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2013 Tax Benefits Inflation Adjustments

The IRS announced the annual inflation adjustments for certain 2013 tax provisions. These include:

The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012.

The amount used to reduce the net unearned income reported on a child’s tax return subject to the “kiddie tax,” is $1,000, up from $950 for 2012.

The foreign earned income exclusion rises to $97,600, up from $95,100 in 2012.

Details on these inflation adjustments and others such as the low-income housing credit, the dollar limits for high-deductible health plans and other amounts can be found in Revenue Procedure 2012-41.

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