2013 Tax Facts for Individuals

The following is a list of key dollar amounts that are adjusted annually for inflation as announced by the Internal Revenues Service for use in preparing federal tax returns for 2013:

  • Personal Exemption                          $       3,900
  • Personal Exemption Phaseout
    • Married Joint                             $   153,900
    • Surviving Spouse                       $   153,900
    • Married Separate                       $     76,950
    • Estates & Trusts                         $     76,950
    • Single                                            $   115,400
    • Head of Household                    $   115,400
  • Standard Deduction
    • Married Joint                             $     12,200
    • Head of Household                   $       8,950
    • Married Separate                       $      6,100
    • Single                                            $      6,100
  • Standard Deduction Limitation if a Dependent is the Greater of $1,000 or $350 + Earned Income
  • Additional Standard Deduction for Blind
    • Married Joint                             $      1,200
    • Married Separate                       $      1,200
    • Surviving Spouse                       $      1,200
    • Single                                            $      1,500
    • Head of Household                    $      1,500
  • Additional Standard Deduction at Age 65
    • Married Joint                              $      1,200
    • Married Separate                       $      1,200
    • Surviving Spouse                       $      1,200
    • Single                                            $      1,500
    • Head of Household                    $      1,500
  • Itemized Deductions Phaseout
    • Married Joint                              $ 300,000 to $ 422,500
    • Surviving Spouse                        $ 300,000 to $ 422,500
    • Single                                            $ 250,000 to $ 372,500
    • Head of Household                    $ 275,000 to $ 397,500
    • Married Separate                        $ 150,000 to $ 211,250
  • Alternative Minimum Tax (AMT) Threshold
    • Married Joint                               $    80,800
    • Surviving Spouse                         $    80,800
    • Married Separate                        $    40,400
    • Estates & Trusts                          $     23,100
    • Single                                             $    51,900
    • Head of Household                     $    51,900
  • Alternative Minimum Tax (AMT) Threshold for 28% Tax Rate
    • Married Joint                                $ 179,500
    • Married Separate                          $   89,750
  • Education Loan Interest Deduction
    • Maximum Deduction                   $     2,500
    • Married Separate Phaseout        $ 125,000 to $ 155,000
    • Single Phaseout                             $   60,000 to $  75,000
  • Adoption Credit
    • Maximum Credit                           $    12,970
    • Credit Phaseout                             $ 194,580 to $ 234,580

Please be advised that these amounts are current as of the date of this posting, but can be changed by Congressional legislation.

If you are looking for a tax preparer, please give us a call at 724-834-3900.

WEBSITE                                BLOG                             RESOURCES                                 CONTACTS

Roy & Associates, PC serves clients in western Pennsylvania located predominantly in Westmoreland County, Allegheny County, and Fayette County.

Advertisements