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2018 Tax Reference Amounts

Here is a list of the common items that we are asked for the amounts.

Retirement Accounts

IRA Contribution Limit (Through Age 49)$5,500
IRA Contribution Limit (Age 50 and Up)$6,500
401(k) Contribution Limit (Through Age 49)$18,500
401(k) Contribution Limit (Age 50 and Up)$24,500

The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):

Filing joint and active participant in employer's retirement plan$101,000 - $121,000
Filing single or head-of-household and active participant in
employer's retirement plan
$63,000 - $73,000
Married but filing separate and active participant in employer's
retirement plan
$0 - $10,000
Not active participant in employer's retirement plan but spouse
is an active participant (filing joint)
$189,000 - $199,000

There are different phase-outs for who can contribute to a Roth IRA (based on AGI):

Filing joint$189,000 - $199,000
Filing single or head-of-household$120,000 - $135,000
Married but filing separate$0 - $10,000

Social Security

Amounts related to withholding or credits:

Income subject to OASDI (SS updated this)$128,400
Income subject to MedicareNo limit
OASDI to be paid by employee$7,979.40
Amount to earn 1 credit (self-employed)$1,320

Maximum earnings and still receive full Social Security benefits:

Under full retirement age (prior years)
Social Security benefit reduced $1 for every $2 over limit.
$17,040/yr  $1,420/mo
Year of full retirement (only months prior to reaching full
retirement age)
Social Security benefit reduced $1 for every $3 over limit.
$44,880/yr  $3,780/mo
Full retirement ageNo limit

Medicare

Standard Part B Premium (ignoring hold-harmless provision)$134.00
Maximum 2015 income for standard Part B premium (Single)$85,000
Maximum 2015 income for standard Part B premium (Joint)$170,000

Health Saving Account (HSA) Limitations

Annual contribution limits:

Self-only Coverage (Through Age 54)$3,450
Self-only Coverage (Age 55 and Up)$4,450
Family Coverage (Through Age 54)$6,900
Family Coverage (Age 55 and Up)$7,900

Minimum annual policy deductibles:

Self-only Coverage$1,350
Family Coverage$2,700

Maximum annual deductible and out-of-pocket expense:

Self-only Coverage$6,650
Family Coverage$13,300

Mileage Rates

Business use54.5¢
Portion of business deduction allocated to depreciation25.0¢
Medical and Moving18.0¢
Charitable (statutory)14.0¢

Miscellaneous Items

Maximum annual gift amount$15,000
Kiddie Tax threshold (oversimplified - no earned income)$2,100


2017 Tax Reference Amounts