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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...
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This document was uploaded on 02/12/2014.

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