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Inflation adjustment affecting college savers

(October 31, 2014) - In Revenue Procedure 2014-61 the IRS sets forth several inflation adjustments for 2015. The adjustments affecting college savers include the following:

- The kiddie tax threshold increases from $2,000 unearned income to $2,100 unearned income.

- The income phase-out for the Lifetime Learning Credit increases from $54,000 to $55,000 ( from $108,000 to $110,000 for a joint return).

- The income phase-out range for qualified education savings bonds increases to $115,750 - $145,750 for joint returns and $77,200 - $92,200 for all other returns.

- The lifetime exemption for gift and estate tax purposes increases from $5.34 million to $5.43 million. (The gift-tax annual exclusion remains at $14,000.)

For more information, click here.

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