For 2018, a high deductible health plan (HDHP) is one that, for participants who have self-only coverage in an MSA, has an annual deductible that is not less than $2,300 but not more than $3,450 for self-only coverage, the maximum out of pocket expense amount is $4,500. For 2018, the monthly limitation for the qualified transportation fringe benefit is $260 (up just $5) for transportation in a commuter highway vehicle or any transit pass, as well as qualified parking. For tax year 2018, the foreign earned income exclusion is $104,100, up from $102,100 for tax year 2017. Phaseouts apply for taxpayers with modified adjusted gross income (MAGI) in excess of $65,000 ($135,000 for joint returns) and is completely phased out for taxpayers with modified adjusted gross income (MAGI) of $80,000 or more ($165,000 or more for joint returns). For 2018, the maximum amount that you can take as a deduction for interest paid on student loans remains at $2,500. You'll find some of the most common here: For 2018, the adjusted gross income amount used to determine the reduction in the Lifetime Learning Credit is $57,000 (or $114,000 for joint filers).Ĭhanges were also made to certain tax deductions, deferrals & exclusions for 2018.
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