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Year-end Tax Tips!

Air date 12/18/12

After post-show research, Dee Harris-Stepter provides the following information: 

2012 IRA Contribution Limit - $5000 with an additional $1000 for those age 50 or older

For Gift Tax: The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.

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