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Whether you have already filed your current year taxes and received your refund, or if you are still procrastinating and have no plans to do your taxes before April 15 – do yourself a favor. What is your Adjusted Gross Income (AGI)?
A recent article in Forbes magazine about the 2012 changes to federal tax laws put the complexity of the laws into some perspective. Here are a couple of fun questions based on that article.
The AFR is also known as the IRS Discount Rate. It's part of the calculation used to determine the charitable deduction for planned gifts such as charitable remainder trusts (CRTs) and gift annuities. The higher the AFR, the higher the deduction for CRTs and gift annuities, and the lower the tax-free portion of the annuity payment.
The basic federal estate-tax exclusion amount for estate of people who die in 2015 is $5,430,000, up from $5,340,000 in 2014.