Trager, Kevy & Trager Tax Info & News » 2003 Tax Year

2003 Information – Minimum Distributions

admin — Wed, 01 Jan 2003 21:14:43 +0000

Table for determining distribution period. The following table, referred
to as the Uniform Lifetime Table, is used for determining the distribution period for
lifetime distributions to an employee in situations in which the employee’s spouse is
either not the sole designated beneficiary or is the sole designated beneficiary but is not
more than 10 years younger than the employee.

Minimum Distributions
Age of employee	Distribution Period	Age of Employee	Distribution Period
70	27.4	92	10.2
71	26.5	93	9.6
72	25.6	94	9.1
73	24.7	95	8.6
74	23.8	96	8.1
75	22.9	97	7.6
76	22.0	98	7.1
77	21.2	99	6.7
78	20.3	100	6.3
79	19.5	101	5.9
80	18.7	102	5.5
81	17.9	103	5.2
82	17.1	104	4.9
83	16.3	105	4.5
84	15.5	106	4.2
85	14.8	107	3.9
86	14.1	108	3.7
87	13.4	109	3.4
88	12.7	110	3.1
89	12.0	111	2.9
90	11.4	112	2.6
91	10.8	113	2.4
92	10.2	114	2.1
93	9.6	115+	1.9

2003 Information – Estate and Gift Tax Changes

admin — Wed, 01 Jan 2003 21:13:38 +0000

Year	Highest Estate, GST, & Gift Tax Rate	Cumulative Estate & GST Transfer Exemption Amount
2001	55% + surtax	$675,000
2002	50%	1,000,000
2003	49%	1,000,000
2004	48%	1,500,000
2005	47%	1,500,000
2006	46%	2,000,000
2007 – 2008	45%	2,000,000
2009	45%	3,500,000
2010	Top individual income tax rate (gift tax only)	Taxes Repealed

Federal Tax Rate Schedules for 2003 – Unified Transfer Tax Rate Schedule

admin — Wed, 01 Jan 2003 21:12:44 +0000

Taxable Income
Over	But Not Over	Tax on	Rate on Excess

$ 1,500,000	$2,000,000	555,800	45
2,000,000	……	780,800	49

Federal Tax Rate Schedules for 2003 – Estates and Nongrantor Trusts

admin — Wed, 01 Jan 2003 21:12:08 +0000

Taxable Income
Over	But Not Over	Pay	+ % on Excess	of amount over

$ 0-	$1,900	$ 0	15 %	$ 0
1,900-	4,500	285.00	27	1,900
4,500-	6,850	987.00	30	4,500
6,850-	9,350	1,692.00	35	6,850
9,350-	……	2,567.00	38.6	9,350

Federal Tax Rate Schedules for 2003 – Heads of Households

admin — Wed, 01 Jan 2003 21:11:21 +0000

Taxable Income
Over	But Not Over	Pay	+ % on Excess	of amount over

$ 0-	$10,000	$ 0	10 %	$ 0
10,000-	38,050	1,000.00	15	10,000
38,050-	98,250	5,207.50	27	38,050
98,250-	159,100	21,461.50	30	98,250
159,100-	311,950	39,716.50	35	159,100
311,950-	……	93,214.00	38.6	311,950

Federal Tax Rate Schedules for 2003 – Married Individuals Filing Separately

admin — Wed, 01 Jan 2003 21:10:45 +0000

Taxable Income
Over	But Not Over	Pay	+ % on Excess	of amount over

$ 0-	$6,000	$ 0	10 %	$ 0
6,000-	23,725	600.00	15	6,000
23,725-	57,325	3,258.75	27	23,725
57,325-	87,350	12,330.75	30	57,325
87,350-	155,975	21,338.25	35	87,350
155,975-	……	45,357.00	38.6	155,975

Federal Tax Rate Schedules for 2003 – Married Filing Jointly and Surviving

admin — Wed, 01 Jan 2003 21:10:11 +0000

Taxable Income
Over	But Not Over	Pay	+ % on Excess	of amount over

$ 0-	$12,000	$ 0	10 %	$ 0
12,000-	47,450	1,200.00	15	12,000
47,450-	114,650	6,517.50	27	46,450
114,650-	174,700	24,661.50	30	114,650
174,700-	311,950	42,676.50	35	174,700
311,950-	……	90,714.00	38.6	311,950

Federal Tax Rate Schedules for 2003 – Single Individuals

admin — Wed, 01 Jan 2003 21:09:25 +0000

Taxable Income
Over	But Not Over	Pay	+ % on Excess	of amount over

$ 0-	$6,000	$ 0	10 %	$ 0
6,000-	28,400	600.00	15	6,000
28,400-	68,800	3,960.00	27	28,400
68,800-	143,500	14,868.00	30	68,800
143,500-	311,950	37,278.00	35	143,500
311,950-	……	96,235.50	38.6	311,950