State sets inflation-adjusted amounts for 2014

PROVIDENCE – The R.I. Division of Taxation has set key figures for tax year 2014, which are necessary for tax-planning purposes and possible adjustments to withholding or estimated payments. The figures include standard deduction amounts, exemption amounts, tax bracket ranges and other key details.
For Rhode Island personal income tax, the standard deduction and exemption amounts will increase by more than 1 percent for 2014. Standard deduction amount for filing as single status, for example, is $8,000 for 2013 and $8,100 for 2014. The standard deduction amount for married filing jointly for 2013 is $16,000 and for 2014 is $16,250.
“To help offset the effects of bracket creep, the General Assembly adopted a provision that requires tax brackets to be adjusted annually with inflation,” Division of Taxation’s Chief Revenue Agent Neil Downing said in the Nov. 8 advisory.
The tax bracket ranges have been recalculated for the personal income tax rate schedule for 2014.
The recalculations, to reflect inflation, boost the dollar figures in each bracket by about 1.7 percent compared with tax year 2013.

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