2018 Standard Mileage Rates-
- 54.5 cents per mile for business
- 18 cents per mile for medical
- 14 cents per mile for charity
2018 IRA Contribution Limits Remain Unchanged At $5500 ($6500 for Individuals over 50.)
The deduction for taxpayers contributing to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $63,000 and $73,000. These thresholds are unchanged from 2015. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $101,000 to $121,000. For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.
Individuals who exceed these phase out thresholds may still contribute to their IRA but will be unable to deduct the contributions.
Roth IRA Income Limits Increase Slightly For 2018
Unlike traditional IRAs, Roth IRAs also have an income test for eligibility. Individuals with adjusted gross income above certain levels may not contribute to a Roth. The AGI phase-out range for taxpayers making contributions to a Roth IRA in 2018 is $189,000 to $199,000 for married couples filing jointly. For singles and heads of household, the income phase-out range is $120,000 to $135,000. As with the traditional IRA, the phase out limit For married separate is $10,000.
Taxpayers in these ranges will have their maximum Roth contribution amounts "phased out" with the amount at the lower end close to the max and the amount at the upper end near zero.