Unformatted text preview: p bracket taxpayers) 19 New Capital Gains Rates 2013 & Beyond
LT Capital Gain Rate Filer Taxable Income 0% Single $36,250 and under 0% Married $72,500 and under 15% Single $36,251 $400,000 15% Married $72,501 $450,000 20% Single > $400,001 20% Married > $450,001 20 Exclusions & Tax Deferred Income Exclusions & Tax Deferred Income Exclusions Amounts not included in gross income (amounts are excluded from return) Exclusions are also referred to as taxexempt income, which is income not subject to income tax (e.g. municipal bond interest income) Taxdeferred income is not shown on return Income that will be taxed at a later date, such as earnings from an traditional individual retirement account (IRA) or interest on a U.S. Savings Bond
21 Taxable Income Recap
Taxable Income Recap Gross Income
Minus Adjustments =
Schedule A or Minus Standard Deduction Exemptions = Greater of Minus Taxable Income
22 Adjustments to Gross Income Adjustments to Gross Income Adjusted gross income is gross income after certain redu...
View Full Document
This document was uploaded on 02/12/2014.
- Spring '14