2013 Tax Brackets, Standard & Itemized Deductions, Personal Exemptions

Federal Income Tax brackets have been slightly widened for tax year 2013.
Please review this table.
FEDERAL INCOME TAX BRACKETS AND RATES FOR TAX YEAR 2013
Marginal
Tax Rate
Filing Status: SingleMarried Filing Jointly
or Qualified Widow(er)
Married Filing
Separately
Head of
Household
FromUp toFromUp toFromUp toFromUp to
10%$0$8,925$0$17,850$0$8,925$0$12,750
15%$8,926$36,250$17,851$72,500$8,926$36,250$12,751$48,600
25%$36,251$87,850$72,501$146,400$36,251$73,200$48,601$125,450
28%$87,851$183,250$146,401$223,050$73,201$111,525$125,451$203,150
33%$183,251$398,350$223,051$398,350$111,526$199,175$203,151$398,350
35%$398,351$400,000$398,351$450,000$199,176$225,000$398,351$425,000
39.6%Over $400,000Over $450,000Over $225,000Over $425,000

Standard Deductions
Filing Status2013 Tax
Returns
2012 Tax
Returns
Single or Married Filing Separately$6,100$5,950
Married Filing Jointly or Qualified Widow(er) with dependent child$12,200$11,900
Head of Household$8,950$8,700
Here is some more info about 2013 Standard Deductions.
Additional Amount for Blindness or Age (65 & Older) — $1,200
Additional Amount for Blindness or Age (65 & Older) — $1,500 — If Unmarried or not Surviving Spouse
Dependent’s Standard Deduction (Minimum) — $1,000

2013 Itemized Deductions 

Itemized Deduction amount starts phase out when AGI exceeds applicable threshold amount based on filing status.  The applicable threshold amounts for 2013 are: $300,000 for MFJ & SS, $275,000 for HOH, $250,000 for Singles (Not SS or HOH), and $150,000 for MFS.

2013 Itemized Deductions
Nonbusiness Casualty Loss (AGI Threshold)10%
Medical Deduction (AGI Threshold)
Taxpayers, Generally10%
Taxpayers or Spouse, Age 65 or older7.5%
Miscellaneous Itemized (AGI Deduction Floor)2%
2013 Personal & Dependency Exemption Amount

The amount of exemption you can claim for each exemption is increased from $3,800 (2012) to $3,900. This amount starts phase out when AGI exceeds applicable threshold amount based on filing status.  The applicable threshold amounts for 2013 are: $300,000 for MFJ, $275,000 for HOH, $250,000 for Singles, and $150,000 for MFS.

 

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