On Thursday, October 31, 2013, the IRS issued its category limits for 2013 via its IRS News IR-2013-87, refering to Revenue Proceedure 2013-35. I have listed some of the limits for the 2013 tax year that might be of interest to some tax payers. If you might like any additional information, please feel free to give me a call at 443-260-0555.
|2013 Catrgory Limitations||2014||2013|
|Single/Married filing Separate||$ 6,200||$ 6,100|
|Head of Household||9,100||8,950|
|Personal Exemption (1)||3,950||3,900|
|Alternative Minimum Tax Exemption|
|Single/Married filing Separate||52,800||51,900|
|Maximum Earned Income Credit (2)||6,143||6,044|
|Maximum Estate Exclusion||5,340,000||5,250,000|
|Max. 401(K); 403(B); 457 Plan Contributions||17,500||17,500|
|Max. 401(K); 403(B); 457 Plan Catch-Up (50yrs+)||5,500||5,500|
|Maximum IRA Contribution||5,500||5,500|
|Maximum IRA Catch-Up (50yrs+)||1,000||1,000|
(1) Phase-out begins at AGI of $254,200, Single, Married filing Separate; $305,050, Married. The Personal Exemption is completely phased-out at $376,700, Single, Married, filing Separate; $427,550, Married.
(2) Married with 3 children.
Any other information you might need or be interested in call Bob at Essential Accounting.