2014 Tax year updates to IRS deductions. Revenue Procedure 2013-35 provides the new inflation adjusted numbers for 2014, which include: • The standard deduction rises to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly; • The personal exemption rises to $3,950; • The Alternative Minimum Tax exemption amount for tax year 2014 is $52,800 ($82,100, for married couples filing jointly); • Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000; • The annual exclusion for gifts remains at $14,000; • The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) remains at $2,500; and • The foreign earned income exclusion rises to $99,200 for tax year 2014.