Colorado Probate Blog - Wade Ash Woods Hill & Farley, P.C.

Year-End Tax Planning

Annual Exclusion Gifts. The gift tax annual exclusion is $14,000 for 2016, and stays the same for 2017. You can make gifts of this amount to each of any number of people in a calendar year and not have to file a gift tax return, and the gifts will not use up part of your estate tax exemption. You can also make gifts of an unlimited amount by directly paying a donee's medical expenses to the provider, or tuition to the educational institution. If you make the gift by a check, the donee must deposit the check and the amount must clear your account prior to the end of the year.

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Congress Passes Extender Bill Including Charitable IRA Rollover

Late December 16, 2014 Congress passed the tax extender bill, but only through December 31, 2014.  President Obama indicated he will sign this bill. This means that those at least age 70 1/2 may make their charitable gifts up to $100,000 directly from their IRAs for 2014 (and also use that to meet part or all of their Minimum Required Distributions for 2014), but we'll have to go through this same exercise in 2015.

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