IRS Announces Federal Estate & Gift Tax Exclusion Amounts for 2014

The IRS has released the gift and estate tax exclusion amounts for 2014.  The new inflation adjusted numbers are available in Revenue Procedure 2013-35, issued October 31, 2013. 

$5.34 mil  Federal Estate Tax Basic Exclusion Amount

$5.34 mil  Lifetime Gift Tax Exclusion

$14,000    Annual Gift Tax Exclusion

The IRS also released the long term care insurance premium limitations for 2014:

Attained Age                                                   Premium Limit

40 or less                                                           $370

More than 40 but not more than 50                   $700

More than 50 but not more than 60                   $1,400

More than 60 but not more than 70                   $3,720

More than 70                                                       $4,660

Here are the standard deduction amounts for 2014

$6,200               Standard deduction for single taxpayers

$12,400             Standard deduction for married couples

$9,100               Standard deduction for heads of households

$1,200               Additional standard deduction for the aged or blind  (increased to $1,550 if also unmarried and not a surviving spouse)

About Jeffrey Marshall

Jeff Marshall is founder of the law firm Marshall, Parker and Weber. He is past President of the Pennsylvania Association of Elder Law Attorneys. Jeff is listed in "Best Lawyers in America" and as a "Super Lawyer" in Elder Law. He was recently named 2014 "Lawyer of the Year" in Elder Law for the Central PA region by US News Best Lawyers® . He is author/editor of the award winning book "Elder Law in Pennsylvania" published by PBI Press. View all posts by Jeffrey Marshall →