What was the standard deduction in 2013?
The applicable standard deduction rates for 2013 are $12,200 for married taxpayers filing jointly; $8,950 for head of household; $6,100 for individual taxpayers and $6,100 for married taxpayers filing separate.
What is the income limit for standard deduction?
$12,550 for single taxpayers. $12,550 for married taxpayers filing separately. $18,800 for heads of households. $25,100 for married taxpayers filing jointly.
$6,100
The standard deduction in 2013 rises to $6,100/$12,200 (single/married) up from $5,950/$11,900. However the fiscal cliff legislation (ATRA act of 2012) reinstated limitations for itemized deductions claimed on 2013 returns of individuals with incomes greater than $250,000/$300,000 (single/married).
What is the personal exemption for 2013?
$3,900
The personal exemption amount is $3,900. PEP (personal exemption phaseouts) apply. Standard Deduction Rates. The applicable standard deduction rates for 2013 are $12,200 for married taxpayers filing jointly; $8,950 for head of household; $6,100 for individual taxpayers and $6,100 for married taxpayers filing separate.
What are the income limits for a 401K in 2013?
For 2013, IRS Raises 401 (k) and Pension Plan Limits. For singles and heads of household, the income phase-out range is $112,000 to $127,000, up from $110,000 to $125,000. For a married individual filing a separate return who is covered by a retirement plan at work, the phase-out range remains $0 to $10,000.
What was the limit for a defined benefit plan in 2013?
For a participant who separated from service before Jan. 1, 2013, the limit for defined benefit plans is computed by multiplying the participant’s compensation limit, as adjusted through 2012, by 1.0170.
What’s the income limit for a tax deduction for IRA?
The deduction for taxpayers making contributions to a traditional individual retirement account (IRA) is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) from $59,000 to $69,000, up from $58,000 to $68,000 in 2012.
When did the IRS release retirement plan limits for 2014?
The IRS released its official defined contriubtion and defined benefit retirement plan limits for 2014 at the end of October 2013.
