Gifting Limits Increased

October 31, 2013 / Taxes

The annual contribution amount excluded from gift tax has increased from $13,000 to $14,000 for each designated beneficiary and from $26,000 to $28,000 for each designated beneficiary for married couples who elect to split gifts on their gift tax returns.

The special 529 plan gift tax exclusion for contributions made in one year to a designated beneficiary increased from $65,000 to $70,000 for single filers and from $130,000 to $140,000 for married couples who elect to split gifts on their gift tax returns.