The IRS has released the 2013 federal income tax tables, which include annual inflation adjustments, standard deductions and other tax changes from the American Taxpayer Relief Act, also known as the fiscal cliff deal.
The AMT exemption amount for TY 2013 will be $51,900 ($80,800 married/joint). The AMT is now pinned to inflation.
For tax year 2013 (returns that most will file by April 2014), the new top rate is 39.6 percent for individual income over $400,000, or $450,000 for married taxpayers filing jointly. The other marginal rates are 10, 15, 25, 28, 33 and 35 percent, the same as in recent years.
The standard deduction has been raised to $6,100 for individuals, $12,200 for married/joint filers. The personal exemption is $3,900, but is jubject to a phase-out starting at $250,000.
Starting in TY 2013, there will be a limit for itemized deductions for individuals with income over $250,000 ($300,000 for married/joint filers).
Individual Filer Rates:
- $0 to $8,925 = 10% rate
- $8,926 to $36,250 = 15%
- $36,251 to $87,850 = 25%
- $87,851 to $183,250 = 28%
- $183,251 to $398,350 = 33%
- $398,351 to $400,000 = 35%
- $400,001 and above = 39.6%
Married Filing Jointly:
- $0 to $17,850 = 10%
- $17,851 to $72,500 = 15%
- $72,501 to $146,400 = 25%
- $146,401 to $223,050 = 28%
- $223,051 to $398,350 = 33%
- $398,351 to $450,000 = 35%
- $450,001 and over = 39.6%
Married Filing Separate:
- $0 to $8925 = 10%
- $8,926 to $36,250 = 15%
- $36,251 to $73,200 = 25%
- $73,201 to $111,525 = 28%
- $111,526 to $199,175 = 33%
- $199,176 to $225,000 = 35%
- $225,001 and over = 39.6%
More information is available at the IRS website.
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