IR-2012-78: In 2013, Various Tax Benefits Increase Due to Inflation Adjustments

Internal Revenue Service (IRS) sent this bulletin at 10/18/2012 11:12 AM EDT

IRS Newswire

October 18, 2012

Issue Number: IR-2012-78

Inside This Issue

In 2013, Various Tax Benefits Increase Due to Inflation Adjustments

WASHINGTON — For tax year 2013, the Internal Revenue Service announced today annual inflation adjustments for more than two dozen tax provisions.

The annual exclusion for gifts rises to $14,000 for 2013, up from $13,000 for 2012.
The amount used to reduce the net unearned income reported on a child’s tax return subject to the “kiddie tax,” is $1,000, up from $950 for 2012.
The foreign earned income exclusion rises to $97,600, up from $95,100 in 2012.

Details on these inflation adjustments and others such as the low-income housing credit, the dollar limits for high-deductible health plans and other amounts can be found in Revenue Procedure 2012-41, which will be published in Internal Revenue Bulletin 2012-45 on
Nov. 5, 2012.

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IR-2012-78: In 2013, Various Tax Benefits Increase Due to Inflation Adjustments

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Issue Number: IR-2012-78

Inside This Issue