![]() ![]() The annual exclusion for gifts is $15,000 for calendar year 2020, as it was for calendar year 2019.Estates of decedents who die during 2020 have a basic exclusion amount of $11,580,000, up from a total of $11,400,000 for estates of decedents who died in 2019.For tax year 2020, the foreign earned income exclusion is $107,600 up from $105,900 for tax year 2019.For tax year 2020, the adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit is $118,000, up from $116,000 for tax year 2019.For family coverage, the out-of-pocket expense limit is $8,650 for tax year 2020, an increase of $100 from tax year 2019. ![]() For tax year 2020, participants with family coverage, the floor for the annual deductible is $4,750, up from $4,650 in 2019 however, the deductible cannot be more than $7,100, up $100 from the limit for tax year 2019. For self-only coverage, the maximum out-of-pocket expense amount is $4,750, up $100 from 2019.
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