IRS Announces 2013 Tax Figures
In Rev. Proc. 2012-41, the IRS has announced various inflation-adjusted tax figures for 2013. Among them:
- The annual gift tax exclusion will be $14,000 (for gifts of a present interest to any person).
- The annual gift tax exclusion for gifts to a non-citizen spouse will be $143,000 (for gifts of a present interest).
Also, in IR 2012-77, the 2013 retirement account contribution limits were released. For 401(k) and 403(b) plans, the limit will be $17,500.