Standard deductions for 2014 will rise a bit. Marrieds get $12,400. If one spouse is age 65 or older…$13,600. If both are…$14,800. Singles can claim $6,200…$7,750 if they’re 65. Household heads get $9,100 plus $1,550 more once they reach age 65. Blind people receive $1,200 more ($1,550 if unmarried and not a surviving spouse).
High-incomers lose their itemized deductions above higher level for 2014. Their write-offs are slashed by 3% of the excess of AGI over $254,200 for singles, $279,650 for household heads and $305,050 for marrieds. But the total reduction can’t exceed 80% of itemization. Medicals, investment interests, casualty losses, and gambling losses (to the extent of winnings) are exempted from this cutback.
Personal exemptions increase $3,950 for filers and their dependents. However, this write-off is phased out for upper-incomers. It is trimmed by 2% for each $2,500 of AGI over the same threshold for the itemized deduction phaseout.