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
|
$130
$250
|
$130
$250
|
|
Income Subject to 39.6% Tax Bracket
Single Taxpayer
Married Filing Jointly
|
Over
$406,750
Over
$457,600
|
Over
$413,200
Over
$464,850
|
