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  FOR TAX FILERS

:
Changes for 2013-2014 tax year
Changes for 2013-2014 Tax Year
For the 2013-2014 tax year, there are no significant changes in taxes and credits. The changes that have occurred are simply adjustments to the inflation rates and have resulted in increased limits or deductions. Below are tables indicating the changed amounts of exemptions and credits that we commonly face when we prepare taxes for VITA customers. This information was compiled using the IRS website regarding 2013 tax year changes.
CHANGES IN DEDUCTIONS:
ITEM ​2012 (Previous Amount) ​2013 (New Amount)
Personal/Dependent Exemptions $3,800 $3,900
Standard Deduction - Single​ $5,950 $6,100
​Standard Deduction - Married Filing Jointly $11,900 $12,200
​Standard Deduction - Head of Household $8,700 $8,950
 ​

CHANGES TO EARNED INCOME TAX CREDIT (EITC*):
ITEM                                                                    ​2012 (Previous Amount) ​2013 (New Amount)
Maximum Income Limit​ $50,270 $51,567
Maximum Credit Amount​ $5,891 $6,044
 
WHO QUALIFIES FOR THE EITC? 
 
# of Dependents   Earned Income
 Less Than:* 
Maximum Credit 
(Up to)
0​ $14,340 $487  
1​ $37,870 $3,250
​2 $43,038 $5,372​
​3+ $46,227 ​
$6,044
 
 
*NOTE THAT THE EITC CREDIT VARIES BY FAMILY SIZE, FILING STATUS AND OTHER FACTORS, THESE NUMBERS ARE ONLY THE MAXIMUM LIMITS POSSIBLE FOR EITC (Please refer to the IRS website for the current EITC table)