2015 inflation-adjusted items and tax tables issued

BY SALLY P. SCHREIBER, J.D.

The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts (Rev. Proc. 2014-61).

Among the inflation-adjusted amounts that have increased are the personal exemption, which increases from $3,950 in 2014 to $4,000 for 2015, and the standard deduction, which for married taxpayers filing joint returns increases from $12,400 in 2014 to $12,600 in 2015. In addition, 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. The annual gift tax exclusion remains 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.

Last week, the IRS announced the 2015 contribution limits and other figures for pension plans and other retirement-related items (see prior coverage here), and the Social Security Administration announced the Social Security wage base will increase in 2015 to $118,500.

Sally P. Schreiber ( sschreiber@aicpa.org ) is a JofA senior editor.

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