The Internal Revenue Service has published a big new collection of
tax parameters for 2018, in Revenue Procedure 2017-58.
Even financial professionals who do their best to keep as much room between themselves and tax questions as possible may find themselves hunting for the revenue procedure document over and over, just to try to find just what, for example, the maximum possible exclusion for long-term care insurance premiums will be for a 55-year-old will be in 2018.
Here’s a look at what happened to nine parameters of interest to advisors, insurance agents and brokers who offer products such as life insurance, annuities, group health plans and long-term care insurance.
The new numbers come from this new parameters document (which is a copyright-free document published by IRS).
While financial planning is always important, looking ahead to the 2017 tax year may prove more valuable than ever given…
The earlier numbers come from the previous IRS parameters document.
The IRS lists William Ruane, an official in the Office of the Associate Chief Counsel for Income Tax and Accounting, as the principal author for both documents.
Of course, when in doubt, if you are not a tax professional yourself, triple check the numbers given here, and use the underlying documents mainly to support communications with your own compliance advisors. Read more…