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Tax Law Changes for Tax Year 2014

Standard Deduction Amount
. Single    -    $6,200

. Married Filing Jointly and Qualifying Widow   -   $12,400
. Married Filing Separately   -   $6,200                                                
. Head of Household   -   $9,100

If the taxpayer is 65 or older and/or blind, the basic amount will increase.

Earned Income Credit Amount
Earned Income and adjusted gross income (AGI) must each be less than:

  • $46,997 ($52,427 married filing jointly) with three or more qualifying children
  • $43,756 ($49,186 married filing jointly) with two qualifying children
  • $38,511 ($43,941 married filing jointly) with one qualifying child
  • $14,590 ($20,020 married filing jointly) with no qualifying children

Tax Year 2014 Maximum Credit:

  • $6,143 with three or more qualifying children
  • $5,460 with two qualifying children
  • $3,305 with one qualifying child
  • $496 with no qualifying children

Investment income must be $3,350 or less for the year.

 


 

 
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