Tax
Numbers for 2013 and 2012 – Part 2
The numbers for 2012 in the chart below apply to your
2012 returns, and the numbers for 2013 should be used in your 2013 tax
planning.
2013 2012
Income (AGI) phase-out for personal
exemption and itemized deductions
* Single Starts
at $250,000 No income
limit
* Joint returns and surviving spouses Starts at $300,000 No income limit
* Married filing separately Starts at $150,000 No income limit
* Head of household Starts
at $275,000 No income limit
Health savings account contribution limit
* Individual $3,250 $3,100
* Family $6,450 $6,250
* Additional for 55 & older $1,000 $1,000
Automobile standard mileage rate
* Business 56.5¢ 55.5¢
* Medical/moving expense 24¢ 23¢
* Charitable work 14¢ 14¢
Estate tax top rate 40% 35%
Estate tax exclusion $5,250,000 $5,120,000
Annual gift tax exclusion (per donee) $14,000 $13,000
Alternative minimum tax exemption
* Single $51,900 $50,600
* Married, joint $80,800 $78,750
* Married, separate $40,400 $39,375
Section 179 deduction limit $ 500,000 $ 500,000
Section 179 purchase limit $2,000,000 $2,000,000
|
Friday, March 8, 2013
Tax Numbers for 2013 and 2012 – Part 2
Saturday, February 9, 2013
Tax Numbers for 2013 and 2012 – Part 1
Tax Numbers
for 2013 and 2012 – Part 1
The
numbers for 2012 in the chart below apply to your 2012 returns, and the numbers
for 2013 should be used in your 2013 tax planning.
2013 2012
Standard
deduction
*
Single $ 6,100 $ 5,950
*
Joint returns and surviving spouses $12,200 $11,900
*
Married filing separately $ 6,100 $ 5,950
*
Head of household $ 8,950 $ 8,700
*
Additional for elderly or blind (married) $ 1,200 $ 1,150
*
Additional for elderly or blind (single) $ 1,500 $ 1,450
Personal
exemption $ 3,900 $ 3,800
“Kiddie
tax” threshold $ 2,000 $ 1,900
“Nanny
tax” threshold $ 1,800 $ 1,800
Social
security tax wage base $113,700 $110,100
Medicare
tax wage base No
limit No limit
Social
security earnings limit
*
Below full retirement age $15,120 $14,640
*
Full retirement age No
limit No limit
Maximum
retirement plan contributions
*
IRA for those under age 50 $ 5,500 $ 5,000
*
IRA for those 50 and over $ 6,500 $ 6,000
*
SIMPLE plan for those under age 50 $12,000 $11,500
*
SIMPLE plan for those 50 and over $14,500 $14,000
*
401(k) plan for those under age 50 $17,500 $17,000
*
401(k) plan for those 50 and over
$23,000 $22,500
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