Each year statutory provisions require the IRS to adjust tax rates based on inflation. Although we’re a bit tardy posting the numbers, here are the ones that matter most for our purposes.
Taxes paid by estates and trusts are as follows:
If Taxable Income Is: | The Tax Is: |
---|---|
Not over $3,100 | 10% of the taxable income |
Over $3,100 but not over $11,150 | $310 plus 24% of the excess over $3,100 |
Over $11,150 but not over $15,200 | $2,242 plus 35% of the excess over $11,150 |
Over $15,200 | $3,659.50 plus 37% of the excess over $15,200 |
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