2015 Tax Brackets and Standard Deduction Tables Are Out

Alan Olsen for Greenstein Rogoff Olsen & Co. LLP  writes: This year has just about come to an end, which means the 2014 tax season is just about to begin. So, while everyone will soon be busy preparing this year’s tax return, most people won’t be thinking too much about the 2015 tax year. Of course, it’s never too early to plan for future tax years, so with that in mind, let’s take a look at the IRS’s tax brackets and standard deduction amounts for the year 2015. That’s right, the IRS has already released that information and we have it for you here. Just to be completely clear, these numbers are not for the tax return you will be filing in 2015. These are the applicable numbers for the tax return you will file in 2016.

Individuals:

Over	But Not Over	Tax Rate
$0	$9,225	10%
$9,225	$37,450	15%
$37,450	$90,750	25%
$90,750	$189,300	28%
$189,300	$411,500	33%
$411,500	$413,200	35%
$413,200	And over	39.6%

Head of Household

Over	But Not Over	Tax Rate
$0	$13,150	10%
$13,150	$50,200	15%
$50,200	$129,600	25%
$129,600	$209,850	28%
$209,850	$411,500	33%
$411,500	$439,000	35%
$413,200	And over	39.6%

Married Filing Jointly

Over	But Not Over	Tax Rate
$0	$18,450	10%
$18,450	$74,900	15%
$74,900	$151,200	25%
$151,200	$230,450	28%
$230,450	$411,500	33%
$411,500	$464,850	35%
$464,850	And over	39.6%

Married Filing Separately

Over	But Not Over	Tax Rate
$0	$9,225	10%
$9,225	$37,450	15%
$37,450	$75,600	25%
$75,600	$115,225	28%
$115,225	$205,750	33%
$205,750	$232,425	35%
$232,425	And over	39.6%

The IRS has also released its standard deductions chart for 2015. Everyone who pays taxes will get a small increase in their standard deduction amount.

Standard Deductions

Filing Status	Standard Deduction Amount
Single	$6,300
Married Filing Jointly	$12,600
Married Filing Separately	$6,300
Head of Household	$9,250
Surviving Spouse	$12,600

More Changes for 2015

There were several other important changes for 2015, which the IRS says were made due to inflation. Some of those include:

• The limitation for itemized deductions, which are claimed on 2015 individual returns, starts with incomes of $258,250 or more ($309,900 for married couples filing jointly).
• The personal exemption for tax year 2015 rises to $4,000, up from $3,950 in 2014. However, the exemption does begin to phase-out with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly). It phases out entirely at incomes of $380,750 ($432,400 for married couples filing jointly.)
• The 2015 maximum Earned Income Credit amount is $6,242 for taxpayers filing jointly who have 3 or more qualifying children, compared to a total of $6,143 for the 2014 tax year.
• Estates of decedents who die during 2015 have a basic exclusion amount of $5,430,000, up from a total of $5,340,000 for estates of decedents who died in 2014.
• The Alternative Minimum Tax exemption amount for tax year 2015 is $53,600 ($83,400, for married couples filing jointly). In 2014, the exemption amount was $52,800 ($82,100 for married couples filing jointly).