by Carolyn Rothwell on January 25, 2018

Silver - 2018 Tax Update Available Now

The 2018 tax update for Silver is available now. The latest version includes updated estate taxes, retirement plan contribution limits and Social Security estimates for 2018. 

The new year brings new tax rules, and this year there are numerous rule changes introduced by the Tax Cuts and Jobs Act, signed into law December 22, 2017.

Federal Tax

Silver keeps taxes simple by applying an effective tax rate to taxable income items, such as earned income, investment account interest, pensions, and retirement plan distributions. This approach means no changes were required in the software to account for the TCJA federal income tax provisions. However, advisors can consider the rule changes when setting the effective tax rate for a clients' plans. 

Typically, prior year tax returns can be used to help determine a client's effective tax rate. With the rule change,
online calculators can help estimate a client's tax liability and determine an appropriate effective tax rate under the TCJA.  

Related post: Top 5 Things to Know about Taxes in Silver

Estate Tax

The estate tax exclusion amount doubled to $11,200,000. With the portability of unused estate tax exclusion amounts between spouses, married couples can have estate values of up to $22,400,000 in 2018 without facing federal estate tax. Silver's estate reports reflect this change. The Estate Tax Estimate includes a 10-year forward-looking projection, which captures the estate tax sunset provision, reverting the exclusion amount to the 2017 level adjusted for inflation after 2025. 


Contribution Limits

Contribution limits for many retirement plans were raised.  Silver prevents contributions to IRA and Roth IRA above the annual contribution limits. IRA and Roth IRA contribution limits remain unchanged since 2013, holding at $5,500 with an additional $1,000 catch-up for individuals 50 and older.  

Social Security Benefits

Social Security Administration announced in October that benefit payouts would increase by 2% for 2018, raising the average benefit by about $37 a month. Silver's Social Security benefit estimates have been adjusted to reflect the latest data.

Investment Planning Data

The investment planning reports are updated to include the 2017 market data. 


The 2018 rules for Silver are available now.

Desktop edition of Silver:
>> Download and install the updated version

Update notifications in the desktop editions will be turned on next week. If you have any questions about updating the desktop edition, please see the Update FAQ and contact support for assistance. 

Online edition of Silver:
>> The online edition has been updated for the 2018 tax changes and no action is required.  Simply Log in and start planning with the latest version. 

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Carolyn Rothwell

Carolyn enjoys spending her time building Money Tree Software's brand and products. Her experience creating and delivering financial plans for a full-service financial planning firm and supporting advisors working to provide the best planning to their clients as a Money Tree support member has provided an excellent understanding of the importance of financial planning.