2013 tax limits from the IRS

The IRS has released tax thresholds for 2013 for social security limits, IRA contributions and the amount your family can give you tax free!  Feel free to contact us for feedback as your review these and how to adjust your tax plan for 2013.

* SOCIAL SECURITY taxable wage limit increases from 2012 limit of $110,100 to $113,700 for 2013. Retirees under
full retirement age can earn up to $15,120 without
losing benefits.

* 401(k) MAXIMUM salary deferral increases from 2012
limit of $17,000 to $17,500. The catch-up limit for
50 and older remains unchanged at $5,500.

* SIMPLE maximum deferral increases from 2012 limit of
$11,500 to $12,000. The catch-up limit for 50 and
older remains unchanged at $2,500.

* IRA CONTRIBUTION limit increases from 2012 limit of
$5,000 to $5,500 ($6,500 for 50 and older).

* HSA CONTRIBUTION limit increases to $3,250 for
individuals and to $6,450 for families.

* KIDDIE TAX threshold increases from 2012 level of
$1,900 to $2,000.

* ANNUAL GIFT TAX EXCLUSION increases from 2012 limit
of $13,000 to $14,000.

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