The IRS released their annual cost of living adjustments, which can be found here. This updates everything except for health savings accounts (which can be found here) and Social Security/pension plans (which can be found here). The brackets are inflation-adjusted every year, so they will be reflected later when the blog is updated. Some other highlights are below:
General Provisions
Standard Deduction: $10,900 MFJ/QW, $8000 HH, $5450 S/MFS
Personal Exemption: $3500
Itemized Deduction phaseout begins at $159,950
Personal Exemption phaseout begins at $239,950 MFJ
Tax-Advantaged Transit Pass: $115 per month ($220 for parking)
Small Business Expensing Limits: $128,000/$510,000
Student Loan Interest Deduction: $55,000-$70,000 S, $115,000-$145,000 MFJ
Health Savings Accounts
HSA Contribution Limit: $2900 single, $5800 family
HSA Minimum Deductible: $1100 single, $2200 family
Retirement Provisions
Allowable compensation: $230,000
Elective deferral limit: $15,500
Overall defined compensation plan limit: $46,000
Social Security taxable wage base: $102,000
Savers Credit earnings limit: $53,000 MFJ, $26,500 S
Trad IRA Deduction: $159,000 MFJ (1 spousal pension), $85,000 MFJ (2 spousal pensions), $53,000 (all others)
Roth IRA Contribution: $159,000-$174,000 MFJ, $101,000-$116,000 S
Foreign Earned Income Exclusion: $87,600
Comments