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Tax Facts

Income Tax: 

  • Marginal tax rates  decreased for 2018, with 37% being the top rate.
  • The standard deduction  for joint filers increased to $24,000 in 2018.
  • The personal exemption was eliminated for 2018 and beyond.

Estate: 

  • The annual gift exclusion increased to $15,000 for 2018.
  • The gift and estate tax exclusion increased in 2018 to  $11,200,000.

Retirement: 

  • The maximum annual salary deferral into a 401(k) plan increased to $18,500 for 2018, with an additional $6,000 allowed for those ages 50 or older. 
  • The maximum annual contribution into IRAs and Roth IRAs remains the same for 2018 at $5,500, with an additional $1,000 for those ages 50 or older. 

Investment:

  • The top rate for long term capital gains in 2018 is 20%.
  • The top rate for dividends in 2018 is 20%

Charitable:

  • You may deduct up to  60% of your AGI to a public charity in 2018. 
  • You may deduct up to  30% of your AGI to a private foundation in 2018. 


Click here for 2018 Key Tax Code Numbers.

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Join us at our monthly CE Luncheon Series in our Community Room, located at 1227 Corporate Center Dr. in Oconomowoc. 

For details and to register, click here.

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