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IRS Announces Federal Estate & Gift Tax Exclusion Amounts for 2014

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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)