2014 Tax Numbers

I thought you might find these 2014 tax numbers just
published by the IRS and SSA useful in your tax planning
sessions with clients over the coming weeks.

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