For tax year 2015, the Internal Revenue Service announced annual inflation adjustments for more than 40 tax provisions. Key items for tax year 2015 include:

  • The standard deduction rises to: $6,300 for singles and married persons filing separate returns; $12,600 for married couples filing jointly; and $ 9,250 for heads of household.
  • The personal exemption rises to $4,000.
  • The Alternative Minimum Tax exemption amount is $53,600 ($83,400, for married couples filing jointly).).
  • The maximum Earned Income Credit amount is $6,242 for taxpayers filing jointly who have 3 or more qualifying children.
  • The foreign earned income exclusion breaks the six-figure mark, rising to $100,800.
  • The annual exclusion for gifts remains at $14,000 for 2015.
  • The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements rises to $2,550.