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Spinoff to Camacho's gifting post
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Spinoff to Camacho's gifting post
I'm posting this as an FYI...the annual gift tax exclusion is $12,000 not $11,000 as a lot of you are posting. It has been indexed so it was raised in 2006. Also, the IRA limit will be raised to $5000.00 next year. I know a lot of you don't really care but for the one person that does and may have been confused. 
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Posted 8/15/07 1:06 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Spinoff to Camacho's gifting post
Thank you!
My co-worker actually looked it up during lunch and said some websites said $11k and some said $12k. Thanks for clearing that up.
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| Posted 8/15/07 1:16 PM |
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melbalalala
Little Lady
Member since 5/07 5015 total posts
Name:
Melissa
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Re: Spinoff to Camacho's gifting post
Posted by shamrock124
I'm posting this as an FYI...the annual gift tax exclusion is $12,000 not $11,000 as a lot of you are posting. It has been indexed so it was raised in 2006. Also, the IRA limit will be raised to $5000.00 next year. I know a lot of you don't really care but for the one person that does and may have been confused.
Since you seem to be so knowledgeable do you know what the limits are on income for IRAs? DH says that now that we are married, our combined income is going to knock us out of being able to contribute to our Roth IRAs
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| Posted 8/15/07 4:52 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Spinoff to Camacho's gifting post
Posted by melbalalala
Posted by shamrock124
I'm posting this as an FYI...the annual gift tax exclusion is $12,000 not $11,000 as a lot of you are posting. It has been indexed so it was raised in 2006. Also, the IRA limit will be raised to $5000.00 next year. I know a lot of you don't really care but for the one person that does and may have been confused.
Since you seem to be so knowledgeable do you know what the limits are on income for IRAs? DH says that now that we are married, our combined income is going to knock us out of being able to contribute to our Roth IRAs
Phaseout for Roth IRAs is as follows:
Joint filing...$156,000-$166,000 MAGI
Filing single but married...$0-$10,000 MAGI
Single... $99,000-$114,000 MAGI
and for phaseout of deducting IRA contributions
Joint... $83,000-$103,000 AGI
*there is not income limits to making a contribution to an IRA but for the deductibility of that contribution depending on other factors as well.
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| Posted 8/15/07 4:58 PM |
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melbalalala
Little Lady
Member since 5/07 5015 total posts
Name:
Melissa
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Re: Spinoff to Camacho's gifting post
Posted by shamrock124
Posted by melbalalala
Posted by shamrock124
I'm posting this as an FYI...the annual gift tax exclusion is $12,000 not $11,000 as a lot of you are posting. It has been indexed so it was raised in 2006. Also, the IRA limit will be raised to $5000.00 next year. I know a lot of you don't really care but for the one person that does and may have been confused.
Since you seem to be so knowledgeable do you know what the limits are on income for IRAs? DH says that now that we are married, our combined income is going to knock us out of being able to contribute to our Roth IRAs
Phaseout for Roth IRAs is as follows:
Joint filing...$156,000-$166,000 MAGI
Filing single but married...$0-$10,000 MAGI
Single... $99,000-$114,000 MAGI
and for phaseout of deducting IRA contributions
Joint... $83,000-$103,000 AGI
*there is not income limits to making a contribution to an IRA but for the deductibility of that contribution depending on other factors as well.
 I hate it when he's right.
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| Posted 8/15/07 5:03 PM |
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