Indexing Exemptions for Inflation. Each year, the Internal Revenue Service adjusts the value of an exemption based on inflation (and rounded to the nearest $50). In a recent, if the exemption was ...
... worth $3,100 and inflation was 4.7 percent, what would be the amount of the exemption for the upcoming tax year?
$3,100 X 1.047 = $3,245.70 rounded to $3,250
(See complete conversation and new answers below)
There are no new answers.