Sunday, November 3, 2013

2014 Estate and Gift Tax Exclusion Amounts Announced

The IRS has released the gift and estate tax exclusion amounts for 2014.  The new inflation adjusted numbers are available in Revenue Procedure 2013-35, issued October 31, 2013. 

$5.34 mil  Federal Estate Tax Basic Exclusion Amount
$5.34 mil  Lifetime Gift Tax Exclusion
$14,000    Annual Gift Tax Exclusion
The IRS also released the long term care insurance premium limitations for 2014:
Attained Age                           Premium Limit
40 or less                                             $370
More than 40 but not more than 50     $700
More than 50 but not more than 60     $1,400
More than 60 but not more than 70     $3,720
More than 70                                       $4,660
Here are the standard deduction amounts for 2014
$6,200               Standard deduction for single taxpayers
$12,400             Standard deduction for married couples
$9,100               Standard deduction for heads of households
$1,200               Additional standard deduction for the aged or blind  (increased to $1,550 if also unmarried and not a surviving spouse)
Updated tax brackets for 2014 are available here:  

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