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IRS Rev Proc 2013-15 - 2013 Individual Brackets and inflation adjusted tax limits

IRS Rev Proc 2013-15 - 2013 Individual Brackets and inflation adjusted tax limits

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Published by James Campbell
2013 Tax Rate Tables, Adoption Credit, Child Tax Credit, Education Credits, EIC, AMT, etc..
2013 Tax Rate Tables, Adoption Credit, Child Tax Credit, Education Credits, EIC, AMT, etc..

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Published by: James Campbell on May 16, 2013
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07/02/2013

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 Part III Administrative, Procedural, and Miscellaneous26 CFR 601.602: Tax forms and instructions.(Also Part I, §§ 1, 23, 24, 25A, 32, 55, 63, 68, 132, 137, 151, 221, 2010)Rev. Proc. 2013-15Table of ContentsSECTION 1. PURPOSESECTION 2. 2013 ADJUSTED ITEMSCode Section.01 Tax Rate Tables 1(a)-(e).02 Adoption Credit 23.03 Child Tax Credit 24.04 Hope Scholarship and Lifetime Learning Credits 25A.05 Earned Income Credit 32.06 Exemption Amounts for Alternative Minimum Tax 55.07 Standard Deduction 63.08 Overall Limitation on Itemized Deductions 68.09 Qualified Transportation Fringe Benefit 132(f)
 
- 2 -.10 Adoption Assistance Programs 137.11 Personal Exemption 151.12 Interest on Education Loans 221.13 Unified Credit Against Estate Tax 2010SECTION 3. MODIFICATION OF REV. PROC. 2011-52SECTION 4. EFFECT ON OTHER REVENUE PROCEDURESSECTION 5. EFFECTIVE DATESECTION 6. DRAFTING INFORMATIONSECTION 1. PURPOSE
 
This revenue procedure sets forth inflation adjusted items for 2013. It alsoincludes some items whose values for 2013 are specified in the American Taxpayer Relief Act of 2012, Pub. L. No. 112-240, 126 Stat. 2313 (ATRA): the beginning of thenew 39.6 percent income brackets; the beginning income levels for the limitation oncertain itemized deductions; and the beginning income levels for the phaseout of personal exemptions. This revenue procedure also modifies and supersedes section3.12 of Rev. Proc. 2011-52, 2011-45 I.R.B. 701 to reflect a statutory amendment to §132(f)(2) made by ATRA. Other inflation adjusted items for 2013 are set forth in Rev.Proc. 2012-41, 2012-45 I.R.B. 539 (dated November 5, 2012).
 
SECTION 2. 2013 ADJUSTED ITEMS.01 Tax Rate Tables. For taxable years beginning in 2013, the tax rate tables under § 1 are as follows:
 
- 3 -TABLE 1 - Section 1(a) - Married Individuals Filing Joint Returns and SurvivingSpousesIf Taxable Income Is: The Tax Is:Not over $17,850 10% of the taxable incomeOver $17,850 but $1,785 plus 15% of not over $72,500 the excess over $17,850Over $72,500 but $9,982.50 plus 25% of not over $146,400 the excess over $72,500Over $146,400 but $28,457.50 plus 28% of not over $223,050 the excess over $146,400Over $223,050 but $49,919.50 plus 33% of not over $398,350 the excess over $223,050Over $398,350 but $107,768.50 plus 35% of not over $450,000 the excess over $398,350Over $450,000 $125,846 plus 39.6% of the excess over $450,000TABLE 2 - Section 1(b) – Heads of HouseholdsIf Taxable Income Is: The Tax Is:Not over $12,750 10% of the taxable incomeOver $12,750 but $1,275 plus 15% of not over $48,600 the excess over $12,750Over $48,600 but $6,652.50 plus 25% of not over $125,450 the excess over $48,600Over $125,450 but $25,865 plus 28% of not over $203,150 the excess over $125,450Over $203,150 but $47,621 plus 33% of not over $398,350 the excess over $203,150Over $398,350 but $112,037 plus 35% of 

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