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Cost-of-living adjustments were reduced for 2018 limits applied to health savings accounts, adoptions, and foreign earned income, the Internal Revenue Service said March 5 in Revenue Procedure 2018-18.
The revisions, which were made because of amendments to the Internal Revenue Code under the new federal tax code (Pub. L. 115-97), were retroactive to Jan. 1. The changed amounts were released in Internal Revenue Bulletin 2018-10.
Health savings accounts: The maximum amount of tax-free contributions for covered benefits allowed for family coverage under a high-deductible health plan is $6,850, down from $6,900. The maximum amount of tax-free contributions for covered benefits allowed for individual HSAs remains $3,450.
Adoption assistance: The credit allowed for expenses related to adoption assistance is $13,810, down from $13,840.
Foreign earned-income exclusion: The maximum amount of foreign-earned income that a U.S. citizen or resident living and working abroad may exclude for tax purposes in 2018 is $103,900, down from $104,100. The exclusion may be taken provided the individual qualifies under Internal Revenue Code Section 911 requirements.
Information-reporting penalty: The maximum penalty for filing incorrect information returns with the IRS and correcting them within 30 days was reduced to $545,500 from $547,000.
Copyright © 2018 The Bureau of National Affairs, Inc. All Rights Reserved.
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