IRS Releases Inflation Adjustments–gift tax exemption increased

The IRS just released various inflation-adjustments for 2013 (Rev. Proc. 2012-41, 2012-45), including:

Gift Tax Exemption: $14,000 (up $1,000 from 2012)

Contribution Limit for 401(k)/403(b)/457 Plans: $17,500 (up $500 from 2012)

Catch-Up Contribution Limit (Age 50+) for 401(k)/403(b)/457 Plans: $5,500 (same as 2012)

Income Limit for Full IRA Deduction: $59,000 single/$95,000 joint (up $1,000/$3,000 from 2012)

Income Limit for Full Roth IRA Contribution: $112,000 single/$178,000 joint (up $2,000/$5,000 from 2012)

Defined Benefit Plan Annual Benefit Limit: $205,000 (up $5,000 from 2012)