Earlier this month, the Internal Revenue Service released inflation adjustments for various tax provisions for the 2014 tax year.
* Social Security taxable wage limit increases from 2013 limit of $113,700 to $117,000 for 2014. Retirees under full retirement age can earn up to $15,480 without losing benefits.
* AMT exemptions for 2014 are $52,800 for singles, $82,100 for couples, and $41,050 for married couples filing separately.
* 401(k) maximum salary deferral remains at $17,500 for 2014. The catch-up limit for 50 and older also remains unchanged at $5,500.
* SIMPLE maximum deferral remains at $12,000 for 2014. The catch-up limit for 50 and older also remains unchanged at $2,500.
* IRA contribution limit remains at $5,500 for 2014 ($6,500 for 50 and older).
* HSA contribution limit increases for 2014 to $3,300 for individuals and to $6,550 for families.
* Kiddie Tax threshold for 2014 remains at $2,000.
* Nanny Tax threshold increases from the 2013 level of $1,800 to $1,900 for 2014.
* Annual Gift Tax exclusion remains at $14,000.
* Estate Tax exemption increases from the 2013 amount of $5,250,000 to $5,340,000 for 2014.
