Some quick tax updates for individuals:
- SOCIAL SECURITY taxable wage limit increases from 2012 limit of $110,100 to $113,700 for 2013. Retirees under full retirement age can earn up to $15,120 without losing benefits.
- 401(k) MAXIMUM salary deferral increases from 2012 limit of $17,000 to $17,500. The catch-up limit for 50 and older remains unchanged at $5,500.
- SIMPLE maximum deferral increases from 2012 limit of $11,500 to $12,000. The catch-up limit for 50 and older remains unchanged at $2,500.
- IRA CONTRIBUTION limit increases from 2012 limit of $5,000 to $5,500 ($6,500 for 50 and older).
- HSA CONTRIBUTION limit increases to $3,250 for individuals and to $6,450 for families.
- KIDDIE TAX threshold increases from 2012 level of $1,900 to $2,000.
- ANNUAL GIFT TAX EXCLUSION increases from 2012 limit of $13,000 to $14,000.
