Gift Tax Snapshot

chart

 

  • Annual
  • Annual gift exclusions are not subject to Federal gift tax.
  • When any lifetime gift tax exemption is used, it will reduce the estate tax exemption of the person making the gift.
  • Married couples may combine their annual gift exclusion amount, up to $28,000 per person for 2014.
  • If your spouse is a U.S. citizen, gifts made to your spouse are exempt from gift tax but gifts made to a non-citizen spouse are only exempt up to the first $145,000 in 2014.

Source: www.irs.gov

More Updates

IMPORTANT TRUST DEADLINE APPROACHING

For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

Read More »

CRDS AND ROTH CONVERSIONS – ABUSE OF THE RULES?

The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

Read More »

Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

Read More »
Scroll to Top