IRS Announces Remaining Inflation Adjustments For 2013

The IRS has announced the remaining annual cost-of-living and inflation adjustments for 2013 – including for the tax brackets, personal exemptions, and standard deduction.

The IRS had originally released only a partial list of inflation and cost-of-living adjustments for 2013 (IR-2012-77 and Rev. Proc. 2012-41), because of the pending tax legislation. The American Taxpayer Relief Act was finally signed into law on Jan. 2, and the IRS released the remaining inflation adjustments on Jan. 11, 2013 (Rev. Proc. 2013-15).

This Tax Flash lists the major inflation adjustments announced previously in IR-2012-77 and Rev. Proc. 2012-41, as well as the remaining adjustments announced in Rev. Proc. 2013-15.