FACTOIDS FOR 2018 AND 2019

INCLUDING MILEAGE RATES, IRA LIMITS,  QUALIFIED PLAN LIMITS, ESTATE TAX LIMITS,

GIFTING LIMITS & FOREIGN EARNED INCOME LIMITS

STANDARD MILEAGE RATES

For 2018, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) are:

• 54.5 cents per mile for business miles driven
• 18 cents per mile driven for medical/ moving purposes
• 14 cents per mile driven in service of charitable organizations – it takes an act of Congress to change charitable mileage…so we are pretty sure this won’t change anytime soon

For 2019

• 58 cents per mile for business miles driven
• 20 cents per mile driven for medical/moving purposes
• 14 cents per mile driven in service of charitable

TRADITIONAL AND ROTH IRA CONTRIBUTION LIMITS—FUND BY APRIL 15, 2019!

Tax Year	Under age 50	Age 50 or Older
2018	$5,500	$6,500
2019	$6,000	$7,000

THERE ARE SOME IMPORTANT RESTRICTIONS – GIVE US A CALL BEFORE FUNDING

FROM SOCIAL SECURITY ADMINISTRATION: https://www.ssa.gov/news/press/factsheets/colafacts2019.pdf

Retirement Earning Text Exempt Amounts:	2018	2019
Under full retirement age NOTE: One dollar in benefits will be withheld for every $2 in earning above the limit.	$17,040/yr	$17,640/yr

There is no limit on earnings beginning the month an individual attains full retirement age.  See http://www.socialsecurity.gov/retire2/agereduction.htm

Remember – it is NOT 65 for everyone!!

Maximum Earning Taxable:	2018	2019
Social Security (OASDI only)	$128,400	$132,900

NEWS ON THE ESTATE FRONT:

Estate Planning	2018	2019
Estate Tax Exclusion	$11.18 Million	$11.18 Million
Gift Tax Exclusion	$11.18 Million	$11.18 Million
Annual Gifting – to anyone	$15,000	$15,000

QUALIFIED PLAN LIMITS

	2018	2019
Elective Deferrals	$18,500	$19,000
Catch-Up Contributions	$6,000	$6,000
Defined Benefit Plan Annual Benefit Limit	$220,000	$225,000
Defined Contribution 415 limit (eg 401k, SEP)	$55,000	$56,000

FOREIGN EARNED INCOME EXCLUSION:

• 2018                $103,900
• 2019                TBD