2018

Minimum Filing Requirements

and Exemption/Deduction Amounts*

Filing Status

Under 65

Over 65

Standard Deduction

Exemption

Over 65 or Blind  Additional

Single

$ 12,000

$ 13,600

$12,000

-

$ 1,600

Head Of Household

$18,000

$19,600

$18,000

-

$1,600

Married Filing Jointly

$24,000

$26,000

$24,000

-

$2,600

Married Filing Separately

$12,000

$13,300

$12,000

-

$1,300

Qualified Widow(er)

$24,000

$25,600

$24,000

-

$1,600

note:* certain personal tax situations may alter amounts shown


Other Helpful 2018 Information


Earnings Ceiling for Social Security for 2018

    * Under Full Retirement Age

    * At Full Retirement Age

    * Over Full Retirement Age


$17,400

$41,400

$Unlimited

Self-Employed Insurance Deduction

100%

Earned Income Credit Maximum

No Child $ 519  (1) Child $3,461   ( 2) or more $5,716 ( 3) or more $6,431

Education Credits

Hope Credit Maximum $2,500, Lifetime Credit maximum $2,000, College Tuition & Fees Deduction $4,000 Maximum

Child Tax Credit Maximum

$2,000

Standard Business Auto Rate Avg.

Charitable Rate

Medical / Moving Rate Avg.

Jan 1 - Jun 30

0.545

0.14

0.18

Jul 1 - Dec 31

0.575

0.14

0.235

Child's Unearned Income Limit

$2,000

Estate Tax Exclusion

$11,180,000

Gift Limit

$15,000

Adoption Credit

$13,810

IRA/Roth over 50 Limit

$6,500

Qualified Tuition Plan Gift Contribution Limit

$15,000

Retirement Contributions 2018

                                      under age 50     over  age 50

Traditional IRA/Roth        $  6,500               $  6,500

401-K & 403-B Plans       $18,500               $24,500

Simple IRA Plans           $  12,500               $  15,500

SEP Plans 25% of  earned maximum compensation limit of $55,000