Thursday, September 13, 2012

IRS ANNOUNCES 2013 IRA AND GIFT TAX NUMBERS


Two tax breaks will be larger next year, thanks to an increase in inflation.

The ceiling on IRA contributions will jump to $5,500, a $500 increase.
  • As a result, taxpayers age 50 or older in 2013 will be able to put in up to $6,500.
It is also calculated that the annual gift tax exclusion will rise to $14,000, up $1,000 from 2012.
  • This is not official yet. The Revenue Service will officially announce these figures next month.

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