Key Tax Numbers 2013


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $              -    $         8,925  $                 -   10.0%  $                 -  
 $         8,925  $       36,250  $          892.50 15.0%  $            8,950
 $       36,250  $       87,850  $       4,991.25 25.0%  $           36,250
 $       87,850  $      183,250  $     17,891.25 28.0%  $           87,850
 $      183,250  $      398,350  $     44,603.25 33.0%  $         183,250
 $      398,350  $      400,000  $    115,586.25 35.0%  $         398,350
 $      400,000  NA   $    116,163.75 39.6%  $         400,000
Head of Household  $              -    $       12,750  $                 -   10.0%  $                 -  
 $       12,750  $       48,600  $       1,275.00 15.0%  $           12,750
 $       48,600  $      125,450  $       6,652.50 25.0%  $           48,600
 $      125,450  $      203,150  $     25,865.00 28.0%  $         125,450
 $      203,150  $      398,350  $     47,621.00 33.0%  $         203,150
 $      398,350  $      425,000  $    112,037.00 35.0%  $         398,350
 $      425,000   NA    $    121,364.50 39.6%  $         425,000
Married Filing Jointly  $              -    $       17,850  $                 -   10.0%  $                 -  
 $       17,850  $       72,500  $       1,785.00 15.0%  $           17,900
 $       72,500  $      146,400  $       9,982.50 25.0%  $           72,500
 $      146,400  $      223,050  $     28,457.50 28.0%  $         146,400
 $      223,050  $      398,350  $     49,919.50 33.0%  $         223,050
 $      398,350  $      450,000  $    107,768.50 35.0%  $         398,350
 $      450,000   NA    $    125,846.00 39.6%  $         450,000

 

Federal Dividend & Long-Term Capital Gain Rules

 

Tax Bracket Div/LTCG Rate
15% or less 0%
25% - 35% 15%
Over 35% 20%

 

Contribution Limits & Credits

 

Type Amount Catchup (over 50) Comment
401k, 403b, eligible 457 salary deferrals  $                 17,500  $                  5,500  
Total Defined Contrib Limit  $                 51,000  $                  5,500  
Defined Contrib Income Limit  $               255,000    
SIMPLE 401k, SIMPLE IRA salary deferrals  $                 12,000  $                  2,500  
Defined Benefit Limit  $               205,000    
IRA (Combination of Deductible, Roth, & Non-Deductible)  $                   5,500  $                  1,000 Deductibiliy, and ability to contribute to a Roth IRA is phased out by AGI (see Phaseouts)
Educational Savings Account Limit (Coverdell)  $                   2,000   Ability to contribute is phased by AGI (see Phaseouts)
Child Tax Credit  $                   1,000   Per Child under age 17.  Phased out by AGI (see Phaseouts)
Child or Dependent Care Credit - one child  $                   3,000    
Child or Dependent Care Credit - more than one child  $                   6,000    
Lifetime Learning Credit Maximum  $                   2,000   Phased out by AGI (see Phaseouts)
American Opportunity Credit Maximum  $                   2,500   Amended by AARTA (2009)Phased out by AGI (see Phaseouts)

 

Phase-Outs

 

Type Status Phaseout Begins Phaseout Ends Comment
Roth IRA Contribution Limits Single  $           112,000  $           127,000  
Married Filing Jointly  $           178,000  $           188,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $             59,000  $             69,000  
Married Filing Jointly  $             95,000  $           115,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $           178,000  $           188,000  
Eductional Savings Account (Coverdell) Contribution Limits Single  $             95,000  $           110,000  
Married Filing Jointly  $           190,000  $           220,000
Personal Exemption Single  $           250,000  $           372,500 Amended by ATRA (2013). 2% for every $2500 of AGI over threshold
Head of Household  $           275,000  $           397,500
Married Filing Jointly  $           300,000  $           422,500
Itemized Deductions Single  $           250,000  N/A  Amended by ATRA (2013). Deductions reduced by 3% of the amount AGI is over threshold
Head of Household  $           275,000  N/A 
Married Filing Jointly  $           300,000  N/A 
AMT Exemption Single / HoH  $           115,400  $           323,000 Phased out $1 for every $4 of AMTI over threshold.
Married Filing Jointly  $           153,900  $           477,100
Child Tax Credit Single / HoH  $             75,000  $             95,000 Based on MAGI, not AGI
Married Filing Jointly  $           110,000  $           130,000
Savings Bond Interest Exemption (for edu) Single  $             74,700  $             89,700  
Married Filing Jointly  $           112,050  $           142,050
Student Loan Interest Deduction Single  $             60,000  $             75,000  
Married Filing Jointly  $           125,000  $           155,000
Saver's Credit Single  $             29,500  N/A   
Married Filing Jointly  $             59,000  N/A 
American Opportunity Credit Single  $             80,000  $             90,000 Amended by AARTA (2009)
Married Filing Jointly  $           160,000  $           180,000
Lifetime Learning Credit Single  $             53,000  $             63,000  
Married Filing Jointly  $           107,000  $           127,000

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $            3,900  
AMT Exemption Single  $           51,900 Now permanent and indexed for inflation (ATRA 2013). 
Head of Household  $           51,900
Married Filing Jointly  $           80,800
Standard Deduction Single  $            6,100  
Head of Household  $            8,950
Married Filing Jointly  $           12,200
Add'l SD if Age >=65 or blind Single  $            1,200  
Married Filing Jointly  $            1,500
Social Security Wage Base All  $         113,700  
Kiddie Tax Income Limit All  $            1,000 An unmarried child under age 18 and full-time students under 24 are taxed at the parent’s rate on unearned income exceeding this amount
Nanny Tax Threshold All  $            1,800  
Student Loan Interest Deduction Maximum All  $            2,500 Phased out by AGI (see Phaseouts)
Annual Gift Tax Exclusion All  $           14,000  
Lifetime Gift / Estate Tax Exemption All  $      5,250,000  
Foreign Earned Income Exclusion All  $           97,600  
Highly Compensated Employee All  $         115,000  
Key Employee All  $         165,000  
PBGC Max Monthly Pension (age 65) All  $            4,788  
Section 179 Max Deduction All  $         500,000 Expensing of business property rather than depreciating it over time.  Phased out $ for $ if property totals >$2M.
HDHP Min Deductible Single  $            1,250  
Married Filing Jointly  $            2,500
HSA Contribution Limit Single  $            3,250 Add'l $1k catch-up contribution allowed for those over age 54
Married Filing Jointly  $            6,450
Mileage Rate Business  $            0.565  
Med & Move  $            0.240
Charity  $            0.140

 

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