{"id":8301,"date":"2020-10-27T08:21:14","date_gmt":"2020-10-27T12:21:14","guid":{"rendered":"https:\/\/resources.evans-legal.com\/?p=8301"},"modified":"2020-10-27T08:17:42","modified_gmt":"2020-10-27T12:17:42","slug":"official-inflation-adjustments-for-2021","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=8301","title":{"rendered":"Official Inflation Adjustments for 2021"},"content":{"rendered":"\n<p>The Internal Revenue Service has released <a rel=\"noreferrer noopener\" href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-20-45.pdf\" target=\"_blank\">Rev. Proc. 2020-45<\/a> with inflation adjustments for 2021 and, consistent with <a rel=\"noreferrer noopener\" href=\"https:\/\/resources.evans-legal.com\/?p=8160\" target=\"_blank\">earlier predictions<\/a>, the changes in the most significant federal estate and trust planning numbers will be as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The base applicable exclusion amount (and generation-skipping tax exemption) will be $11,700,000 (was $11,580,000 for 2020).<\/li><li>The annual gift tax exclusion will be $15,000 (unchanged).<\/li><li>The annual gift tax exclusion for a non-citizen spouse will be $159,000 (was $157,000).<\/li><li>The \u201c2 percent\u201d amount for purposes of section 6166 will be $1,590,000 (was $1,570,000).<\/li><li>The limitation on the special use valuation reduction under section 2032A will be $1,190,000 (was $1,180,000).<\/li><li>The top (37%) income tax bracket for estates and trusts will begin at $13,050 (was $12,950).<\/li><li>The alternative minimum tax exemption for estates and trusts will be $25,700 (was $25,400), and the phaseout of the exemption will start at $85,650 (was $84,800).<\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Internal Revenue Service has released Rev. Proc. 2020-45 with inflation adjustments for 2021 and, consistent with earlier predictions, the changes in the most significant federal estate and trust planning numbers will be as follows: The base applicable exclusion amount &hellip; <a class=\"more-link\" href=\"https:\/\/resources.evans-legal.com\/?p=8301\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[29],"tags":[327,333,359,597],"class_list":["post-8301","post","type-post","status-publish","format-standard","hentry","category-news-items","tag-federal-estate-tax","tag-federal-gift-tax","tag-federal-income-tax","tag-fiduciary-income-tax","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/8301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8301"}],"version-history":[{"count":3,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/8301\/revisions"}],"predecessor-version":[{"id":8304,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/8301\/revisions\/8304"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}