Tax Inflation Adjustments for 2015
BY: ELINOR P. HINDSLEY
The Commissioner of the Internal Revenue has made the annual inflation adjustments for more than 40 tax provisions for tax year 2015. The following chart shows some of the more common provisions for 2015 and those expiring in 2014.
|
Description |
2014 |
2015 |
|
Standard Deduction Single Taxpayer Head of Household Married Filing Jointly |
$6,200 $9,100 $12,400 |
$6,300 $9,250 $12,600 |
|
Personal Exemption |
$3,950 |
$4,000 |
|
Income Limitations for Itemized Deductions Single Taxpayer Married Filing Jointly |
$250,000 $300,000 |
$258,250 $309,900 |
|
Maximum Earned Income Credit for Married Filing Jointly with Three or More Children |
$6,143 |
$6,242 |
|
Unified Credit Against Estate Tax |
$5,340,000 |
$5,430,000 |
|
Annual Gift Tax Exclusion |
$14,000 |
$14,000 |
|
Alternative Minimum Tax Exemption Single Taxpayer Married Filing Jointly |
$52,800 $82,100 |
$53,600 $83,400 |
|
Maximum Student Loan Interest Deduction |
$2,500 |
$2,500 |
|
Health Care Flexible Spending Account Maximum Contribution |
$2,500 |
$2,550 |
|
Qualified Transportation Fringe Benefit Income Exclusion Monthly Transit Pass Monthly Parking |
$250 |
$250 |
|
Income Subject to 39.6% Tax Bracket Single Taxpayer |
Over Over |
Over |