Every year, many important numbers are adjusted for cost of
living increases or other adjustments. 2013 is no exception, and the following
is a list of some of the important numbers to be considered:
Estate and Gift:
Annual exclusion gifts - $14,000
Lifetime gift credit - $5,250,000
Estate tax credit - $5,250,000
Medicaid:
Maximum community resource allowance - $115,920
Minimum community spouse resource allowance - $25,000
Maximum amount Medicaid recipient may own - $2,000
Minimum monthly maintenance allowance - $2,898 (until July, 2013)
Medicare Part A:
Hospital deductible (days 1 – 60) - $1,184
Hospital co-insurance (days 61 – 90) - $296/day
Hospital co-insurance (days 91 – 150) - $592/day
Medicare Part B:
Deductible - $147/year
Standard premium (if individual’s income is less than $85,000) - $104.90/month
Income taxes:
Maximum wages for Social Security tax purposes - $113,700
Capital gains tax:
Maximum rate – 20%
Phase-out of itemized deductions:
Cut by 2% for each $2,500 of adjusted gross income over the same thresholds for phase out of standard deductions.
Phase-out of standard deductions:
$250,000 for single taxpayers
$300,000 for married taxpayers
The above numbers are the standard numbers for 2013, but many of these may be adjusted for both tax and Medicaid purposes with accounting and/or legal assistance. There are exceptions to both rules and figures, and you should not merely consider that the aforementioned numbers are set in stone without proper planning.
Hyman G. Darling, Esq.
Photo credit: Microsoft