Welcome to the Wells Fargo Advisors Tax Center
Our Tax Center features important information that can help you plan for tax season all year round. This information includes our yearly tax planning tables and links to Federal and state tax forms to help simplify the tax-filing process. In addition, we often provide tax season strategies as well as other tax-related offers that may interest you.
2016 Tax Calendars (irs.gov)
Federal Estate and Gift Tax Information
The "American Taxpayer Relief Act of 2012" sets a $5 million exclusion amount for the estate, gift, and generation-skipping taxes, which is indexed for inflation and is now $5.45 million in 2016. Estate and gift tax rates are increased to 40%. These rules are "permanent" in that they have no pre-set expiration dates. Of course, Congress may revisit tax policy over time, so it's important to check with your tax advisor and Financial Advisor for updates.
Your estate plan should be designed to provide protection during your lifetime, not just at death. As you age, it becomes increasingly important to include robust "lifetime planning" provisions in durable powers of attorney, health care directives, and living trusts. Individuals with a taxable estate above $5.45 million and married couples with a taxable estate above $10.9 million may want to consider implementing advanced wealth-transfer strategies. If you are in this category, be sure to talk with your estate attorney about suitable planning alternatives.
Gift Tax Annual Exclusion
Each individual may transfer up to $14,000 per person per year to any number of beneficiaries (family or non-family), without paying gift tax or "using up" any available credits.
Note: The Wells Fargo Advisors Tax Center site is designed to provide accurate, authoritative tax information online regarding the subject matter covered. It is made available with the understanding that Wells Fargo Advisors and/or its affiliates are not engaged in rendering legal, accounting or tax advice. If legal, accounting, or tax assistance is required, the services of a competent professional should be sought. The hiring of a professional is an important decision and should not be based upon advertising. Ask for written information stating qualifications, experience and firm association before making a decision.