The IRS announced inflation adjustments for more than 50 tax provisions for 2016 on October 21, 2015. Some of the major ones are below:
1. The personal exemption rose from $4,000 to $4,050.
2. The standard deduction for singles and joint returns remained at $6,300 and $12,600 respectively.
3. The top rate of 39.6 percent applies at $415,050 for singles and $466,950 for joint returns. This is up from $413,200 and $464,850.
4. The basic exclusion for estates increased to $5,450,000 from $5,430,000.
5. The foreign earned income exclusion went from $100,800 to $101,300.
No comments:
Post a Comment