For 2015, the value used to determine the amount of credit that may be refundable is $3,000 (the credit amount has not changed). Phaseouts are based on filing status and number of children and begin at $8,240 for single taxpayers with no children and $18,110 for single taxpayers with one or more children. For 2015, the maximum EITC amount available is $3,359 for taxpayers filing jointly with one child $5,548 for two children $6,242 for three or more children (up from $6,143 in 2014) and $503 for no children. Phase-outs for personal exemption amounts (sometimes called "PEP") begins with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly) they phase out completely at $380,750 ($432,400 for married couples filing jointly.) And now, onto more updates! Family Related Tax Item Updates: The personal exemption amount also goes up for 2015. The result of those changes is basically an increase in the top marginal tax rates. The limitations were brought back in 2013 at the original thresholds, indexed for inflation. The Pease limitations were slated to be reduced beginning in 2006 and eliminated in 2010 as with the other tax cuts, the elimination was extended through the end of 2012. Don Pease (D-OH) - for 2015 will kick in for individuals with incomes of $258,250 or more ($309,900 for married couples filing jointly). The limitation for itemized deductions - the Pease limitations, named after former Rep. The standard deduction for heads of household rises to $9,250, up from $9,100. The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. All taxpayers will see a slight bump in the standard deduction.
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