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2014 Inflation Adjusted Amounts Announced

November 11, 2013

The IRS has just released a number of inflation adjusted amount for 2014:

 Net unearned income on a child’s return subject to "kiddie tax”  remains at $1,000

 Annual exclusion for gifts remains at $14,000

 Foreign earned income exclusion goes from $97,600 to $99,200

Limitations for eligible long-term care premiums and Medical Savings Accounts (MSAs) have been updated: 

For individuals, a high-deductible health plan is defined as a health plan with an annual deductible not less than $2,200 and not more than $3,250 
  

For family coverage, the deductible is $4,350 and $6,550 
  
The annual limit on out-of-pocket expenses, other than premiums has also been adjusted to $4,350 for self-only coverage and $8,000 for family coverage

Retirement Plan contributions remain unchanged from 2013 limit amounts:

 The Elective Deferral (Contribution) limit for 401k Plans remains $17,500 for those under age        50; $23,000 for those turning age 50 or older in 2014.

The Traditional and Roth IRA annual contribution limit remains $5,500 for those under age 50;  $6,500 for those turning age 50 or older in 2014.

The Simple IRA Elective Deferral (Contribution) limit remains $12,000 for those under age 50;  $14,500 for those turning age 50 or older in 2014.

 

 

 

 

   

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