Key Retirement and Tax Numbers for 2023
This week, Craig Siminski, of CMS Retirement Income Planning, shares with us an article discussing cost-of-living adjustments that affect retirement plan contribution limits and other deductions and threshold amounts:
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2023.
Estate, Gift, and Generation-Skipping Transfer Tax
The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2023 is $17,000, up from $16,000 in 2022.
The gift and estate tax basic exclusion amount (and generation-skipping transfer tax exemption) for 2023 is $12,920,000, up from $12,060,000 in 2022.
$13,850 (up from $12,950 in 2022) for single filers or married individuals filing separate returns
$27,700 (up from $25,900 in 2022) for married joint filers
$20,800 (up from $19,400 in 2022) for heads of household
The additional standard deduction amount for the blind and those age 65 or older in 2023 is…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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