Best Choice Income Tax
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12/22/2018
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12/22/2018
tax tips$$$$
Contributions to Roth IRAs
For individuals who are single or the heads of their households, the income phaseout has been raised to $120,000 to $135,000. For married couples who file jointly, the range climbs to $189,000 to $199,000.
The phaseout was not adjusted for married individuals who file a separate return. That is $0 to $10,000.
12/22/2018
Contribution limits for retirement savings
Employees who participate in certain retirement plans ‒ 401(k), 403(b) and most 457 plans, and the Thrift Savings Plan – can now contribute as much as $18,500 this year, a $500 increase from the $18,000 limit for 2017. STAY INFORMED WITH BEST CHOICE INCOME TAX
12/22/2018
State and local taxes
The itemized deduction is limited to $10,000 for both income and property taxes paid during the year.
12/22/2018
Child tax credit
The child tax credit has been raised to $2,000 per qualifying child, those who are under 17, up from $1,000. A $500 credit is available for dependents who do not get the $2,000 credit.
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