2014 Tax Figures Adjusted for Inflation

This page lists the main IRS inflation adjustments for 2014, including personal exemption, standard deduction and education benefits, with 2013 figures for comparison. See bottom of page for links to other categories of numbers, including tax rate schedules and figures relating to retirement accounts and health savings accounts.

Status: These figures have been confirmed against IRS numbers.

Personal exemptions

2013 2014
Personal exemption
dollar amount 3,900 3,950
Personal exemptions begin to phase out
married filing jointly 300,000 305,050
head of household 275,000 279,650
single 250,000 254,200
married filing separately 150,000 152,525

Standard and itemized deductions

2013 2014
Standard deduction
married filing jointly 12,200 12,400
head of household 8,950 9,100
single or separate 6,100 6,200
Additional amount for aged or blind
married 1,200 1,200
single 1,500 1,550
Standard deduction for dependent
minimum 1,000 1,000
or earned income plus 350 350
Reduction in itemized deductions begins
married filing jointly 300,000 305,050
head of household 275,000 279,650
single 250,000 254,200
married filing separately 150,000 152,525

Education benefits

2013 2014
Education loan deduction begins to phase out
married filing jointly 125,000 130,000
others 60,000 65,000
American opportunity credit (Hope scholarship credit)
100% up to 2,000 2,000
25% of the next 2,000 2,000
phaseout begins, joint return 160,000 160,000
phaseout begins, others 80,000 80,000
Lifetime learning credit begins to phase out
married filing jointly 107,000 108,000
others 53,000 54,000
Savings bond interest exclusion begins to phase out
married filing jointly 112,050 113,950
others 74,700 76,000

Alternative minimum tax (“AMT”)

2013 2014
AMT exemption amount
married filing jointly* 80,800 82,100
single 51,900 52,800

* IRS calculates this number according to the apparent intention of Congress despite language in the law that would require it to be increased or decreased (depending on the year) by $50.

AMT exemption amount begins to phase out
married filing jointly 153,900 156,500
unmarried 115,400 117,300
married filing separately 76,950 78,250
AMT 28% rate begins
all except MFS 179,500 182,500
married filing separately 89,750 91,250

Estate and gift tax

2013 2014
Gift tax exclusion
individual 14,000 14,000
non-citizen spouse 143,000 145,000
Unified credit exclusion amount
individual 5,250,000 5,340,000

Standard mileage rates

2013 2014
When not claiming actual expenses
business 56.5¢ 56.0¢
basis reduction 23.0¢ 22.0¢
medical and moving 24.0¢ 23.5¢
charitable 14.0¢ 14.0¢

Related


Sign up for our FREE NEWSLETTER