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Tax Facts

Below are the new figures posted by IRS.  We will keep you informed as items are updated. 

 

2017

2018

 

Personal Exemption

$4,050

Elimination through 2025

 

 

 

 

 

Standard Deduction

 

 

 

  • Single

$6,300

$12,000

 

  • Married Joint & Qualifying Widow(er)

$12,600

$24,000

 

  • Married Separate

$6,300

$12,000

 

  • Head of Household

$9,300

$18,000

 

 

 

 

 

Additional Deductions for Elderly & Blind

 

 

 

  • Single

$1,550

$1,550

 

  • Married

$1,250

$1,250

 

 

 

 

 

Dependents of Another

 

 

 

  • Earned income (up to $5,950) plus $350

$1,050

$1,050

 

 

 

 

 

Social Security Info based on SSA Estimates

 

 

 

  • FICA Wage Base

$127,200

$127,200

 

  • Age 62-64 SS Limit

$16,920

$17,040

 

  • Age 65 - FRA (full retirement age) Limit

$44,880

$45,360

 

  • Kiddie Tax

$2,100

$2,100

 

  • Child Tax Credit

$1,000

$1,000

 

 

 

 

 

Standard Mileage Rate

 

 

 

  • Business Miles

53.5ȼ

54.5ȼ

 

  • Depreciation per mile

25.0ȼ

25.0ȼ

 

  • Charitable Miles

14.0ȼ

14.0ȼ

 

  • Medical & Moving Miles

17.0ȼ

18.0ȼ

 

 

 

 

 

IRA Contributions

 

 

 

  • Base Contribution

$5,500

$5,500

 

  • Age 50 Catch Up

$1,000

$1,000

 

 

 

 

 

Simple IRA

 

 

 

  • Base Contribution

$12,500

$12,500

 

  • Age 50 Catch Up

$3,000

$3,000

 

 

 

 

 

401(k), 403(b), and 457 plans

 

 

 

  • Base Contribution

$18,000

$18,500

 

  • Age 50 Catch Up

$6,000

$6,000

 

 

 

 

 

Health Saving Account Limitations

 

 

 

  • Self Plan

$3,350

$3,450

 

  • Family Plan

$6,750

$6,900

 

  • Age 55 Catch Up

$1,000

$1,000

 

  • Minimum Deductible - Single

$1,300

$1,350

 

  • Minimum Deductible - Family

$2,600

$2,700

 

  • Maximum Deductible - Single

$6,550

$6,650

 

  • Maximum Deductible - Family

$13,100

$13,300

 

 

 

 

 

Long Term Care Deduction Limitations

 

 

 

  • Age 40 or Younger

$410

$420

 

  • Age > 40 but < 50

$770

$780

 

  • Age > 50 but < 60

$1,530

$1,560

 

  • Age > 60 but < 70

$4,090

$4,160

 

  • Age > 70

$5,110

$5,200