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Why a 401(k) Will Yield You More Money Than a Pension
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<blockquote data-quote="Babagounj" data-source="post: 5615553" data-attributes="member: 12952"><p>You has to watch these changing IRS Rules.</p><p>[URL unfurl="true"]https://www.forbes.com/sites/matthewerskine/2022/11/04/irs-announces-estate-and-gift-tax-exemption-amounts-for-2023/?sh=427958f02817[/URL]</p><p><a href="https://www.forbes.com" target="_blank">Forbes</a></p><p><a href="https://www.forbes.com/money" target="_blank">Money</a></p><p><a href="https://www.forbes.com/wealth-management" target="_blank">Wealth Management</a></p><h3>IRS Announces Estate And Gift Tax Exemption Amounts For 2023</h3><p>The amounts exempt from federal estate and gift taxes are adjusted for inflation each year. The IRS has come out with the exemption amounts for 2023.</p><p>Gift and Estate Tax Exemption: The amount you can give during your lifetime, or at your death, and be exempt from federal estate and gift taxes has risen from $12,060,000 to $12,920,000. This means that a married couple could gift more than $25 million in assets tax free. This exemption is, however, going away in 2026 as it reverts back to the prior exemption amount of $5 million, adjusted for inflation, or $7,000,000.</p><p></p><p>For surviving spouses, the martial deduction for gift and estate taxes remains unlimited except for surviving spouses who are not U.S. Citizens. For non-citizen spouses, the marital deduction is $175,000 for 2023.</p><p></p><p>Annual Exemption: In addition to the lifetime exemption, there is also an annual gift tax exemption. That annual exemption goes from $16,000 to $17,000, in 2023 for each person you make a gift to in 2023.</p></blockquote><p></p>
[QUOTE="Babagounj, post: 5615553, member: 12952"] You has to watch these changing IRS Rules. [URL unfurl="true"]https://www.forbes.com/sites/matthewerskine/2022/11/04/irs-announces-estate-and-gift-tax-exemption-amounts-for-2023/?sh=427958f02817[/URL] [URL='https://www.forbes.com']Forbes[/URL] [URL='https://www.forbes.com/money']Money[/URL] [URL='https://www.forbes.com/wealth-management']Wealth Management[/URL] [HEADING=2]IRS Announces Estate And Gift Tax Exemption Amounts For 2023[/HEADING] The amounts exempt from federal estate and gift taxes are adjusted for inflation each year. The IRS has come out with the exemption amounts for 2023. Gift and Estate Tax Exemption: The amount you can give during your lifetime, or at your death, and be exempt from federal estate and gift taxes has risen from $12,060,000 to $12,920,000. This means that a married couple could gift more than $25 million in assets tax free. This exemption is, however, going away in 2026 as it reverts back to the prior exemption amount of $5 million, adjusted for inflation, or $7,000,000. For surviving spouses, the martial deduction for gift and estate taxes remains unlimited except for surviving spouses who are not U.S. Citizens. For non-citizen spouses, the marital deduction is $175,000 for 2023. Annual Exemption: In addition to the lifetime exemption, there is also an annual gift tax exemption. That annual exemption goes from $16,000 to $17,000, in 2023 for each person you make a gift to in 2023. [/QUOTE]
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