IRS releases 2014 tax numbers

IRS releases 2014 tax numbers

The IRS recently released the following 2014 tax numbers:

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.