Tax Facts
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Tax Facts1 |
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Deductions, Exemptions, Etc. |
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2016 |
2017 |
2018 |
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FICA Wage Base |
$ 118,500 |
$ 127,200 |
$ 128,700 |
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Medicare Additional Tax Wage Base |
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Single (S) |
$ 200,000 |
$ 200,000 |
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Married Filing Jointly (MFJ) |
$ 250,000 |
$ 250,000 |
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Standard Deduction |
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Single (S) |
$ 6,300 |
$ 6,350 |
$ 12,000 |
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Married Filing Jointly (MFJ) |
$ 12,600 |
$ 12,700 |
$ 24,000 |
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Head of Household (HOH) |
$ 9,300 |
$ 9,350 |
$ 18,000 |
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Married Filing Separately (MFS) |
$ 6,300 |
$ 6,350 |
$ 12,000 |
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Additional for age 65 or older or blind, each (MFJ, MFS) |
$ 1,250 |
$ 1,250 |
$ 1,300 |
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Additional for age 65 or older or blind, each (S, HOH) |
$ 1,550 |
$ 1,550 |
$ 1,600 |
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Personal Dependent Exemption |
$ 4,050 |
$ 4,050 |
N/A |
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Itemized Deduction & Personal Exemption phase-out begins at AGI of: |
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MFJ |
$ 311,300 |
$ 313,800 |
N/A |
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S |
$ 259,400 |
$ 287,650 |
N/A |
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HOH |
$ 285,350 |
$ 287,650 |
N/A |
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MFS |
$ 155,650 |
$ 156,900 |
N/A |
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"Kiddie Tax" unearned income threshold |
$ 1,050 |
$ 2,100 |
$ 2,100 |
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Foreign earned income exclusion |
$ 101,300 |
$ 102,100 |
$ 104,100 |
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Standard Mileage Rates |
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2016 |
2017 |
2018 |
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Standard Mileage |
$ 0.540 |
$ 0.535 |
$ 0.545 |
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Charity Mileage |
$ 0.140 |
$ 0.140 |
$ 0.140 |
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Medical/Moving Mileage |
$ 0.190 |
$ 0.170 |
$ 0.180 |
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Travel per diem: High Cost Locality |
See www.gsa.gov for location specific |
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All Other Localities |
$ 185.00 |
$ 142.00 |
$ 144.00 |
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Retirement Plan Contribution Limits |
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2016 |
2017 |
2018 |
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SIMPLE IRA Limit |
$ 12,500 |
$ 12,500 |
$ 12,500 |
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SIMPLE >50 Catch-up |
$ 3,000 |
$ 3,000 |
$ 3,000 |
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401(k) Limit |
$ 18,000 |
$ 18,000 |
$ 18,500 |
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401(k) Catch-up |
$ 6,000 |
$ 6,000 |
$ 6,000 |
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403(b) Limit |
$ 18,000 |
$ 18,000 |
$ 18,500 |
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403(b) Catch-up |
$ 6,000 |
$ 6,000 |
$ 6,000 |
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Regular IRA Limit |
$ 5,500 |
$ 5,500 |
$ 5,500 |
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Regular IRA Catch-up |
$ 1,000 |
$ 1,000 |
$ 1,000 |
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Roth IRA Limit |
$ 5,500 |
$ 5,500 |
$ 5,500 |
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Roth IRA Catch-up |
$ 1,000 |
$ 1,000 |
$ 1,000 |
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Regular IRA Contribution Phase-out Begins at AGI of Active Retirement Plan Participants: |
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MFJ (Participating Spouse) |
$ 98,000 |
$ 99,000 |
$ 101,000 |
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MFJ (Non-participating Spouse) |
$ 184,000 |
$ 186,000 |
$ 189,000 |
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S, HOH |
$ 61,000 |
$ 62,000 |
$ 63,000 |
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MFS |
$ - |
$ - |
$ - |
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Roth IRA Contributions Phase-out Begins at AGI of: |
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MFJ |
$ 184,000 |
$ 186,000 |
$ 189,000 |
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S, HOH |
$ 117,000 |
$ 118,000 |
$ 120,000 |
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MFS |
$ - |
$ - |
$ - |
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Profit Sharing Plan/SEP Contribution Limit |
$ 53,000 |
$ 54,000 |
$ 55,000 |
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Compensation Limit (For Employer Contributions to Profit-sharing Plans) |
$ 265,000 |
$ 270,000 |
$ 275,000 |
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Qualified Long Term Care Premium Deduction |
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2016 |
2017 |
2018 |
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40 or < |
$ 390 |
$ 410 |
$ 420 |
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50 or < |
$ 730 |
$ 770 |
$ 780 |
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50 or < |
$ 1,460 |
$ 1,530 |
$ 1,560 |
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70 or < |
$ 3,900 |
$ 4,090 |
$ 4,160 |
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> 70 |
$ 4,870 |
$ 5,110 |
$ 5,200 |
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Long Term Care Excludable Per Diem |
$ 330 |
$ 360 |
$ 360 |
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Section 179 Deduction |
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2016 |
2017 |
2018 |
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Limit |
$ 500,000 |
$ 500,000 |
$ 1,000,000 |
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Qualifying Property Phase-out Threshold |
$ 2,000,000 |
$ 2,000,000 |
$ 2,500,000 |
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Depreciation Limit - Autos (1st Year) |
$ 3,160 |
$ 3,160 |
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Depreciation Limit - Trucks and Vans (1st Year) |
$ 3,560 |
$ 3,560 |
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Depreciation Limit - Autos (1st Year) with Bonus Depreciation |
$ 11,160 |
$ 11,160 |
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Depreciation Limit - Trucks and Vans (1st Year) with Bonus Depreciation |
$ 11,560 |
$ 11,560 |
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Education Deductions, Credits, & Phase-outs |
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2016 |
2017 |
2018 |
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American Opportunity Tax Credit - Maximum Per Student |
$ 2,500 |
$ 2,500 |
$ 2,500 |
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Lifetime Learning Credit - Maximum Credit Per Return |
$ 2,000 |
$ 2,000 |
$ 2,000 |
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Tuition and Fees Deduction |
$ 4,000 |
- |
- |
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Education Loan Interest |
$ 2,500 |
$ 2,500 |
$ 2,500 |
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American Opportunity Tax Credit Phase-out Begins at AGI of: |
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MFJ |
$ 160,000 |
$ 160,000 |
$ 160,000 |
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S, HOH |
$ 80,000 |
$ 80,000 |
$ 80,000 |
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MFS |
Not Allowed |
Not Allowed |
Not Allowed |
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Lifetime Learning Credit Phase-out Begins at AGI of; |
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MFJ |
$ 111,000 |
$ 112,000 |
$ 112,000 |
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S, HOH |
$ 55,000 |
$ 56,000 |
$ 56,000 |
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MFS |
Not Allowed |
Not Allowed |
Not Allowed |
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Student Loan Interest Deduction Phase-out Begins at AGI of: |
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MFJ |
$ 130,000 |
$ 135,000 |
$ 135,000 |
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S, HOH |
$ 65,000 |
$ 65,000 |
$ 65,000 |
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MFS |
Not Allowed |
Not Allowed |
Not Allowed |
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Health Savings Account Limits |
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2016 |
2017 |
2018 |
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Health Savings Accounts (HSA) |
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Self-only Coverage: |
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Contribution Limit |
$ 3,350 |
$ 3,400 |
$ 3,450 |
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Plan Minimum Deductible |
$ 1,300 |
$ 1,300 |
$ 1,350 |
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Plan Out-of-pocket Limit |
$ 6,450 |
$ 6,550 |
$ 6,650 |
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Family Coverage: |
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Contribution Limit |
$ 6,750 |
$ 6,750 |
$ 6,900 |
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Plan Minimum Deductible |
$ 2,600 |
$ 2,600 |
$ 2,700 |
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Plan Out-of-pocket Limit |
$ 13,100 |
$ 13,100 |
$ 13,300 |
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Additional Contribution Limit - Age 55 or Older |
$ 1,000 |
$ 1,000 |
$ 1,000 |
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Flexible Spending Account (FSA) Contribution Limit |
$ 2,550 |
$ 2,600 |
$ 2,650 |
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Gift Tax Exclusion |
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2016 |
2017 |
2018 |
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Estate Tax Exclusion |
$ 5,450,000 |
$ 5,490,000 |
$ 11,180,000 |
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Gift Tax Annual Exclusion |
$ 14,000 |
$ 14,000 |
$ 15,000 |
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Earned Income Credit |
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2016 |
2017 |
2018 |
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AGI must be less than (MFJ) |
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No Qualifying Children |
$ 20,430 |
$ 20,600 |
$ 21,000 |
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One Qualifying Child |
$ 44,846 |
$ 45,207 |
$ 46,102 |
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Two Qualifying Children |
$ 50,198 |
$ 50,597 |
$ 51,598 |
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Three or More Qualifying Children |
$ 53,505 |
$ 53,930 |
$ 54,998 |
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Maximum Amount of Credit (All filers except MFS) |
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No Qualifying Children |
$ 506 |
$ 510 |
$ 519 |
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One Qualifying Child |
$ 3,373 |
$ 3,400 |
$ 3,461 |
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Two Qualifying Children |
$ 5,572 |
$ 5,616 |
$ 5,716 |
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Three or More Qualifying Children |
$ 6,269 |
$ 6,318 |
$ 6,431 |
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12018 Numbers are estimates and will not be finalized until 2018. |
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