In 2013, Various Tax Benefits Increase Due to Inflation Adjustments
WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions.
- 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.
Nov. 5, 2012.