Gmunicipalbondinterestincome

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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 = AGI 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.

Ask a homework question - tutors are online