One of our authors, Paul Winn, recently sent me tax information.
The IRS recently sent notification of modified revisions of inflation-adjusted limits and thresholds to reflect the change in calculating inflation from the previous method to the Chained Consumer Price Index prescribed under the Tax Cuts and Jobs Act. Here are some the changed items :
|
Limit |
Original Inflation Adjustment |
Revised Inflation Adjustment |
| HSA contribution limits for individuals with family HDHP coverage (other HSA limits are unaffected) | $6,900 | $6,850 |
| Archer MSA
Self-only coverage out-of-pocket limit Family coverage annual deductible (other MSA limits are unaffected) |
$4,600 $4,600 |
$4,550 $4,550 |
| Adoption Assistance Exclusion and Adoption Credit
Phase-out begins at MAGI of Completely phased out at MAGI of |
$13,840
$207,580 $247,580 |
$13,810
$207,140 $247,180 |
| Small Business Health Care Tax Credit
Phase-out begins at average annual wages Phased out complete at average annual wages |
$26,700 $53,400 |
$26,600 $53,400 |
| Estate exclusion (for federal estate taxes) | $11,200,000 | $11,180 |