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2013 IRS Inflation Adjustments re: IRA's & Gift taxes
Posted on 10/19/12 at 11:42 am
Posted on 10/19/12 at 11:42 am
If any of you guys haven't seen yet, here are a few subtle changes coming next year.
Retirement Plans:
• The contribution limit for employees who participate in 401(k), 403(b) and some other plans will increase to $17,500 from $17,000. The “catch-up” contribution limit for workers age 50 and above remains unchanged, at $5,500.
• For taxpayers making deductible contributions to traditional individual retirement accounts, the upper income limit rises to $115,000 from $112,000 for married couples filing jointly ($69,000 for singles), if the worker is covered by a workplace retirement plan.
• For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the upper income limit rises to $188,000 of modified adjusted gross income (AGI) from $183,000.
• For taxpayers making contributions to a Roth IRA, the upper income limit is $188,000 of AGI for married couples filing jointly ($127,000 for singles), up from $183,000 in 2012.
Gift Tax:
• The annual exclusion for gifts rises to $14,000, the first increase in several years. Next year taxpayers may make tax-free gifts up to $14,000 to as many different individuals as they desire, up from $13,000 this year.
Retirement Plans:
• The contribution limit for employees who participate in 401(k), 403(b) and some other plans will increase to $17,500 from $17,000. The “catch-up” contribution limit for workers age 50 and above remains unchanged, at $5,500.
• For taxpayers making deductible contributions to traditional individual retirement accounts, the upper income limit rises to $115,000 from $112,000 for married couples filing jointly ($69,000 for singles), if the worker is covered by a workplace retirement plan.
• For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the upper income limit rises to $188,000 of modified adjusted gross income (AGI) from $183,000.
• For taxpayers making contributions to a Roth IRA, the upper income limit is $188,000 of AGI for married couples filing jointly ($127,000 for singles), up from $183,000 in 2012.
Gift Tax:
• The annual exclusion for gifts rises to $14,000, the first increase in several years. Next year taxpayers may make tax-free gifts up to $14,000 to as many different individuals as they desire, up from $13,000 this year.
Posted on 10/19/12 at 12:02 pm to GoCrazyAuburn
If you open a Roth IRA and your income fluctuates above and below the contribution limit between years, are you just not eligible to contribute for the years that you make over the limit?
Posted on 10/19/12 at 12:25 pm to Waffle House
If you are over the income limits for the Roth IRA, there is a still a way you can contribute to a Roth. Just goggle "backdoor roth ira" for how to do it.
Posted on 10/19/12 at 12:30 pm to GoCrazyAuburn
quote:
The annual exclusion for gifts rises to $14,000, the first increase in several years. Next year taxpayers may make tax-free gifts up to $14,000 to as many different individuals as they desire, up from $13,000 this year.
Finally!!! It's about time....
Posted on 10/19/12 at 2:14 pm to GoCrazyAuburn
quote:
The annual exclusion for gifts rises to $14,000, the first increase in several years. Next year taxpayers may make tax-free gifts up to $14,000 to as many different individuals as they desire, up from $13,000 this year.
thanks dad
Posted on 10/19/12 at 2:34 pm to I Love Bama
Psh, rotten kids these days and their rap music.
Posted on 10/20/12 at 8:51 am to GoCrazyAuburn
I really wish they would increase the $5,000 IRA annual contribution limit.
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