IRS announces inflation adjustments for 2013

PHOENIX, Ariz. – The Internal Revenue Service has announced the annual inflation adjustments for over two dozen tax provisions for tax year 2013.

• The annual exclusion for gifts will rise to $14,000, up from $13,000 in 2012.

• The amount used to reduce the net unearned income reported on a child’s tax return, subject to the “kiddie tax,” will be $1,000, up from $950 in 2012.

• The foreign-earned income exclusion will rise to $97,600, up from $95,100 on 2012.

Details on these inflation adjustments and others can be found in Revenue Procedure 2012-41 published this  morning, found here: Internal Revenue Bulletin 2012-45 published Nov 5 2012

Synopses of these adjustments, as published Oct. 9, 2012, found here: Internal Revenue Bulletin No. 2012-41 Oct 9 2012

Submitted by: Bill Brunson, IRS Media Relations Office

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