by an anonymous user
The standard deduction rises to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly, up from $6,100 and $12,200, respectively, for tax year 2013.
The standard deduction for heads of household rises to $9,100, up from $8,950.
The standard deduction for heads of household rises to $9,100, up from $8,950.
2014 Itemized deductions phase-out amounts
Asked Thursday, October 31, 2013 by an anonymous user
The limitation for itemized deductions claimed on tax year 2014 returns of individuals begins with incomes of $254,200 or more ($305,050 for married couples filing jointly).
2014 personal exemption amounts
Asked Thursday, October 31, 2013 by an anonymous user
The personal exemption rises to $3,950, up from the 2013 exemption of $3,900.
However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $254,200 ($305,050 for married couples filing jointly).
It phases out completely at $376,700 ($427,550 for married couples filing jointly.)
However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $254,200 ($305,050 for married couples filing jointly).
It phases out completely at $376,700 ($427,550 for married couples filing jointly.)
2014 Alternative Minimum Tax exemption
Asked Thursday, October 31, 2013 by an anonymous user
The Alternative Minimum Tax exemption amount for tax year 2014 is $52,800 ($82,100, for married couples filing jointly).
The 2013 exemption amount was $51,900 ($80,800 for married couples filing jointly).
The 2013 exemption amount was $51,900 ($80,800 for married couples filing jointly).
2014 Estate Tax basic exclusion
Asked Thursday, October 31, 2013 by an anonymous user
Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.
2014 Gift Tax exclusion
Asked Thursday, October 31, 2013 by an anonymous user
The annual exclusion for gifts remains at $14,000 for 2014.
2014 FSA annual limit
Asked Thursday, October 31, 2013 by an anonymous user
The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) remains unchanged at $2,500.
2014 foreign earned income exclusion
Asked Thursday, October 31, 2013 by an anonymous user
The foreign earned income exclusion rises to $99,200 for tax year 2014, up from $97,600, for 2013.