Two tax breaks will be larger next year, thanks to an increase in inflation.
The ceiling on IRA contributions will jump to $5,500, a $500 increase.
- As a result, taxpayers age 50 or older in 2013 will be able to put in up to $6,500.
It is also calculated that the annual gift tax exclusion will rise to $14,000, up $1,000 from 2012.
- This is not official yet. The Revenue Service will officially announce these figures next month.
