2019 INFLATION/COST OF LIVING UPDATES REFERENCE TABLES
| TAX BENEFIT |
2019 |
2020 |
| Standard Deduction |
|
|
| Married Filing Jointly |
$24,400 |
$24,800 |
| Single |
$12,200 |
$12,400 |
| MarriedFiling Separately |
$12,200 |
$12,400 |
| Head of Household |
$18,350 |
$18,650 |
| Foreign Earned Income Exclusion |
$105,900 |
$107,600* |
| Maximum Taxable Social Security Earnings Base |
$132,900 |
$137,700 |
*Estimated
2019 INDIVIDUAL INCOME TAX RATES
| RATE |
SINGLE |
HEAD OF HOUSEHOLD |
MARRIED-JOINT |
MARRIED-SEPARATE |
| 10% |
$0 – $9,700 |
$0 – $13,850 |
$0 – $19,400 |
$0 – $9,700 |
| 12% |
$9,700 – $39,475 |
$13,850 – $52,850 |
$19,400 – $78,950 |
$9,700 – $39,475 |
| 22% |
$39,475 – $84,200 |
$52,850 – $84,200 |
$78,950 – $168,400 |
$39,475 – 84,200 |
| 24% |
$84,200 – $160,725 |
$84,200 – $160,700 |
$168,400 – $321,450 |
$84,200 – $160,725 |
| 32% |
$160,725 – $204,100 |
$160,700 – $204,100 |
$321,450 – $408,200 |
$160,725 – $204,100 |
| 35% |
$204,100 – $510,300 |
$204,100 – $510,300 |
$408,200 – $612,350 |
$204,100 – $306,175 |
| 37% |
Over $510,300 |
Over $510,300 |
Over $612,350 |
Over $306,175 |
2019 ESTATES AND TRUSTS INCOME TAX BRACKETS
| OVER |
BUT NOT OVER |
THE TAX IS |
…OF THE AMOUNT OVER |
| 0% |
$2,600 |
10% |
$- – |
| $2,600 |
$9,300 |
$2,600 + 24% |
$2,600 |
| $9,300 |
$12,750 |
$1,868 + 35% |
$9,300 |
| $12,750 |
– – |
$3,075.50 + 37% |
$12,750 |
| ALTERNATIVE MINIMUM TAX EXEMPTION |
2019 EXEMPTION |
PHASE-OUT THRESHOLDS |
| Married Filing Jointly |
$111,700 |
$1,020,600 |
| Married Filing Separately |
$55,850 |
$510,300 |
| Single |
$71,700 |
$510,300 |
| Estate and Trust |
$25,000 |
$83,500 |
Note: As AGI increases over a certain threshold, the AMT exemption is phased out. In 2019, the 28 percent AMT rate applies to excess Alternative Minimum Taxable Income of $194,800 for all taxpayers ($97,400 for married couples filing separate returns).
2019 TAXABLE INCOME THRESHOLD FOR LONG-TERM CAPITAL GAINS RATE
| FILING STATUS |
20% RATE FOR LONG-TERM CAPITAL GAINS AND QUALIFIED DIVIDENDS |
| Married Filing Jointly |
$488,850 |
| Head of Household |
$461,700 |
| Single |
$434,550 |
| Married Filing Separately |
$244,425 |
| Trust & Estates |
$12,950 |
GIFT & ESTATE TAX EXEMPTION
| |
2019 |
| Gift Tax Exemption |
$11,400,000 |
| Estate Tax Exemption |
$11,400,000 |
| GST Tax Exemption |
$11,400,000 |
| Highest Estate & Gift Tax Rates |
40% |
Note: A married couple will be able to shield $22.8 million from gift/estate taxation in 2019. The annual gift exclusion amount remains the same at $15,000.
2019 DOLLAR LIMITS FOR RETIREMENT PLANS
| PLAN TYPES |
LIMITS |
| Defined Contribution Plans |
$56,000 |
| Defined Benefit Plans |
$220,000 |
| Defined Contribution Plans – 401(K), 403(B) and 457 and Thrift Plans: Under Age 50 |
$19,000 |
| Age 50 and Older |
$25,000 |
| Simple Plans: Under Age 50 |
$13,000 |
| Age 50 and Older |
$16,000 |
| IRA, Traditional and Roth: Under Age 50 |
$6,000 |
| Age 50 and Older |
$7,000 |
| IRA AGI Phase-Out (Married) |
$103,000 |
| IRA AGI Phase-Out (Single/HOH) |
$64,000 |
| OTHER THRESHOLDS |
2019 LIMITS |
| SEP Annual Compensation Limit |
$280,000 |
| Key Employee in a Top-Heavy Plan |
$175,000 |
| Highly Compensated Employee |
$125,000 |
HEALTH SAVINGS ACCOUNTS
| CONTRIBUTION LIMITS 2019 |
2019 |
| Single/Family |
$3,500/$7,000 |
| Age 55+ Catch-Up |
$1,000 |
