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    Numbers You Need to Know: 2017 and 2018

    From Citi Personal Wealth Management

    In the sections below, you'll find key numbers to consider as you ponder crucial goals like saving enough for retirement and college expenses. Keep in mind that, while averages are interesting, what's appropriate will depend on your individual situation. Indeed, as you think about issues such as how to save for your children's college costs and how to limit this year's tax bill, you may want to consult a financial professional.


    • Raising a child through age 17: $284,570
    • Public university for four years: $83,080
    • Private college for four years: $187,800
    • Home: $245,100
    • Medical costs in retirement: $275,000
    • Annual nursing-home costs: $97,455

    Sources: Inflation-adjusted cost of raising a child by middle-income family from the . Department of Agriculture's Expenditures on Children by Families 2015 report (released January 2017). College costs are calculated by the College Board based on 2017-18 academic year. National median existing-home price is from the National Association of Realtors (Sept. 2017). Amount needed to cover retirement medical costs (excluding nursing-home expenses) for 65-year-old couple retiring in 2017 from Fidelity Benefits Consulting. Nursing home cost is the national median rate for a single year in a private room and comes from Genworth's 2017 study.

    • Families who have:
      • have stock investments: 51.9%
      • have retirement accounts: 52.1%
      • their own home: 63.7%
      • a residence that isn't their main home: 13.8%
      • have a car or other vehicle: 85.2%
      • have mortgages and other home-secured debt: 41.9%
      • have some form of debt: 77.1%
      • have a credit-card balance: 43.9%

    Sources: Percentage of families holding different assets and liabilities from Federal Reserve's 2016 Survey of Consumer Finances.

    Taxes
    2017 2018
    Earnings subject to Social Security payroll tax: $127,200 $128,400
    39.6% maximum federal income-tax rate and 20%
     maximum long-term capital-gains rate if income above:
    $470,700 if married filing jointly
     $418,400 if single
    $600,001 if married filing jointly
     $500,001 if single
    3.8% Medicare surtax applies to net investment income if
     total income above:
    $250,000 if married filing jointly
     $200,000 if single
    $250,000 if married filing jointly
      $200,000 if single
    Standard deduction: $12,700 if married filing jointly
     $6,350 if single
    $24,000 if married filing jointly
     $12,000 if single
    Personal exemption: $4,050 None.
    Itemized deductions and personal exemptions are
     curtailed if income above:
    $313,800 if married filing jointly
     $261,500 if single
    No personal exemptions or curtailing of itemized deductions if single or married
     $266,700 if single
    Gift tax exclusion: $14,000 $15,000
    Estate tax exclusion: $5.49 million $11.18 million

    Sources: IRS, Social Security Administration, Journal of Accountancy, and Forbes.

    Retirement
    2017 2018
    Traditional and Roth IRA
     contribution limit:
    $5,500
     ($6,500 if age 50 or older)
    $5,500
     ($6,500 if age 50 or older)
    If covered by retirement plan at
     work, traditional IRA
     deduction phases out at:
    $99,000 to $119,000 if married filing jointly
     $62,000 to $72,000 if single
    $101,000 to $121,000 if married filing jointly
     $63,000 to $73,000 if single
    If spouse covered by retirement
     plan, but you aren't, your IRA
     deduction phases out at:
    $186,000 to $196,000 in joint income $189,000 to $199,000 in joint income
    Eligibility to fund a Roth IRA
     phases out at these incomes:
    $186,000 to $196,000 if married filing jointly
     $118,000 to $133,000 if single
    $189,000 to $199,000 if married filing jointly
     $120,000 to $135,000 if single
    401(k) contribution limit: $18,000
     ($24,000 if age 50 or older)
    $18,500
     ($24,500 if age 50 or older)
    SIMPLE IRA contribution limit: $12,500
     ($15,500 if age 50 or older)
    $12,500
     ($15,500 if age 50 or older)
    SEP IRA contribution limit: 25% of annual compensation,
     up to $54,000
    25% of annual compensation,
     up to $55,000

    Source: IRS

    College
    2017 2018
    UGMA/UTMA account: Up to $14,000
     without worrying about gift tax
    Up to $15,000
     without worrying about gift tax
    Kiddie tax on unearned income: First $1,050 covered by child's exemption. First $1,050 covered by child's exemption.
    529 college savings plans: Can contribute $70,000Footnote 1
    and count it as your gift for next five years
    Can contribute $75,000Footnote 1
    and count it as your gift for next five years
    Coverdell education
     savings account:
    $2,000 maximum contribution. $2,000 maximum contribution.
    Eligibility to contribute phases out at these incomes: $190,000 to $220,000 if married filing jointly
     $95,000 to $110,000 if single
    $190,000 to $220,000 if married filing jointly
     $95,000 to $110,000 if single
    Hope Scholarship/
     American Opportunity Credit:
    $2,500 maximum per student. $2,500 maximum per student.
    Phases out at these incomes: Phaseout begins at $160,000 if married filing jointly
     Phaseout begins at $80,000 if single
    Phaseout begins at $160,000 if married filing jointly
     Phaseout begins at $80,000 if single
    Lifetime Learning Credit: $2,000 maximum. $2,000 maximum.
    Phases out at these incomes: Phaseout begins at $112,000 if married filing jointly
     Phaseout begins at $56,000 if single
    Phaseout begins at $114,000 if married filing jointly
     Phaseout begins at $57,000 if single
    Education loan interest deduction: $2,500 maximum. $2,500 maximum.
    Phases out at these incomes: $135,000 to $165,000 if married filing jointly
     $65,000 to $80,000 if single
    $135,000 to $165,000 if married filing jointly
     $65,000 to $80,000 if single

    1Five times gift-tax exclusion.

    Source: IRS, Savingsforcollege.com and Forbes.

    INVESTMENT AND INSURANCE PRODUCTS: NOT INSURED BY THE FDIC • NOT INSURED BY THE FEDERAL GOVERNMENT OR ANY OTHER FEDERAL GOVERNMENT AGENCY, BY THE BANK, OR BY ANY AFFILIATE OF THE BANK • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, THE BANK OR AN AFFILIATE OF THE BANK • SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL INVESTED

    Citigroup and its affiliates do not provide tax or legal advice. To the extent that this material or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

    © Citigroup Citi Personal Wealth Management is a business of Citigroup , which offers investment products through Citigroup Global Markets (“CGMI”), member SIPC. Insurance products are offered through Citigroup Life Agency LLC (“CLA”). In California, CLA does business as Citigroup Life Insurance Agency, LLC (license number OG56746). CGMI, CLA and Citibank NA. are affiliated companies under the common control of Citigroup Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup or its affiliates, used and registered throughout the world.

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