January 16, 2020

2019 Tax Reference Tables

Related Service Tax & Business

Top of the Capitol Building Tax & Business

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