Well, it took the IRS long enough, but it finally released the official inflation-adjusted figures for 2013. Here’s the roundup.
- The standard deduction amounts are $6,100 for singles and marrieds filing separately, $12,200 for joint filers and $8,950 for heads of household.
- The standard deduction for a dependent who can be claimed on another’s tax return can’t exceed the greater of $1,000 or the sum of $350 and the dependent’s earned income.
- The additional standard deduction for the aged or blind is $1,200 or $1,500 if the taxpayer is unmarried.
- The monthly exclusion for qualified employer-provided parking and mass transit benefits is $245.
- For joint filers, the personal exemption phase-out and limitation on itemized deductions start at $300,000; for single taxpayers, the limits begin at $250,000. (Rev. Proc. 2013-15, IRB 2013-5)