Tax season began on January 31. Here is a brief recap the 2013 estate and gift tax exemptions. And the income tax rates for estates and trusts.
The estate and gift tax exemption for 2013 was $5.25 million per individual. Portability rules applied for married couples, meaning their total exemption was $10.5 million. If the individual was a non-resident alien, the exemption was $60,000.
The 2013 Income Tax Rates for Estates and Trusts are as follows:
| Not over $2,450 | 15% of the taxable income |
| Over $2,450 but not over $5,700 | $367.50 plus 25% of the excess over $2,450 |
| Over $5,700 but not over $8,750 | $1,180 plus 28% of the excess over $5,700 |
| Over $8,750 but not over $11,950 | $2,034 plus 33% of the excess over $8,750 |
| Over $11,950 | $3,090 plus 39.6% of the excess over $11,950 |
Tax season began on January 31. Here is a brief recap the 2013 estate and gift tax exemptions. And the income tax rates for estates and trusts.
The exemption for 2013 was $5.25 million per individual. Portability rules applied for married couples, meaning their total exemption was $10.5 million. If the individual was a non-resident alien, the exemption was $60,000.