{"id":4609,"date":"2017-11-03T00:00:00","date_gmt":"2017-11-03T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/irs-and-ssa-release-2018-tax-numbers\/"},"modified":"2022-02-04T17:40:12","modified_gmt":"2022-02-04T21:40:12","slug":"irs-and-ssa-release-2018-tax-numbers","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2017\/11\/03\/irs-and-ssa-release-2018-tax-numbers\/","title":{"rendered":"IRS and SSA release 2018 tax numbers"},"content":{"rendered":"\n<p>The IRS and the Social Security Administration published some inflation-adjusted numbers for retirement contributions and gifts for 2018. You can use this information as you begin your tax and financial planning for the coming year.<\/p>\n\n\n\n<ul><li>The Social Security taxable wage limit for 2018 will be $128,700. Retirees under full retirement age can earn up to $17,040 without reducing their monthly benefit checks.<\/li><li>The threshold for unearned income a child can earn in 2018 without having the kiddie tax apply is $1,050.<\/li><li>The amount that can be given each year without paying gift tax is $15,000 ($30,000 for joint gifts).<\/li><li>The amount that can be set aside in a health savings account is limited to $3,450 for individuals and $6,900 for families. Those 55 or older can contribute an additional $1,000.<\/li><li>The maximum salary deferral for a 401(k) increases in 2018 to $18,500. The catch-up limit for those 50 or older is $6,000.<\/li><li>The maximum IRA contribution limit remains unchanged at $5,500. The limit for those 50 or older is $6,500.<\/li><li>The maximum salary deferral for SIMPLEs remains the same in 2018 at $12,500. Those 50 or older can contribute an additional $3,000.<\/li><li>As soon as other tax numbers are finalized for 2018, we&#8217;ll pass them along to you. Contact our office if you have questions or wish to discuss tax planning for the upcoming filing season.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The IRS and the Social Security Administration published some inflation-adjusted numbers for retirement contributions and gifts for 2018. You can use this information as you begin your tax and financial planning for the coming year.<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[77,48],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4609"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4609"}],"version-history":[{"count":1,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4609\/revisions"}],"predecessor-version":[{"id":5012,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4609\/revisions\/5012"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}