Here’s the individual income tax rates for 2013
If you still need to file your 2013 taxes, you may need a reminder of the 2013 income tax rates. These rates will play a major role in how much your 2013 tax refund or tax due total will be.
2013 Income Tax Rate Table
The 2013 tax rates for the bottom six brackets remain unchanged from 2012. The biggest change is the addition of a new rate of 39.6% for individuals with incomes above $400,000 and married couples filing jointly with incomes above $450,000.
|
Tax Rate |
Single |
Married Filing Jointly/Qualifying Widow(er) |
Married Filing Separately |
Head of Household Income |
| 10% | $0-$8,925 | $0-$17,850 | $0-$8,925 | $0-$12,750 |
| 15% | $8,926-$36,250 | $17,851-$72,500 | $8,926-$36,250 | $12,751-$48,600 |
| 25% | $36,251-$87,850 | $72,501-$146,400 | $36,251-$73,200 | $48,601-$125,450 |
| 28% | $87,851-$183,250 | $146,401-$223,050 | $73,201-$111,525 | $125,451-$203,150 |
| 33% | $183,251-$398,350 | $223,051-$398,350 | $111,526-$199,175 | $203,151-$398,350 |
| 35% | $398,351-$400,000 | $398,351-$450,000 | $199,176-$225,000 | $398,351-$425,000 |
| 39.6% | $400,000+ | $450,000+ | $255,000+ | $425,000+ |
Standard Deduction
The standard deduction has been adjusted for inflation, increasing from $5,950 in 2012 to $6,100 for 2013. For married couples filing jointly the number has increased from $11,900 in 2012 to $12,200 in 2013.
Limit to Itemized Deductions
The American Taxpayer Relief Act of 2012, as the fiscal cliff deal is officially known (despite the fact that it was actually enacted in 2013) also limited the amount of itemized deductions you can take advantage of above a certain income threshold. So if you are a single filer making more than $250,000 or a married couple filing jointly making more than $300,000 you may not be able to get as large a tax benefit as in a previous year.
Personal Exemption
The personal exemption has also increased from $3,800 in 2012 to $3,900 in 2013. New this year is a phase-out of the personal exemption beginning at an AGI of $250,000 for individuals and $300,000 for married couples filing jointly. It phases out completely at an AGI of $372,500 for individuals and $422,500 for married filing jointly.
File Your 2013 Taxes Today
If you still need to get caught up on your taxes, you can file your 2013 taxes late online with RapidTax.
To get started, create an account and select the 2013 tax year.
Photo via JD Hancock on Flickr.
Hi Why,
It’s taking longer for everyone to get their refund this year. Not only did the IRS push the start of the season back until January 30th (thanks to the fiscal cliff) but the IRS said that this year most people would have their refund in “under 21 days,” a longer frame of time than in previous years. This of course is an estimate, as there are any number of reasons that could hold up a return even further, including the fact that there’s a long list of forms the IRS will not even begin to process until March.
If you have a specific problem or would like one of our tax professionals to address a question, please feel free to leave us a note, live chat us, or call 877-289-7580.