2015 Inflation-Adjusted Items and Tax Tables Released
Dec 11, 2014
Personal exemption will increase from $3,950 in 2014 to $4,000 for 2015, as well as the standard deduction, which will increase from $12,400 in 2014 to $12,600 in 2015 for married taxpayers filing joint returns. The adoption credit under Sec. 23 is inflation-adjusted from $13,190 in 2014 to $13,400 in 2015.
The revenue procedure also contains the inflation-adjusted unified credit against the estate tax, which is $5.43 million for 2015. One amount that will remain unchanged is the annual gift tax exclusion which will remain at $14,000.
The AMT exemption amount for 2015 is $83,400 for married taxpayers filing joint returns and $53,600 for single taxpayers. The Sec. 911 foreign earned income exclusion increases from $99,200 for 2014 to $100,800 for 2015.
The revenue procedure also includes the inflation adjustments for the Sec. 24 child tax credit, the Sec. 25A Hope scholarship and lifetime learning credits, the Sec. 32 earned income tax credit, and the Sec. 221 deduction for interest on qualified education loans.
The 2015 contribution limits and other figures for pension plans and other retirement-related items have been released as well, along with the Social Security Administration announcing the Social Security wage base will increase from $117,000 in 2014 to $118,500 in 2015.
By: Rachel Mossing, Accountant