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posted May 31, 2019 6:08:16 PM

Why was my 2015 standard deduction and personal exemption $5,091 and $2,100 when they should have been $6,300 and $4,000, respectively?

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1 Replies
Level 15
May 31, 2019 6:08:20 PM

It's called a phase out due to income limitations ...

  • 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. The standard deduction for heads of household rises to $9,250, up from $9,100.
  • The limitation for itemized deductions to be claimed on tax year 2015 returns of individuals begins with incomes of $258,250 or more ($309,900 for married couples filing jointly).
  • The personal exemption for tax year 2015 rises to $4,000, up from the 2014 exemption of $3,950. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly). It phases out completely at $380,750 ($432,400 for married couples filing jointly.)
https://www.irs.gov/uac/newsroom/in-2015-various-tax-benefits-increase-due-to-inflation-adjustments