Tax Changes That Could Boost Retirement : Money :: American ...

The Internal Revenue Service (IRS) recently announced several important changes to certain limits for tax year 2013. These changes mean that you can invest more money without having to worry about paying taxes on gains until the money is withdrawn during retirement. The annual contribution limit on 401(k) plans increases by $500 to $17,500. ?The annual exclusion for gifts also increases, meaning that you can give up to $14,000 per person as a gift next year without being liable for gift taxes. This a common tool used for estate planning. ?If the gifts are to pay for a child's or grandchild's college education you can put up to 5 years worth of exclusions ($70,000) into a 529 plan at once. ?Learn more at Forbes.

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Source: http://www.openforum.com/articles/tax-changes-that-could-boost-retirement

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