{"id":163,"date":"2018-05-18T17:41:26","date_gmt":"2018-05-18T17:41:26","guid":{"rendered":"https:\/\/wordpress-190958-3424384.cloudwaysapps.com\/?p=163"},"modified":"2018-05-18T17:41:26","modified_gmt":"2018-05-18T17:41:26","slug":"2018-tax-figures","status":"publish","type":"post","link":"https:\/\/est-planning.com\/2018-tax-figures\/","title":{"rendered":"2018 Tax Figures"},"content":{"rendered":"<p>Below you will find all the important tax figures for the 2018 tax year:<\/p>\n<p><strong>Federal Estate Tax<\/strong><br \/>\n&#8211; 2018 Exemption Equivalent: $11, 220,000.00* (up from $5,490.000 in 2017)<br \/>\n&#8211; Annual Inflation Indexing: Yes (rounded annually to the nearest $10,000)<br \/>\n&#8211; Portability of unused exemption to surviving spouse: Yes (by timely election on Form 706 Estate Tax Return of deceased spouse)<br \/>\n&#8211; Rate: 40% (flat rate on taxable estate above exemption)<\/p>\n<p><strong>Federal Gift Tax (unified)<\/strong><\/p>\n<ul>\n<li>Lifetime Gift Tax Exemption: $11, 220,000.00* (total lifetime taxable gifts)<\/li>\n<\/ul>\n<p>&#8211; Annual Inflation Indexing: Yes (rounded annually to the nearest $10,000)<br \/>\n&#8211; Annual Gift Tax Exclusion: $15,000 (up from $14,000 in 2017; increased by inflation indexing in $1,000 increments)<br \/>\n&#8211; Rate: 40% (flat rate on taxable estate above exemption)<\/p>\n<p><strong>Federal Generation-Skipping Transfer (GST) Tax (unified)<\/strong><\/p>\n<ul>\n<li>GST Exemption: $11, 220,000.00* (minus lifetime GST exemption used)<\/li>\n<li>Annual Inflation Indexing: Yes (rounded annually to the nearest $10,000)<\/li>\n<li>Portability of unused GST exemption to spouse: No<\/li>\n<li>Rate: 40% (flat rate on GST transfers above exemption)<\/li>\n<\/ul>\n<p><strong>Illinois<\/strong><strong>\u00a0Estate Tax<\/strong><\/p>\n<ul>\n<li>Estate Tax Exemption: remains at $4000,000.00 for 2018 (not scheduled to rise)<\/li>\n<li>Inflation Indexing: No<\/li>\n<li>Gift Tax: Non<\/li>\n<li>Portability of unused exemption to spouse: No<\/li>\n<li>Rate: Varies (effective rate up to around 28.5%)<\/li>\n<\/ul>\n<p><strong>Federal Trust and Estate Fiduciary Income Tax<\/strong><\/p>\n<ul>\n<li>Tax Brackets: 10% up to $2,550; 24% between $2,550 and $9,150; 35% between $9,150 and $12,500; 37% over $12,500<\/li>\n<li>\u00a0Marginal Rate: 37% top rate applies to trust-retained income over $12,500<\/li>\n<li>Medicare Surcharge: Top rate is subject to 3.8% Medicare surcharge tax on net investment income<\/li>\n<li>Pass Through: Income generally passed through to beneficiaries via K-1 to the extent of distributions<\/li>\n<\/ul>\n<p>* These changes in the \u201cTax Cuts and Jobs Act\u201d are due to \u201csunset\u201d on January 1, 2026.\u00a0 Estate Gift and GST exemption will revert back to $5 million plus inflation indexing back to 2011.\u00a0 Absent future changes, this will result in an exemption of approximately $6.2 million in 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Below you will find all the important tax figures for the 2018 tax year: Federal Estate Tax &#8211; 2018 Exemption Equivalent: $11, 220,000.00* (up from $5,490.000 in 2017) &#8211; Annual Inflation Indexing: Yes (rounded annually to the nearest $10,000) &#8211; Portability of unused exemption to surviving spouse: Yes (by timely election on Form 706 Estate [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[7,9],"acf":[],"_links":{"self":[{"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/posts\/163"}],"collection":[{"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/comments?post=163"}],"version-history":[{"count":0,"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/posts\/163\/revisions"}],"wp:attachment":[{"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/media?parent=163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/categories?post=163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/est-planning.com\/wp-json\/wp\/v2\/tags?post=163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}