2018 Inflation Adjusted Amounts

IRS Releases 2018 Inflation Adjusted Amounts

Every year the IRS adjusts certain amounts for inflation. For example, they generally adjust the standard deduction, the foreign earned income exclusion, and the estate tax exclusion, to name a few. Now that the 2018 inflation adjusted amounts have been released, we wanted to inform you of the most notable changes.

Top Inflation Adjusted Amounts for 2018

  • Standard Deduction:
    • Married Filing Joint: $13,000, up from $12,700
    • Married Filing Separate: $6,500, up from $6,350
    • Head of Household: $9,550, up from $9,350
    • Unmarried (Single): $6,500, up from $6,350
  • Personal Exemption: $4,150, up from $4,050
  • Foreign Earned Income Exclusion: $104,100, up from $102,100
  • Annual Gift Tax Exclusion:
    • To any person: $15,000, up from $14,000
    • To a non-US citizen spouse: $152,000,
  • Estate Tax Exclusion: $5,600,000, up from $5,490,00
  • Expatriation – Covered Expatriate Gain Exclusion: $713,000, up from $699,000
  • Expatriation – Average Annual Net Income Tax: $165,000, up from $162,000
  • Amount of Delinquent Tax for which your Passport can be Revoked or Denied: $51,000, up from $50,000

The above list reflects what, in our opinion, are the most relevant 2018 inflation adjusted amounts for our readers. You can find a full list of the adjusted amounts here.

Year-End Tax Planning

The end of 2017 is is right around the corner. That means it’s time to do your year-end tax planning. Contact us to schedule your year-end tax planning session.

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