Not real exciting, but important in planning. Those limits subject to indexing moved very slightly or not at all.
· Estate Tax Exemption — $11.4 million per person.
· Gift Tax Exclusion — unchanged from $15,000 to any one person. Gifts to a non-US citizen spouse are increased from $152,000 to $155,000 per year.
· Health Reimbursement Arrangement — maximum employer reimbursement amount increases slightly to $5,150 for individual coverage and $10,450 for family coverage.
· Long-Term Care Premium Deduction — for clients who have sufficiently high uninsured medical bills to benefit from itemizing, they can include at least some of their premiums in the medical expense total. The threshold is age-based and either holds steady or increases very slightly for 2019.
· 401k, 403b and most 457 Plans — employee contribution limit increases to $19,000 with no change to age 50 and over $6,000 catch-up.
· IRA — last increased in 2013, the annual contribution increases to $6,000 while the $1,000 cost of living adjustment stays the same.
· Defined Benefit Penson Plans — annual benefit increases from $220,000 to $225,000.
· Defined Contribution Plans — limitation increases from $55,000 to $56,000.
· Top-Heavy Plans — definition of key employee increases from $175,000 to $180,000.