Federal Tax
2013
Cheat Sheet
800.706.4741
www.andersonadvisors.com
Income Taxes
Other Tax Rates
Over
If Taxable Income Is:
But Not
More
Than
The Tax Is
Married Filing Jointly:
Of the
Amount
Over
$0
$17,400
$0 + 10%
$0
17,400
70,700
1,740.00 + 15%
17,400
70,700
142,700
9,735.00 + 25%
70,700
142,700
217,450
27,735.00 + 28%
142,700
217,450
388,350
48,665.00 + 33%
217,450
105,062.00 + 35%
388,350
388,350
Married Filing Separately:
$8,700
$0 + 10%
$0
8,700
35,350
870.00 + 15%
8,700
35,350
71,350
4,867.50 + 25%
35,350
71,350
108,725
13,867.50 + 28%
71,350
108,725
194,175
24,332.50 + 33%
108,725
52,531.00 + 35%
194,175
Head of Household:
Married Filing Jointly:
$0
17,850
72,500
146,400
223,050
398,350
450,000
$17,850
72,500
146,400
223,050
398,350
450,000
$0
8,925
36,250
73,200
111,525
199,175
225,000
$8,925
36,250
73,200
111,525
199,175
225,000
Head of Household:
$0
$12,400
$0 + 10%
$0
12,400
47,350
1,240.00 + 15%
12,400
47,350
122,300
6,482.50 + 25%
47,350
122,300
198,050
25,220.00 + 28%
122,300
198,050
388,350
46,430.00 + 33%
198,050
109,229.00 + 35%
388,350
388,350
Over
But Not
More
Than
The Tax Is
$0 + 10%
1,785.00 + 15%
9,982.50 + 25%
28,457.50 + 28%
49,919.50 + 33%
107,768.50 + 35%
125,846.00 + 39.6%
Married Filing Separately:
$0
194,175
Capital Gains and Qual.
Dividends 2012 & 2013*
2013
2012
If Taxable Income Is:
Single:
Of the
Amount
Over
$0
17,850
72,500
146,400
223,050
398,350
450,000
$0 + 10%
892.50 + 15%
4,991.25 + 25%
14,228.75 + 28%
24,959.75 + 33%
53,884.25 + 35%
62,923.00 + 39.6%
$0
8,925
36,250
73,200
111,525
199,175
225,000
$8,700
$0 + 10%
$0
8,700
35,350
870.00 + 15%
8,700
35,350
85,650
4,867.50 + 25%
35,350
85,650
178,650
17,442.50 + 28%
85,650
178,650
388,350
43,482.50 + 33%
178,650
112,683.50 + 35%
388,350
388,350
Estates and Trusts:
Long
Term
Qual.
Div.
ordinary rates
0%
15%
20%
0%
15%
20%
ordinary rates
ordinary rates
* Additional 3.8% Medicare tax imposed on net investment
income of higher-income taxpayers.
** New bracket for 2013.
Kiddie Tax
• Under age 19 (or certain full-time students under age
24) with unearned income consisting solely of interest,
dividends and CGD; and child’s gross income is less than
$9,500 in 2012 ($10,000 in 2013) – use Form 8814 with
parent’s return.
• If child files own return – use Form 8615 with child’s return
to calculate tax at parent’s marginal rate.
2012
2013
First
$950
$1,000
No Tax
Next
$950
$1,000
Taxed at child’s
marginal rate
$1,900
$2,000
Taxed at parent’s
marginal rate
Amounts Over
AMT Rates for Individuals
$0
12,750
48,600
125,450
$12,750
48,600
125,450
203,150
$0 + 10%
1,275.00 + 15%
6,652.50 + 25%
25,865.00 + 28%
$0
12,750
48,600
125,450
398,350
425,000
425,000
112,037.00 + 35%
121,364.50 + 39.6%
398,350
425,000
MFS
$8,925
36,250
87,850
183,250
398,350
400,000
$0 + 10%
892.50 + 15%
4,991.25 + 25%
17,891.25 + 28%
44,603.25 + 33%
115,586.25 + 35%
116,163.75 + 39.6%
$0
8,925
36,250
87,850
183,250
398,350
400,000
Single
$50,600
$51,900
MFJ
$78,750
$80,800
MFS
$39,375
$40,400
203,150
398,350
47,621.00 + 33%
203,150
AMTI Threshold
2012
2013
Single, MFJ,
HoH
Single:
$0
$0
8,925
36,250
87,850
183,250
398,350
400,000
Estates and Trusts:
$0
$2,400
$0 + 15%
$0
$0
$2,450
$0 + 15%
$0
2,400
5,600
360.00 + 25%
2,400
2,450
5,700
367.50 + 25%
2,450
5,700
5,600
8,500
1,160.00 + 28%
5,600
5,700
8,750
1,180.00 + 28%
8,500
11,650
1,972.00 + 33%
8,500
8,750
11,950
2,034.00 + 33%
8,750
3,011.50 + 35%
11,650
11,950
3,090.00 + 39.6%
11,950
11,650
10% – 15% brackets
25% – 35% brackets
39.6% bracket**
Short
Term
Education Incentives
Tuition Deduction – “Above the line” deduction up to $4,000 for qualifying tuition and related expenses
is retroactively reinstated for 2012 and extended through 2013.
Student Loan Interest Deduction – “Above the line” deduction up to $2,500 (2012 and 2013); subject to
income limitations.
Education Credits – American Opportunity (modified Hope) Credit is up to $2,500 in 2012 and 2013
per student for first four years of higher education paid. Lifetime Learning Credit is 20% of tuition paid
up to $2,000 per taxpayer for 2012 and 2013. Both credits subject to income limitations and cannot
be used in conjunction with each other.
Section 529 Plans (Qualified Tuition Programs) – Distributions used for qualified higher education
expenses are income tax free. Contributions are potentially subject to gift tax, but are eligible for the perdonee annual exclusion ($13,000 for 2012 and $14,000 for 2013). Donor can elect to treat up to $65,000
of the contribution in 2012 ($70,000 in 2013) as if it had been made ratably over a 5-year period.
Coverdell Education Savings Accounts (Education IRAs) – Contribution limit is $2,000 in 2012 and
2013; subject to income limitations.
AMT
Rate
$0 - $175,000
$0 - $179,500
26%
$175,001 or more
$179,501 or more
28%
$0 - $87,500
$0 - $89,750
26%
$87,501 or more
$89,751 or more
AMT Exemption
2012
2013
28%
Social Security
Maximum Compensation Subject to FICA
2012
OASDI Maximum
$110,100
HI Maximum
No Limit
• OASDI tax rate – 2012:
10.4% self-employed, 4.2% employees
• OASDI tax rate – 2013:
12.4% self-employed, 6.2% employees
• HI tax rate – 2012 & 2013*:
2.9% self-employed, 1.45% employees
2013
$113,700
No Limit
* Additional 0.9% tax imposed on higher-income taxpayers in 2013.
Maximum Amount of Earnings
to Still Receive Full Benefits
2012
Under full retirement age
$14,640
MAGI Amounts for Benefi ts to Be Taxable
50% Taxable
Married Filing Jointly
Single
$32,000
$25,000
2013
$15,120
85% Taxable
$44,000
$34,000
Mileage Rates
Purpose
2012
Business
55.5¢ per mile
56.5¢ per mile
Charitable
Moving
14¢ per mile
23¢ per mile
14¢ per mile
24¢ per mile
Medical
23¢ per mile
2013
24¢ per mile
Current as of January 15, 2013
Deductions & Exemptions
IRAs
Standard Deductions
Married Filing Jointly/
Surviving Spouse
Married Filing
Separately
Head of
Household
Single
2012
2013
2012
2013
2012
2013
2012
2013
Annual
Add’l Age 65 or Older
or Blind
$11,900
$12,200
$5,950
$6,100
$8,700
$8,950
$5,950
$6,100
$1,150
$1,200
$1,150
$1,200
$1,450
$1,500
$1,450
$1,500
Phaseout of Itemized Deductions
• The phaseout of itemized deductions and personal exemptions has
been repealed for 2012 but reinstated for 2013.
2013 AGI Threshold
MFJ/SS
MFS
HoH
Single
$300,000
$150,000
$275,000
$250,000
Married Filing
Separately
Head of
Household
Single
$3,800
$3,900
$3,800
$3,900
$3,800
$3,900
$3,800
$3,900
phaseout repealed
$300,000/$422,500
phaseout repealed
$150,000/$211,250
phaseout repealed
$275,000/$397,500
phaseout repealed
$250,000/$372,500
2012
2013
$500,000
$2 million
$500,000
$2 million
Estate & Gift Taxes
2012
Annual Gift Tax Exclusion
2013
$13,000
for Noncitizen Spouses
$139,000
$14,000
$143,000
Estate Tax Exclusion
$5,120,000
$5,250,000
Gift Tax Exclusion
$5,120,000
$5,250,000
Applicable Credit
$1,772,800
GST Tax Exemption
$5,500
Catch-up*
$1,000
$1,000
*Individuals who will be at least age 50 by the end of the year can make catch-up contributions.
$5,120,000
ROTH IRAs
MAGI Phaseout Range for
Contributions to Roth IRAs
2012
2013
Married Filing Jointly
$173,000 – $183,000
$178,000 – $188,000
Single, Head of Household
$110,000 – $125,000
$112,000 – $127,000
$0 – $10,000
$0 – $10,000
Married Filing Separately
Filing
Status
Code Sec. 179 Expense Allowance
Dollar limitation
Investment limitation
2013
$5,000
AGI Threshold/
Upper Limit
Exemption
2012
2013
2012
2013
2012
2013
2012
2013
2012
Regular
TRADITIONAL IRA DEDUCTIBILITY RULES
Personal Exemptions
Married Filing Jointly/
Surviving Spouse
CONTRIBUTION LIMITS - TRADITIONAL AND ROTH
$2,045,800
$5,250,000
Single
Covered by Qualified
Retirement Plan?
Modified AGI
Deductibility
Any amount
Any amount
Full deduction
Yes
$58,000 or less
$58,001 - $67,999
$68,000 or more
$59,000 or less
$59,001 - $68,999
$69,000 or more
Full deduction
Partial deduction
No deduction
Any amount
Any amount
Full deduction
Both spouses
covered
$92,000 or less
$92,001 - $111,999
$112,000 or more
$95,000 or less
$95,001 - $114,999
$115,000 or more
Full deduction
Partial deduction
No deduction
One spouse
covered: for
covered spouse
$92,000 or less
$92,001 - $111,999
$112,000 or more
$95,000 or less
$95,001 - $114,999
$115,000 or more
Full deduction
Partial deduction
No deduction
One spouse
$173,000 or less
$173,001 - $182,999
covered: for
non-covered spouse $183,000 or more
Married
Filing
Separately,
lived
together
for any part
of the year
(if spouses
lived
separately
throughout
year, treated
as single)
2013
No
Neither spouse
Married
Filing
Jointly
2012
Neither spouse
$178,000 or less
Full deduction
$178,001 - $187,999 Partial deduction
$188,000 or more
No deduction
Any amount
Any amount
Full deduction
Both spouses
covered
$9,999 or less
$9,999 or less
Partial deduction
$10,000 or more
$10,000 or more
No deduction
One spouse
covered: for
covered spouse
$9,999 or less
$9,999 or less
Partial deduction
$10,000 or more
$10,000 or more
No deduction
$9,999 or less
Partial deduction
$10,000 or more
No deduction
One spouse
$9,999 or less
covered: for
non-covered spouse $10,000 or more
Credits & Exclusions
Child Tax Credit
2012
2013
$1,000
$1,000
Phases out $50 for each $1,000 MAGI over $110,000 (married filing
jointly), $75,000 (single) or $55,000 (married filing separately).
Foreign Income
Foreign earned income
exclusion
2012
2013
$95,100
$97,600
Maximum foreign hous$13,314
ing exclusion of qualified ($28,530 - $15,216)
housing expenses
$ 13,664
($29,280 - $15,616)
Corporate Tax Rates
Taxable Income
Up to $50,000
Rate
15%
25%
$100,001 – $335,000
39%
$335,001 – $10 million
Over $10 million – $15 million
Over $15 million – $18,333,333
Over $18,333,333
Maximum elective deferral to retirement plans (e.g., 401(k), 403(b))
Maximum elective deferral to SIMPLE IRA plans
Maximum elective deferral to 457 plans or exempt employers
Limit on annual additions to Keogh plans and SEP-IRAs
Limit on annual additions to defined contribution plans
Maximum annual compensation taken into account for contributions
Annual benefit limit under defined benefit plans
Threshold amount for definition of highly compensated employee
Threshold amount for definition of key employee in top-heavy plans
2012
2013
$17,000
$11,500
$17,000
$50,000
$50,000
$250,000
$200,000
$115,000
$165,000
$17,500
$12,000
$17,500
$51,000
$51,000
$255,000
$205,000
$115,000
$165,000
$5,500
$2,500
$5,500
$2,500
Catch-up Contribution Limits*
$50,001 – $75,000
$75,001 – $100,000
Qualified Plans
401(k), 403(b), SARSEP and 457 plans
SIMPLE plans
* Individuals who will be at least age 50 by the end of the year can make catch-up contributions.
34%
34%
35%
38%
35%
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For more information about our services, please call 800.706.4741 or visit www.andersonadvisors.com.