Retirement Watch Lighthouse Logo

New 2014 Estate, Income Tax Levels for Estate Planning

Last update on: Aug 10 2020
Topics:
estate planning

Most of the inflation-indexing adjustments that will affect Estate Planning for 2014 were announced in November 2013.

The estate tax exemption for 2014 is $5,340,000 per person. This applies to a combination of lifetime gifts and the estate value. It is an increase from $5,250,000 in 2013.

2014 Gift Tax Exclusion Affecting Estate Planning

The annual gift tax exclusion is $14,000 for 2014. This is unchanged from 2013.

For details of how to use the annual gift tax exemption and lifetime estate and gift tax exclusion, see our November 2013 visit.

The standard deduction for married couples filing jointly in 2014 will be $12,400 and for singles $6,200. The reduction in itemized deductions will kick in for married couples filing jointly at adjusted gross incomes of $302,050 and for singles at $254,200.

The personal and dependent exemption will be $3,950 and will begin to phase out at the same at the same adjusted gross incomes as itemized deductions.

2019 Tax Numbers


About Bob Carlson

Bob Carlson is the editor of the monthly newsletter, Retirement Watch, the monthly video series, Retirement Watch Spotlightand a weekly free e-letter, Retirement Watch Weekly. In these, he provides independent, objective research covering all the financial issues of retirement and retirement planning.

Mr Carlson, is also Chairman of the Board of Trustees of the Fairfax County Employees’ Retirement System, which has over $2.8 billion in assets, and has served on the board since 1992. He was a member of the Board of Trustees of the Virginia Retirement System, which oversaw $42 billion in assets, from 2001-2005.

bob-carlson-signature

Retirement-Watch-Sitewide-Promo

Log In

Forgot Password

Search