The IRS has released the gift and estate tax exclusion amounts for 2014. Â The new inflation adjusted numbers are available in Revenue Procedure 2013-35, issued October 31, 2013.Â
$5.34 mil Federal Estate Tax Basic Exclusion Amount
$5.34 mil Lifetime Gift Tax Exclusion
$14,000 Â Â 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 Â Â Â Â Â Â Â Â Â $700
More than 50 but not more than 60 Â Â Â Â Â Â Â Â Â $1,400
More than 60 but not more than 70 Â Â Â Â Â Â Â Â Â $3,720
More than 70 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â $4,660
Here are the standard deduction amounts for 2014
$6,200Â Â Â Â Â Â Â Â Â Â Â Â Â Â Standard deduction for single taxpayers
$12,400Â Â Â Â Â Â Â Â Â Â Â Standard deduction for married couples
$9,100Â Â Â Â Â Â Â Â Â Â Â Â Â Â 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)
