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Tax Resources

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