Tax Rates and Tables Chapter 14 pp

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Presentation transcript:

Tax Rates and Tables Chapter 14 pp. 561-590 2018 National Income Tax Workbook™

2017 Tax Rates – MFJ p. 562

2017 Tax Rates – HoH p. 562

2017 Tax Rates – Single p. 562

2017 Tax Rates – MFS p. 562

2017 Tax Rates – T & E p. 563

2017 Capital Gains Rates p. 563

2018 Tax Rates – MFJ p. 563

2018 Tax Rates – HoH p. 563

2018 Tax Rates – Single p. 564

2018 Tax Rates – MFS p. 564

2018 Tax Rates – T & E p. 564

2018 Capital Gains Rates p. 264

2019 Tax Rates pp. 564-566 For tax years beginning after 12/31/18 IRS is directed to make cost of living adjustments

Cars, Trucks, Vans p. 567 Standard Mileage Rate Business 53.5 (17), 54.5 (18) Charity 14 Moving/medical 17 (17), 18 (18) But note – no moving expense deduction in 18

Depreciation Inclusion p. 566 25¢ depreciation included in standard mileage (18) But note – no itemized deduction for unreimbursed EE travel in 18

Depreciation Limits pp. 567-568 10K year one 16K year two 9,600 year three 5,760 later years 8K additional first year

Lease Inclusion Amounts p. 569 IRC 280F(c) reduce deduction for lessee of a leased passenger car Must be substantially equivalent to limits on depreciation deductions imposed on car owners Rev. Proc. 2018-25 – Table 4

Business Expense Limits p. 570 IRC 179 max 510K (17), 1M (18) Phaseout begins 2,030,000 (17), 2,500,000 (18)

Meal & Entertainment p. 570 50% limit (17, 18, 19) 70% limit for some transportation workers Note – no deduction for most entertainment in 18

Rental Real Estate p. 570 IRC 469 allowance 25K (12,500 MFS liv. apart) Phase-out 100-150K (50-75K MFS liv. apart)

Child and Dependent Credits p. 570 2018 Adoption 13,810 Phase out 207,140 to 247,140 2018 CTC up to 2K Phase out 400K (MFJ), 200K (others)

CTC p. 571 New credit for dependent – 500 Refundable portion of CTC Up to 1,400 2,500 earned income threshold 2018 child and dependent care credit up to 3K (6K for two or more)

EIC pp. 571-572 2017 amounts (p. 571) 2018 amounts (p. 572) Min. credit 519 Max. credit 6,431 Phase out ranges (p. 572)

Education Benefits p. 573 2018 Coverdell contribution 2K 2018 AOTC 2,500 2018 lifetime learning 2K 2018 student loan interest deduction 2,500 Savings bond exclusion p. 574

Estate, Gift, Trust p. 574 2018 exclusion amount (estate, gift, GSTT) 11,180,000 Surviving spouse can elect portability 2018 annual gift exclusion 15K Max 40% rate

Estates and Trusts p. 575 2018 exemption deductions: 600 estate, 300 simple trust, 100 complex trust 24,600 AMT exemption deduction Begins phase out at 81,900 Estimated tax 90% current year or 100% prior year (110% for higher)

Fringe Benefits p. 575 Adoption assistance exclusion 13,810 Transportation assistance exclusion 260 parking and transit No bicycle

Health Care p. 576 MSA deductibles HSA deductibles LTC deductibles Note HSA contribution limit for family increased to 6,900

Health Care p. 577-578 Medicare 100% SE health ins. deduct Part A deductibles and premiums Part B deductible Part D deductible varies Part B premiums and deductibles (pp. 577-578) 100% SE health ins. deduct

Individuals p. 579 AMT exemption amounts 109,400 – MFJ/QW 70,300 – single, HoH 54,700 – MFS 24,600 – T&E Increased phaseout amts.

Individual p. 579 28% AMT rate on income over 191,100 (95,550 MFS) NIIT threshold 250K MFJ, 200K single/HoH, 125K MFS, 12,500 T & E No itemized deduction phaseout

Deductions p. 580 No 2018 personal/dependent exemptions Standard deduction 24K MFJ/QW, 12K single/MFS, 18K HoH

Other Individual Rates p. 580 Estimated tax 90% current year or 100% prior year (110% higher income) Foreign earned income exclusion 103,900

AFR pp. 581-583 Short-term is 3 yrs. or less Mid-term is 3 – 9 yrs. Long-term is more than 9 yrs.

Interest Rates pp. 583-585 Blended annual rate AFR for determining annuity Farm Credit System Bank rates Rates for over/underpayment

Retirement Plans pp. 585-586 2017 IRA limits (p. 585) 2018 IRA limits 5,500 contribution 1K make-up contribution

2018 Retirement Plans p. 587 SIMPLE 12,500 457/401K 18,500 SEP 55,000 Defined benefit 220,000 Catch-up limits 3K SIMPLE, 6K all others

Saver’s Credit p. 588 2018 % up to 4K MFJ (2K others) Max AGI 63K MFJ, 47,250 HoH, and 31,500 MFS/single/QW

Social Security/Medicare p. 589 2018 wage cap 128,400 Threshold for additional Medicare 250K MFJ (200K single/HoH/QW and 125K MFS) Earnings ceiling for SS 1,420 before FRA

Other Info pp. 589-590 Credit for elderly/disabled Kiddie tax unearned income over 2,100 7,000 FUTA wage base IRS phone #s (p. 590)

Questions?