- Tax Foundation 2018 Tax Brackets
- Charitable - .14 per mile, .14 for 2019
- Moving - .18 per mile, .20 for 2019
- Medical - .18 per mile, .20 for 2019
- Business-related - .545 per mile, .58 for 2019
- Depreciation component - .25 per mile, .26 for 2019
2018 Income Limits & Phaseouts Begin
- Foreign Earned Income Exclusion: 103,900
- Itemized Deductions: (Does Not Apply)
- State & Local tax deduction limit: Single 5,000, MfJ 10,000
- Personal Exemption §151 : -0- (Does Not Apply)
- Standard Deduction §63 : Single 12,000, MfJ 24,000
- 24% Tax Bracket starts at: Single 82,500, MfJ 165,000
- 37% "Top Rate" starts at: Single 500,000, MfJ 600,000
- 15% Capital Gains start at: Single 38,600, MfJ 77,200
- 20% Capital Gains start at: Single 425,800, MfJ 479,000
- plus 3.8% Medicare surtax (NIIT) on lessor of Net Investment Income or MAGI Single > 200,000, MfJ > 250,000 MfJ
- Tax on "§1250 gain" depreciation recapture: 25%
- Capital gains tax rate on collectibles: (gold, coins, art, antiques) & Qualified Small Business Stock §1202 : 28%
- Wage Limit for FICA Tax: 128,400
- Monthly transit and parking benefits: 260
2018 Child Related Income Phaseouts Begin
- Adoption Credit Income: 207,140
- Adoption credit amount: 13,810
- Child Tax Credit Income: Single 200,000, MfJ 400,000
- Kiddie Tax exemption §1(g)(4): 2,100
- EITC is Zero @ AGI:
- with 3+ children: Single 49,194, MfJ 54,884
- with 2 children: Single 45,802, MfJ 51,492
- with 1 child: Single 40,320, MfJ 46,010
- with no children: Single 15,270, MfJ 20,950
- EITC Investment Income limit: 3,500
- EITC max credit (Single or MfJ):
- with 3+ children: 6,431
- with 2 children: 5,716
- with 1 child: 3,461
- with no children: 519
- Child Tax Credit (1,400 refundable) (per child under age 17; max refundable: 3 kids): 2,000
2018 Medical & Health Care Related Limits
- Flexible Spending Account Contributions: 2,650
- FSA unused carryover amount : 500
- HSA Plan Contributions: Single plan 3,450, Family plan 6,850, Age 55+ catch-up: 1,000
2018 Gift & Estate Limits
- Annual Exclusion: 15,000
- §529 Plan Gifts: 75,000
- Unified Gift & Estate (Lifetime) Exemption: Single 11,180,000, MfJ 22,360,000
- Gift & Estate tax rates: 40%
2018 Education Related Income Phaseouts Begin
- Lifetime Learning Credits: Single 57,000, MfJ 114,000
- American Opportunity Credit: Single 80,000, MfJ 160,000
- Savings Bond Interest exclusion for education: Single 79,550, MfJ 119,300
- American Opportunity Tax Credit (AOTC) (modified HOPE Credit) per Student (1st 4-years of college) (40% refundable: 1,000): 2,500
- Lifetime Learning Credit (20% of 1st $10K tuition) per family: 2,000
2018 Retirement Related Contribution & Income Phaseouts Begin
- Simple Plan contribution limit: 12,500, Age 50+ catch-up: 3,000
- 401-K, 403b, 457 & SAR-SEP contribution limit: 18,500, Age 50+ catch-up: 6,000
- Solo 401-K/SEP/Profit-Sharing total contribution(§415) limit: (profit sharing limited to 25% of comp): 55,000, Age 50+ catch-up: 6,000
- IRA & Roth contribution limit: 5,500, Age 50+ catch-up: 1,000
- Roth compensation: Single 120,000, MfJ 189,000
- Traditional IRA compensation, if covered by a plan: Single 63,000, MfJ 101,000 189,000 (one spouse covered)
- Traditional IRA (non-deductible) compensation: No limit
2018 AMT Exemption Amount & Income Phaseouts Begin
- AMT Exemption: Single 70,300, MfJ 109,400
- AMT Exemption phaseout: Single 500,000, MfJ 1,000,000
- 28% AMT rate starts at AMTI: Single 95,750, MfJ 191,500
2018 Property exempt from levy §6334(a)(2):
- Furniture & Personal Effects: 9,380
- Tools/Books: 4,690
2018 Attorney fee award limitation (per hour) §7430(c)(1)(B)(iii): 200/hour
2018 §179 Property:
- Maximum deduction year placed in service: 1,000,000
- Phase-out threshold (Total equipment purchased): 2,500,000
- TCJA allows 100% first-year "Bonus Depreciation" in Year-1 for qualifying assets placed in-service between September 28, 2017, and December 31, 2022.
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