IRS Releases 2013 Inflation-Adjustments

The IRS today released various inflation-adjustments for 2013 (IR-2012-77; IR-2012-78; Rev. Proc. 2012-41, 2012-45 I.R.B. ___ (Nov. 5, 2012)), including:

• Gift Tax Exemption:  $14,000 (up $1,000 from 2012)
• Contribution Limit for 401(k)/403(b)/457 Plans:  $17,500 (up $500 from 2012)
• Catch-Up Contribution Limit (Age 50+) for 401(k)/403(b)/457 Plans:  $5,500 (same as 2012)
• Income Limit for Full IRA Deduction:  $59,000 single/$95,000 joint (up $1,000/$3,000 from 2012)
• Income Limit for Full Roth IRA Contribution:  $112,000 single/$178,000 joint (up $2,000/$5,000 from 2012)
• Defined Benefit Plan Annual Benefit Limit:  $205,000 (up $5,000 from 2012)