2018 Tax Information
Filing Requirements
| Filing Status | Age | Income |
| Single | under 65 | $12,000 |
| 65 or older | $13,600 | |
| Head of Household | under 65 | $18,000 |
| 65 or older | $19,600 | |
| Married, filing jointly | under 65 (both spouses) | $24,000 |
| 65 or older (one spouse) | $25,300 | |
| 65 or older (both spouses) | $26,600 | |
| Married, filing separately | any age | $ 5 |
| Qualifying widow(er) with dependent child |
under 65 | $24,000 |
| 65 or older | $25,300 |
Standard Deductions
| Filing Status | Amount |
| Single | $12,000 |
| Married filing joint returns/Qualifying Widow(er) | $24,000 |
| Head of household | $18,000 |
| Married, filing separate return | $12,000 |
| Dependent standard deduction minimum | $1,050 or Earned income + $350 |
Family Tax Credit
| Per Qualifying Child (under age 17 or younger) | $2,000 |
| Other Dependent (not a qualifying child under age 17) | $500 |
Overall Limitation on Itemized Deductions
| Casualty Loss (AGI Threshold) SUSPENDED | Max. 20,000 (10,000 MFS) Presidentially declared disaster area only |
| Medical Deduction (AGI Threshold) | 7.5% |
Transportation & Travel
| Moving (for military only) | $0.18 |
| Business Mileage Rate | $0.54 1/2 cents per mile |
| Charitable Mileage Rate | $0.14 |
| Medical and Moving Mileage Rate | $0.18 cents per mile |
Retirement Pension Plans
| Maximum Annual Benefit for Defined Benefit Plan | $220,000 |
| Maximum Annual Contribution Defined Contribution Plan | $55,000 |
| IRA Deduction Limit (In general) | $5,500 |
| IRA Deduction Age 50 Catch Up | $1,000 |
| Simple IRA Base Contribution | $12,500 |
| Simple IRA Age 50 Catch Up | $3,000 |
| 401(k) Maximum Exclusion (In general) | $18,500 |
| 401(k) Age 50 Catch Up | $6,000 |
Gift Taxes
| Annual Gift Tax Exclusion | $15,000 |
Payroll Taxes
| Social Security (Self-employed) | 15.3% |
| Social Security Wages Tax Up To | $128,400 |
| Medicare Rate (Self-employed) | 2.9% |
| Social Security Rate(Employee/Employer) | 6.2% |
| FUTA Wage Base Taxable Earnings | $7,000 |
Education Provisions
| American Opportunity Tax Credit/Hope Scholarship Credit | Up to $2,500/up to 40% of credit is refundable |
| Lifetime Learning Credit – all years of post-secondary education and for courses to acquire or improve job skills | Up to $2,000 |
| Student Loan Interest Deduction | Up to $2,500 |
| Teacher’s Classroom Expense Deduction | $250 |
Key Penalty Rates
| Failure to File Return | 5% per month (max 25%) of unpaid tax due |
| Failure to Pay Tax | 0.5% per month (max 25%) of unpaid tax due |
| Substantial Understatement of Tax (greater than $5,000 or 10% of the proper tax) |
20% of the underpayment attributable to the understatement |
Home Sale Gain Exclusion
| Joint Filers | $500,000 |
| Single Filers | $250,000 |
Federal Tax Rates
| 10% bracket ends at- |
12%% bracket ends at- |
22% bracket ends at- |
24% bracket ends at- |
32% bracket ends at- |
35% bracket ends at- |
37% bracket ends at- |
|
| Married filing separately | $9,525 | $38,700 | $82,500 | $157,500 | $200,000 | $500,000 | No Limit |
| Single | $9,525 | $38,700 | $82,500 | $157,500 | $200,000 | $300,000 | No Limit |
| Head of Household | $13,600 | $51,800 | $82,500 | $157,500 | $200,000 | $500,000 | No Limit |
| Married filing jointly or Qualifying widow(er) | $19,050 | $77,400 | $165,000 | $315,000 | $400,000 | $600,000 | No Limit |
Earned Income Credit (EIC) – Maximum amounts available
| With 1 qualifying child | $3,461 |
| With 2 qualifying children | $5,716 |
| With 3 or more qualifying children | $6,431 |
| No qualifying child | $519 |
Maximum Earnings Before EIC Eliminated for Single, HOH, Qualifying Widow(er)
| With no children | $15,270 |
| With one child | $40,320 |
| With two children | $45,802 |
| With three or more children | $49,194 |
Maximum Earnings Before EIC Eliminated for Married Filing Joint
| With no children | $20,950 |
| With one child | $46,010 |
| With two children | $51,492 |
| With three children | $54,884 |
