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KEY 2014 TAX NUMBERS

January 8, 2014

 WAGES

SOCIAL SECURITY taxable wage limit increases from 2013
limit of $113,700 to $117,000 for 2014. Retirees under
full retirement age can earn up to $15,480 without
losing benefits.

 

RETIREMENT ACCOUNTS

401(k) MAXIMUM salary deferral remains at $17,500 for 2014. The catch-up limit for 50 and older also remains unchanged at $5,500.

SIMPLE maximum deferral remains at $12,000 for 2014.
The catch-up limit for 50 and older also remains unchanged at $2,500.

IRA CONTRIBUTION limit remains at $5,500 for 2014
($6,500 for 50 and older).

OTHER KEY NUMBERS:

HSA CONTRIBUTION limit increases for 2014 to $3,300
for individuals and to $6,550 for families.

 KIDDIE TAX threshold for 2014 remains at $2,000.

 NANNY TAX threshold increases from the 2013 level of
$1,800 to $1,900 for 2014.

AMT EXEMPTIONS for 2014 are $52,800 for singles,
$82,100 for couples, and $41,050 for married couples
filing separately.

ANNUAL GIFT TAX EXCLUSION remains at $14,000.

ESTATE TAX EXEMPTION increases from the 2013 amount of $5,250,000 to $5,340,000 for 2014.

 

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