Deductible contributions to IRAs
Savers who have been contributing to individual retirement accounts will now have higher income ranges due to cost-of-living adjustments. Overall, the changes will be as following:
- For single taxplayers, the limit is now set between $63,000 – $73,000;
- For married couples, the phase-out range will depend on whether the IRA contributor is covered by a workplace retirement plan or not. If a spouse who is now investing has access to an employer plan, costs will range between $101,000 – $121,000;
- For people without a retirement plan who are married to someone who does, the phase out has been raised to $189,000 to $199,000.
Higher contribution limits for retirement savings
Employees who participate in certain retirement plans ‒ 401(k)s, 403(b)s, most 457 plans and the Thrift Savings plan – will be able to contribute as much as $18,500, a $500 increase from the current $18,000 limit.
2 thoughts on “7 Important Tax Changes That Will Change Your Life In 2018”
One item NOT covered is the exclusion of fees and expenses charged by managed retirement portfolio providers. The loss of these deductions will dramatically affect my disposable income. As a retiree I live on SS and a small income from my retirement account.
Thus, seniors are given the shaft in this new tax bill.
JY
Its not controversial here. NOT ONE DEWMOCRAT voted to give me a tax cut, NOT ONE. They will be remembered next November. With friends like that we don’t need an enema. (I did not misspell that word) And people vote for these morons??
I cannot say it any more distinct than that.