- Tax Foundation 2019 Tax Brackets
- Charitable - .14 per mile, .14 for 2020
- Moving - .20 per mile, .17 for 2020
- Medical - .20 per mile, .17 for 2020
- Business-related - .58 per mile, .57.5 for 2020
- Depreciation component - .26 per mile, .27 for 2020
2019 Income Limits & Phaseouts Begin
- Foreign Earned Income Exclusion: 105,900
- Itemized Deductions: (Does Not Apply)
- State & Local tax deduction limit: Single 5,000, MfJ 10,000
- Personal Exemption §151 : -0- (Does Not Apply)
- Standard Deduction §63 : Single 12,200, MfJ 24,400
- 24% Tax Bracket starts at: Single 84,000, MfJ 168,400
- 37% "Top Rate" starts at: Single 510,300, MfJ 612,350
- 15% Capital Gains start at: Single 39,375, MfJ 78,750
- 20% Capital Gains start at: Single 434,550, MfJ 488,850
- plus 3.8% Medicare surtax (NIIT) on lessor of Net Investment Income or MAGI Single > 200,000, MfJ > 250,000
- Tax on "§1250 gain" depreciation recapture: 25%
- Capital gains tax rate on collectibles: (gold, coins, art, antiques) & Qualified Small Business Stock §1202 : 28%
- Wage Limit for FICA Tax: 132,900
- Monthly transit and parking benefits: 265
2019 Child Related Income Phaseouts Begin
- Adoption Credit Income: 211,160
- Adoption credit amount: 14,080
- Child Tax Credit Income: Single 200,000, MfJ 400,000
- Kiddie Tax exemption §1(g)(4): 2,200
- EITC is Zero @ AGI:
- with 3+ children: Single 50,162, MfJ 55,952
- with 2 children: Single 46,703, MfJ 52,493
- with 1 child: Single 41,094, MfJ 46,884
- with no children: Single 15,570, MfJ 21,370
- EITC Investment Income limit: 3,600
- EITC max credit (Single or MfJ):
- with 3+ children: 6,557
- with 2 children: 5,828
- with 1 child: 3,526
- with no children: 529
- Child Tax Credit: 2,000 per child. (1,400 refundable) (per child under age 17; max refundable: 3 kids).
2019 Medical & Health Care Related Limits
- Flexible Spending Account Contributions: 2,700
- FSA unused carryover amount : 500
- HSA Plan Contributions: Single plan 3,500, Family plan 7,000, Age 55+ catch-up: 1,000
2019 Gift & Estate Limits
- Annual Exclusion: 15,000
- 529 Plan Gifts: 75,000
- Unified Gift & Estate (Lifetime) Exemption: Single 11,400,000, MfJ 22,800,000
- Gift & Estate tax rates: 40%
2019 Education Related Income Phaseouts Begin
- Lifetime Learning Credits: Single 57,000, MfJ 114,000
- American Opportunity Credit: Single 80,000, MfJ 160,000
- Savings Bond Interest exclusion for education: Single 81,100, MfJ 121,600
- American Opportunity Tax Credit (AOTC) (modified HOPE Credit) per Student (1st 4-years of college) (40% refundable: 1,000): 2,500
- Lifetime Learning Credit (20% of 1st $10K tuition) per family: 2,000
2019 Retirement Related Contribution & Income Phaseouts Begin
- Simple Plan contribution limit: 13,000, Age 50+ catch-up: 3,000
- 401-K, 403b, 457 & SAR-SEP contribution limit: 19,000, Age 50+ catch-up: 6,000
- Solo 401-K/SEP/Profit-Sharing total contribution (§415 ) limit: (profit sharing limited to 25% of comp): 56,000, Age 50+ catch-up: 6,000
- IRA & Roth contribution limit: 6,000, Age 50+ catch-up: 1,000
- Roth compensation: Single 122,000, MfJ 193,000
- Traditional IRA compensation, if covered by a plan: Single 64,000, MfJ 103,000, 193,000 (one spouse covered)
- Traditional IRA (non-deductible) compensation: No limit
2019 AMT Exemption Amount & Income Phaseouts Begin
- AMT Exemption: Single 71,700, MfJ 111,700
- AMT Exemption phaseout: Single 510,300, MfJ 1,020,600
- 28% AMT rate starts at AMTI: Single 97,400, MfJ 194,800
2019 Property exempt from levy §6334(a)(2):
- Furniture & Personal Effects: 9,540
- Tools/Books: 4,770
2019 Attorney fee award limitation (per hour) §7430(c)(1)(B)(iii): 200/hour
2019 §179 Property:
- Maximum deduction year placed in service: 1,020,000
- Phase-out threshold (Total equipment purchased): 2,550,000
- TCJA allows 100% first-year "Bonus Depreciation" in Year-1 for qualifying assets placed in-service between September 28, 2017, and December 31, 2022.
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