2018 Tax Changes to Gift Giving and Retirement Funding

Gifts:

You can now gift $15,000 to an individual instead of $14,000 without having to file a gift tax return.

 Retirement:

If you want to max out your 401(k), people under the age of 50 can contribute $18,500 and people 50 or older can contribute $24,500.

 If you want to contribute to a traditional IRA, you can do so until your income reaches $73,000 as a single individual or $121,000 if you are married. 

 To contribute to a Roth IRA, the income limits are a bit greater.  You can contribute to a Roth IRA up to income of $135,000 as a single filer and $199,000 as a married couple.

 The max contribution you can make to either type of IRA is $5,500 if you are under the age of 50 and $6,500 if 50 or older.