Estate, Gift, And Trust Tax Provisions Page 2
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1
2Estate and Gift Tax Unified Tax Rates
The following tax rates apply to the taxable estate or taxable gift without reduction for the applicable exclusion amount.
The resulting tax is reduced by the applicable credit amount.
Rates for 2012
Column B
Column C
Column D
Column A
Taxable Amount
Tax on Amount in
Tax Rate on Excess over
Taxable Amount Over
Not Over
Column A
Amount in Column A
$
0
$ 10,000
$
0
18%
10,000
20,000
1,800
20%
20,000
40,000
3,800
22%
40,000
60,000
8,200
24%
60,000
80,000
13,000
26%
80,000
100,000
18,200
28%
100,000
150,000
23,800
30%
150,000
250,000
38,800
32%
250,000
500,000
70,800
34%
500,000
---------
155,800
35%
Rates after 2012
Column B
Column C
Column D
Column A
Taxable Amount
Tax on Amount in
Tax Rate on Excess Over
Taxable Amount Over
Not Over
Column A
Amount in Column A
$
0
$ 10,000
$
0
18%
10,000
20,000
1,800
20%
20,000
40,000
3,800
22%
40,000
60,000
8,200
24%
60,000
80,000
13,000
26%
80,000
100,000
18,200
28%
100,000
150,000
23,800
30%
150,000
250,000
38,800
32%
250,000
500,000
70,800
34%
500,000
750,000
155,800
37%
750,000
1,000,000
248,300
39%
1,000,000
345,800
40%
Form 1041—2014 U.S. Income Tax Return for Estate and Trusts Exemption Deductions
Regular Tax Exemption Deduction Amount
AMT Exemption
AMT Exemption Deduction
Estate
Simple Trust
Complex Trust
Deduction
Phaseout
$600
$300
$100
$23,500
$78,250-$172,250
Estimated Income Tax Requirement for Estates and Trusts
Tax payments must equal or exceed lesser of
2012
2013
2014
% of current year tax liability or
90%
90%
90%
% of prior year liability
if AGI # $150,000
100%
100%
100%
if AGI . $150,000
110%
110%
110%
694
ESTATE, GIFT, AND TRUST
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