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2013 Tax Changes

There were a few important limit changes that taxpayers should be aware of for 2013…

Estate & Gift

  1. The federal estate and gift tax exemption is now $5,250,000
  2. The annual gift tax exclusion rose to $14,000 per donee

401(k)

  1. The maximum contribution increased $500 to $17,500
  2. Individuals 50 or older can contribute up to $23,000

IRA/Roth IRA

  1. Limits for IRA's and Roth IRA's will also increase $500 to a limit of $5,500
  2. Individuals 50 or older can put in an extra $1,000
  3. Roth IRA contribution phaseout will now begin a AGI's of $178,000 to $188,000 for couples and $112,000 to $127,000 for singles
  4. IRA deductibility phaseout will begin at AGI's of $95,000 to $115,000 for couples and $59,000 to $69,000 for singles
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