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 |
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| IMPORTANT TAX ARTICLES
2014 Client Letter What's New in 2014... | TAX COURT CASES Earned Income Tax Credit Issue |