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IRS Publishes 2013 Tax Numbers1 min read
* SOCIAL SECURITY taxable wage limit increases from 2012
limit of $110,100 to $113,700 for 2013. Retirees under
full retirement age can earn up to $15,120 without
losing benefits.
* 401(k) MAXIMUM salary deferral increases from 2012
limit of $17,000 to $17,500. The catch-up limit for
50 and older remains unchanged at $5,500.
* SIMPLE maximum deferral increases from 2012 limit of
$11,500 to $12,000. The catch-up limit for 50 and
older remains unchanged at $2,500.
* IRA CONTRIBUTION limit increases from 2012 limit of
$5,000 to $5,500 ($6,500 for 50 and older).
* HSA CONTRIBUTION limit increases to $3,250 for
individuals and to $6,450 for families.
* ANNUAL GIFT TAX EXCLUSION increases from 2012 limit
of $13,000 to $14,000.
The tax rules will be changing in 2013. Simons Bitzer & Associates is commited to keeping you informed. We appreciate your business and your referrals!
With questions or to schedule a strategic tax planning meeting, please contact Raegan Potter at (317) 782¬-3070 or [email protected].
By Simons Bitzer
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