Here are 10 tax changes for 2018 you need to know

FAN Editor

Savers who contribute to individual retirement accounts will have higher income ranges following cost-of-living adjustments. Note that the deduction phases out for individuals and their spouses who are covered by workplace retirement plans.

For single taxpayers, the limit will be $63,000 to $73,000.

For married couples, the phaseout range will vary depending on whether the IRA contributor is covered by a workplace retirement plan or not. When the spouse who is investing has access to an employer plan, the range is $101,000 to $121,000. For individuals who don’t have a retirement plan but are married to someone who does, the phaseout has been raised to $189,000 to $199,000.

The phaseout was not adjusted for married individuals who file a separate return and who are covered by a workplace retirement plan. That range is $0 to $10,000.

Free America Network Articles

Leave a Reply

Next Post

Philippines’ Duterte plays down China military facilities in disputed sea

FILE PHOTO – President Rodrigo Duterte salutes while passing members of custom police, during the 116th Bureau of Customs founding anniversary in Metro Manila, Philippines February 6, 2018. REUTERS/Romeo Ranoco February 19, 2018 MANILA (Reuters) – Philippine President Rodrigo Duterte sought on Monday to allay fears about China’s construction of […]