2013 Tax Brackets & 2014 Tax Brackets and Standard Deduction Amounts

 

2013 Tax Brackets (for taxes due April 15, 2014)
Tax rate	Single filers	Married filing jointly or qualifying widow/widower	Married filing separately	Head of household
Tax rate: 10%	Single filers: Up to $8,925	Married filing jointly or qualifying widow/widower: Up to $17,850	Married filing separately: Up to $8,925	Head of household: Up to $12,750
Tax rate: 15%	Single filers: $8,926 to $36,250	Married filing jointly or qualifying widow/widower: $17,851 to $72,500	Married filing separately: $8,926 to $36,9250	Head of household: $12,751 to $48,600
Tax rate: 25%	Single filers: $36,251 to $87,850	Married filing jointly or qualifying widow/widower: $72,501 to $146,400	Married filing separately: $36,251 to $73,200	Head of household: $48,601 to $125,450
Tax rate: 28%	Single filers: $87,851 to $183,250	Married filing jointly or qualifying widow/widower: $146,401 to $223,050	Married filing separately: $73,201 to $111,525	Head of household: $125,451 to $203,150
Tax rate: 33%	Single filers: $186,251 to $398,350	Married filing jointly or qualifying widow/widower: $223,051 to $398,350	Married filing separately: $111,526 to $199,175	Head of household: $203,151 to $398,350
Tax rate: 35%	Single filers: $398,351 to $400,000	Married filing jointly or qualifying widow/widower: $398,351 to $450,000	Married filing separately: $199,176 to $225,000	Head of household: $398,351 to $425,000
Tax rate: 39.6%	Single filers: $400,001 or more	Married filing jointly or qualifying widow/widower: $450,001 or more	Married filing separately: $225,001 or more	Head of household: $425,001 or more

2014 Tax Brackets (for taxes due April 15, 2015)
Tax rate	Single filers	Married filing jointly or qualifying widow/widower	Married filing separately	Head of household
Tax rate: 10%	Single filers: Up to $9,075	Married filing jointly or qualifying widow/widower: Up to $18,150	Married filing separately: Up to $9,075	Head of household: Up to $12,950
Tax rate: 15%	Single filers: $9,076 to $36,900	Married filing jointly or qualifying widow/widower: $18,151 to $73,800	Married filing separately: $9,076 to $36,900	Head of household: $12,951 to $49,400
Tax rate: 25%	Single filers: $36,901 to $89,350	Married filing jointly or qualifying widow/widower: $73,801 to $148,850	Married filing separately: $36,901 to $74,425	Head of household: $49,401 to $127,550
Tax rate: 28%	Single filers: $89,351 to $186,350	Married filing jointly or qualifying widow/widower: $148,851 to $226,850	Married filing separately: $74,426 to $113,425	Head of household: $127,551 to $206,600
Tax rate: 33%	Single filers: $186,351 to $405,100	Married filing jointly or qualifying widow/widower: $226,851 to $405,100	Married filing separately: $113,426 to $202,550	Head of household: $206,601 to $405,100
Tax rate: 35%	Single filers: $405,101 to $406,750	Married filing jointly or qualifying widow/widower: $405,101 to $457,600	Married filing separately: $202,551 to $228,800	Head of household: $405,101 to $432,200
Tax rate: 39.6%	Single filers: $406,751 or more	Married filing jointly or qualifying widow/widower: $457,601 or more	Married filing separately: $228,801 or more	Head of household: $432,201 or more

 

Kay Bell for Bankrate.com writes:   Most taxpayers claim the standard deduction amount. The amounts are adjusted each tax year for inflation.

For 2013, the standard deduction for taxpayers younger than 65
Single	$6,100
Head of household	$8,950
Married filing jointly	$12,200
Qualifying widow or widower	$12,200
Married filing separately	$6,100

Standard deductions for older, visually impaired taxpayers

Taxpayers who are 65 or older, or who are blind, receive larger standard deduction amounts. Each is noted via a checkbox on Form 1040 and Form 1040A. The age and vision of each spouse is counted separately, meaning that an older couple could check up to four boxes. The final box count is used to figure the adjusted standard deduction amount.

For 2013, the standard deduction for taxpayers older than 65 and/or visually impaired
Filing status	Number of boxes checked	Standard deduction amount
Single	1 2	$7,600 $9,100
Married filing jointly	1 2 3 4	$13,400 $14,600 $15,800 $17,000
Married filing separately	1 2	$7,300 $8,500
Head of household	1 2	$10,450 $11,950
Qualifying widow(er) with dependent child	1 2	$13,400 $14,600

For standard deduction amount purposes, if your 65th birthday was Jan. 1, the Internal Revenue Service considers you age 65 for the previous tax year and you may claim the larger standard deduction.
As for vision considerations, you may qualify for the larger deduction even if you are partially blind by attaching a letter from your physician attesting to your limited vision.

Standard deductions for dependent taxpayers

Sometimes you might file a return, for example, to get a refund of withheld money, even though you can be claimed as a dependent on someone else's return.
In this case, a dependent taxpayer who is younger than 65 and not blind can take as a standard deduction the greater of $1,000 or his or her earned income plus $350. This deduction amount, however, cannot exceed the basic standard deductions for the dependent taxpayer's filing status.

Itemized deductions

Although most taxpayers claim the standard deduction, all taxpayers may choose to itemize deductions and claim that amount if it is larger than their allowable standard deduction amount.

You must file Form 1040 and Schedule A to itemize.
Some itemized deductions are limited based on a taxpayer's adjusted gross income, or AGI. Others are restricted to a threshold, or percentage, of the filer's adjusted gross income.
Taxpayers who make a certain amount also may not be able to deduct all of their itemized deductions. The total of Schedule A deductions begins phasing out if your adjusted gross income is more than $150,000 if married filing separately; $250,000 if single; $275,000 if head of household; or $300,000 if married filing jointly or a qualifying widow(er).

Limits on itemized deductions
Medical expenses	Amount exceeding 10 percent of your adjusted gross income is deductible. The threshold for taxpayers older than 65 remains at 7.5 percent through the 2016 tax year.
Mortgage loan interest	Generally, fully deductible for loans totaling $1 million or less ($500,000 if married filing separately) on your primary residence or second home.
Home equity loan interest	Generally, deductible for loans up to $100,000 ($50,000 if married filing separately) that are secured by your home.
Charitable contribution	Most are fully deductible as long as the gift amount does not exceed 50 percent of AGI.
Casualty losses	Deductible after subtracting insurance reimbursements, 10 percent of your AGI and $100.
Miscellaneous expenses	Amount exceeding 2 percent of AGI is deductible.