The IRS has revised various figures for 2012 to account for inflation:
- 401(k), 403(b) limits: $17,000 (was $16,500)
- Catch-up contribution for those 50 and older: $5,500 (unchanged)
- Personal exemption increases from $3,700 to $3,800) and standard deduction
- The $13,000 annual gift exclusion is unchanged.
- The estate and gift lifetime exclusion for decedents dying during 2012 goes up from $5 million to $5.12 million.
- The Social Security wage base for 2012 will be $110,100 (up from $106,800 in 2011).
-2012 Tax Brackets
Source 1
Source 2
Disclaimer
The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.
IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
