This is the second in a two part series on the 2013 inflation adjusted limits released by the IRS last week.
- The annual amount allowed to be given as a gift without requiring a gift tax return increased to $14,000 for 2013, up from $13,000 for 2012.
- A high deductible health plan for HSA purposes must have
- A minimum annual deductible of $1,250 for self-only coverage, and $2,500 for family coverage.
- A maximum annual deductible and out of pocket expense limit of $6,250 for self-0nly coverage and $12,500 for family coverage
- The maximum HSA contribution allowed in 2013 is
- $3,250 for self-only coverage ($4,250 for those age 55 or over)
- $6,450 for family coverage ($7,450 for those age 55 or over)
- The adjusted gross income at which eligibility for Roth IRA contributions begin to phase out is $112,000 for single filers, $178,000 for those married filing joint.
- Roth IRA contributions are not allowed for those with AGI of $127,000 and above for single filers, and $188,000 and above for those married filing joint.
We expect more updates to be released in the coming months, and we’ll bring them to you as they are available.