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
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
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
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”)
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
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
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¢ |
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