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2013 IRS Limits

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
Standard Deduction
   Single/Married filing Separate $      6,200 $     6,100
   Married       12,400      12,200
   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
   Married       82,100       80,800
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.