Table of Contents
What was the exemption in 2012?
Federal Estate and Gift Tax Rates, Exemptions, and Exclusions, 1916-2014
| Year | Estate Tax Exemption | Lifetime Gift Tax Exemption |
|---|---|---|
| 2011 | $5,000,000 | $5,000,000 |
| 2012 | $5,120,000 | $5,120,000 |
| 2013 | $5,250,000 | $5,250,000 |
| 2014 | $5,340,000 | $5,340,000 |
What were federal tax rates in 2012?
Married Individuals Filing Separate Returns
| Taxable Income | 2012 Tax |
|---|---|
| Not over $8,700 | 10% of the taxable income |
| Over $8,700 but not over $35,350 | $870 plus 15% of the excess over $8,700 |
| Over $35,350 but not over $71,350 | $4,867.50 plus 25% of the excess over $35,350 |
What was the purpose of the American Taxpayer Relief Act of 2012?
Congress passed the American Taxpayer Relief Act of 2012 (ATRA) early on January 1, 2013, to prevent most of the sunsetting tax cuts from expiring. Most 2001 and 2003 income tax cuts were made permanent for all but the highest-income taxpayers.
What is a lifetime exemption?
The lifetime exemption is an amount of property or cash that you can give away over the course of your entire life without having to pay a gift tax. The exemption is shared with the value of your estate at the time of your death, combined by a tax provision called the Unified Tax Credit.
What was the standard deduction in 2009?
For 2009, each personal exemption you can claim is worth $3,650, up by $150 from 2008. Higher Standard Deductions. For 2009, the standard deduction for married couples filing a joint return rises to $11,400, up by $500 from 2008. For single filers, the amount increases to $5,700 in 2009, up by $250 over 2008.
What was the standard deduction in 2008?
Standard Deduction Amounts
| Year | Married filing jointly and surviving spouses | Single filers |
|---|---|---|
| 2008 | $10,900 | $5,450 |
| 2009 | $11,400 | $5,700 |
| 2010 | $11,400 | $5,700 |
| 2011 | $11,600 | $5,800 |
What was the standard deduction for 2016?
Standard Deduction and Personal Exemption
| Filing Status | Deduction Amount |
|---|---|
| Single | $6,300.00 |
| Married Filing Jointly | $12,600.00 |
| Head of Household | $9,300.00 |
| Personal Exemption | $4,050.00 |
Why is my standard deduction so high?
– Regular tax rates apply to the first $2,200, which is exempt from the Kiddie Tax. The remaining amount is subject to the Kiddie Tax. – The first $2,600 is taxed at 10%, – The remaining $3,600 is taxed at 24%
How much is my standard deduction?
The standard deduction will increase from $24,000 for individuals filing jointly in 2019, from $18,000 for household taxpayers in 2019, and from $12,200 for all other taxpayers in 2019. Senior citizens and those who are blind can no longer deduct household expenses using the standard deduction.
Is taxable income before standard deduction?
Your AGI is calculated before you take the standard or itemized deductions —which you report in later sections of the return. Adjustments to income are specific deductions that directly reduce your total income to arrive at your AGI.
What is current standard deduction?
The standard deduction is a specific dollar amount that reduces your taxable income. For the 2021 tax year, the standard deduction is $12,550 for single filers and married filing separately, $25,100 for joint filers and $18,800 for head of household.