TheInternal Revenue Service has announced the annual inflation adjustments formany tax provisions for tax year 2013.
Forexample –
• Themaximum elective deferral for employees who participate in 401(k), 403(b), most457 plans, and the federal government’s Thrift Savings Plan is increased from $17,000to $17,500.
• Thecatch-up contribution limit for employees aged 50 and over who participate in thesetypes of plans remains unchanged at $5,500.
• Thededuction for taxpayers making contributions to a traditional IRA is phased outfor Singles and Head of Household filers who are active participants in anemployer sponsored retirement plan with a Modified Adjusted Gross Income (MAGI)of between $59,000 and $69,000, up from $58,000 and $68,000 in 2012.
ForMarried Filing Jointly, where the spouse who makes the IRA contribution is anactive participant, the phase-out range is $95,000 to $115,000, up from $92,000to $112,000.
Forcontributions to the IRA of a spouse who is not an active participant thededuction is phased out if the couple’s MAGI is between $178,000 and $188,000,up from $173,000 and $183,000.
• TheROTH IRA contribution phase-out range is $178,000 to $188,000 for Married FilingJoint, up from $173,000 to $183,000 in 2012. For Single and Head of Household filers the phase-out range is $112,000to $127,000, up from $110,000 to $125,000. • Theupper AGI limit for the Retirement Savings Contribution Credit is $59,000 for MarriedFiling Joint, up from $57,500 in 2012, $44,250 for Heads of Household, up from$43,125, and $29,500 Single and Married Filing Separate, up from $28,750.
• Theannual gift exclusion is increased to $14,000, up from $13,000 for 2012.
•The Foreign Earned Income Exclusion is $97,600, up from $95,100 in 2012.
Iwill bring you additional inflation adjustments for 2013 as they are released.
TTFN
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