Income Tax Changes for the 2013 Filing Year
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An overview of the tax law changes for preparing your 2013 income tax return.
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Income Tax Changes for the 2013 Filing Year
- 1. Income Tax Changes for 2014 (2013 Filing Year)
- 2. Inflation Adjustments Standard Deduction Filing Status Single Amount 6,100 Married Filing Joint 12,200 Head of Household 8,950 Married Filing Separate 6,100 Personal Exemption 3,900 per person/dependent
- 3. Inflation Adjustments IRA Contribution Limit Amount Regular 5,500 Age 50+ 6,500 IRA Deduction Phase-out Filing Status Modified AGI Single 59,000 – 69,000 Married Filing Joint Spousal IRA 95,000 – 115,000 178,000 – 188,000
- 4. Inflation Adjustments 401k & 403b Contribution Limit Amount Regular Age 50 Catch-up 17,500 5,500 Simple IRA Contribution Limit Amount Regular Age 50 Catch-up 12,000 2,500
- 5. Inflation Adjustments Additional Standard Deduction for age 65+ & blind Amount Married (per person) 1,200 Single, Head of Household 1,500 Maximum Earnings Subject to Social Security Tax 113,700 (per person)
- 6. Inflation Adjustments Mileage Deduction Type Business Amount (per mile) 56.5 cents Medical/Moving 14 cents Charitable 24 cents
- 7. Alternative Minimum Tax (AMT) AMT Thresholds Filing Status Amount All Single Filers 51,900 Married Filing Joint 80,800 Married Filing Separate 40,400
- 8. Additional Medicare Tax An additional Medicare tax of 0.9% goes into affect in 2013 if Medicare wages, railroad retirement, and self-employment income exceed: 200,000 for all single filers 250,000 if Married Filing Joint 125,000 if Married Filing Separate Additional Medicare Tax is reported on IRS Form 8959
- 9. Net Investment Income Tax Net Investment Income Tax (NIIT) is new for 2013 NIIT is 3.8% of the smaller of Net investment income, or Excess of modified adjusted gross income over 200,000 for single filers 250,000 for Married Filing Joint 125,000 for Married Filing Separate
- 10. Tax Rates Increase Tax rates have increased for high income earners Top tax bracket is 39.6% Capital Gains & Qualified Dividends Maximum rate is 20% (was 15% for 2012)
- 11. Itemized Deductions Medical/Dental Expenses Deduction amount is limited to the portion over 10% of Adjusted Gross Income (7.5% if taxpayer or spouse is over 65) Limit on Itemized Deductions Deduction limited if Adjusted Gross Income is over: 250,000 if Single 300,000 if Married Filing Joint 275,000 if Head of Household 150,000 if Marred Filing Separate
- 12. Same-Sex Marriages For filers with a same sex spouse legally married in a state that recognizes same sex marriages, you and your spouse are required to file Married Filing Joint or Married Filing Separate Note: if a same sex couple legally marries in a state recognizes same sex marriages, then moves to another state, a Married Filing Joint return is still required. Same-sex partners who fit the MFJ criteria may be eligible to amend their filing status for prior year returns (certain requirements apply)
- 13. Expired Credits The plugin-electric vehicle credit cannot be claimed for 2013
- 14. Ponzi Schemes New rules exist for 2013 regarding theft loss deduction due to Ponzi investment schemes Investors may be able to claim these investment losses as an ordinary loss instead of a capital loss if certain requirements are met Not subject to income percentage limits on Schedule A Form 4684 has been revised for 2013
- 15. Health Flexible Spending Arrangements (FSAs) Taxpayers cannot claim more that $2,500 in salary reduction contributions made to a FSA starting in the 2013 tax year.