2019 Key Tax Numbers
2019 Individual Income Tax Planning 2019 Federal Income Tax Rate Schedules 2019 Business Planning
2019 Education Planning 2019 Protection Planning 2019 Estate Planning 2019 Government Benefits
2019 Retirement Planning 2019 Investment Planning 2020 Key Tax Numbers Archives
2019 Individual Income Tax Planning
Adoption credit
| Adoption credit | 2018 | 2019 |
|---|---|---|
| Maximum credit | $13,810 | $14,080 |
| Phaseout threshold amount | $207,140 | $211,160 |
| Completed phaseout amount after | $247,140 | $251,160 |
Alternative Minimum Tax (AMT)
| Maximum AMT exemption amount | 2018 | 2019 |
|---|---|---|
| Married filing jointly or surviving spouse | $109,400 | $111,700 |
| Single or head of household | $70,300 | $71,700 |
| Married filing separately | $54,700 | $55,850 |
| AMT income exemption phaseout threshold | 2018 | 2019 |
|---|---|---|
| Married filing jointly or surviving spouse | $1,000,000 | $1,020,600 |
| Single or head of household | $500,000 | $510,300 |
| Married filing separately | $500,000 | $510,300 |
| AMT tax rate (26% rate applies to AMTI at or below amount; 28% applies to AMTI above amount) | 2018 | 2019 |
|---|---|---|
| All taxpayers except married filing separately | $191,100 | $194,800 |
| Married filing separately | $95,550 | $97,400 |
Charitable deductions
| Use of auto | 2018 | 2019 |
|---|---|---|
| Deductible standard mileage rate | $0.14 | $0.14 |
| Charitable fundraising "insubstantial benefit" limitation | 2018 | 2019 |
|---|---|---|
| Low-cost article (re: unrelated business income) | $10.80 | $11.10 |
| Gifts to donor in return for contribution | 2018 | 2019 |
|---|---|---|
| Token gift maximum cost1 | $10.80 | $11.10 |
| Minimum contribution amount1 | $54 | $55.50 |
| 2% threshold amount2 | $108 | $111 |
1 Contribution is fully deductible if minimum contribution amount is met and cost of token gift does not exceed maximum
2 Charitable contribution is fully deductible if the benefit received by the donor doesn't exceed the lesser of the threshold amount or 2% of the amount of the contribution
Child tax credit
| Amount of credit | 2018 | 2019 |
|---|---|---|
| Maximum credit per qualifying child | $2,000 | $2,000 |
| Nonrefundable credit for dependents who are not qualifying children | $500 | $500 |
| Phaseout -- credit reduced by $50 for each $1,000 or fraction thereof of MAGI over: | 2018 | 2019 |
|---|---|---|
| Single | $200,000 | $200,000 |
| Married Filing Jointly | $400,000 | $400,000 |
| Married Filing Separately | $200,000 | $200,000 |
| Refundability -- up to specified percentage of earned income in excess of specified amount | 2018 | 2019 |
|---|---|---|
| Percentage | 15% | 15% |
| Amount | $2,500 | $2,500 |
| Maximum refundable amount of credit | $1,400 | $1,400 |
Classroom expenses of elementary and secondary school teachers
| Classroom expense deduction | 2018 | 2019 |
|---|---|---|
| Maximum above-the-line deduction | $250 | $250 |
Earned income tax credit (EITC)
| Investment income limit | 2018 | 2019 |
|---|---|---|
| Excessive investment income limit ("disqualified income limit") | $3,500 | $3,600 |
| Maximum amount of EITC per number of children | 2018 | 2019 |
|---|---|---|
| 0 children | $519 | $529 |
| 1 child | $3,461 | $3,526 |
| 2 children | $5,716 | $5,828 |
| 3 or more children | $6,431 | $6,557 |
| Maximum amount of earned income on which EITC is based (earned income over this amount but under the threshold phaseout amount will not change the amount of the credit received) | 2018 | 2019 |
|---|---|---|
| 0 children | $6,780 | $6,920 |
| 1 child | $10,180 | $10,370 |
| 2 or more children | $14,290 | $14,570 |
| Threshold phaseout amount for joint filers per number of children | 2018 | 2019 |
|---|---|---|
| 0 children | $14,170 | $14,450 |
| 1 child | $24,350 | $24,820 |
| 2 children | $24,350 | $24,820 |
| 3 or more children | $24,350 | $24,820 |
| Threshold phaseout amount for other filers per number of children | 2018 | 2019 |
|---|---|---|
| 0 children | $8,490 | $8,650 |
| 1 child | $18,660 | $19,030 |
| 2 children | $18,660 | $19,030 |
| 3 or more children | $18,660 | $19,030 |
| Completed phaseout amount for joint filers per number of children | 2018 | 2019 |
|---|---|---|
| 0 children | $20,950 | $21,370 |
| 1 child | $46,010 | $46,884 |
| 2 children | $51,492 | $52,493 |
| 3 or more children | $54,884 | $55,952 |
| Completed phaseout amount for other filers per number of children | 2018 | 2019 |
|---|---|---|
| 0 children | $15,270 | $15,570 |
| 1 child | $40,320 | $41,094 |
| 2 children | $45,802 | $46,703 |
| 3 or more children | $49,194 | $50,162 |
Expatriation
| Covered expatriate | 2018 | 2019 |
|---|---|---|
| An individual with "average annual net income tax" of more than this amount for the five taxable years ending before his or her loss of citizenship is a covered expatriate for the purposes of IRC §877A(g)(1) | $165,000 | $168,000 |
| IRC §877A(3) exclusion amount | $711,000 | $725,000 |
Foreign earned income
| Amount excluded from income | 2018 | 2019 |
|---|---|---|
| Exclusion amount | $103,900 | $105,900 |
Itemized deductions
| Phaseout threshold | 2018 | 2019 |
|---|---|---|
| Married filing jointly | N/A | N/A |
| Head of household | N/A | N/A |
| Unmarried | N/A | N/A |
| Married filing separately | N/A | N/A |
Kiddie tax
| Unearned income limit | 2018 | 2019 |
|---|---|---|
| Amount exempt from tax | $1,050 | $1,100 |
| Additional amount taxed at child's rate | $1,050 | $1,100 |
| Unearned income over this amount taxed at trust and estate income tax rates | $2,100 | $2,200 |
| Parent's election | 2018 | 2019 |
|---|---|---|
| Election to include child's income on parent's return -- child's gross income requirement | $1,050 - $10,500 | $1,100 - $11,000 |
| AMT | 2018 | 2019 |
|---|---|---|
| AMT exemption for child subject to kiddie tax | Lesser of $7,600 + child's earned income or $70,300 | Lesser of $7,750 + child's earned income or $71,700 |
Medicare tax (additional payroll tax and unearned income contribution tax)
| Payroll tax | 2018 | 2019 |
|---|---|---|
| Additional Medicare payroll tax (and self-employment tax) percentage rate | 0.90% | 0.90% |
| Applies to wages/self-employment income exceeding | 2018 | 2019 |
|---|---|---|
| Individuals | $200,000 | $200,000 |
| Married filing jointly | $250,000 | $250,000 |
| Married filing separately | $125,000 | $125,000 |
| Tax on unearned income | 2018 | 2019 |
|---|---|---|
| Unearned income Medicare contribution tax rate | 3.80% | 3.80% |
| Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding | 2018 | 2019 |
|---|---|---|
| Individuals | $200,000 | $200,000 |
| Married filing jointly | $250,000 | $250,000 |
| Married filing separately | $125,000 | $125,000 |
Nanny tax
| Compensation threshold | 2018 | 2019 |
|---|---|---|
| Domestic employee coverage threshold | $2,100 | $2,100 |
Personal exemption amount
| Amount | 2018 | 2019 |
|---|---|---|
| Personal exemption amount | N/A | N/A |
| Married filing jointly | 2018 | 2019 |
|---|---|---|
| Phaseout threshold amount | N/A | N/A |
| Completed phaseout amount after | N/A | N/A |
| Head of household | 2018 | 2019 |
|---|---|---|
| Phaseout threshold amount | N/A | N/A |
| Completed phaseout amount after | N/A | N/A |
| Unmarried | 2018 | 2019 |
|---|---|---|
| Phaseout threshold amount | N/A | N/A |
| Completed phaseout amount after | N/A | N/A |
| Married filing separately | 2018 | 2019 |
|---|---|---|
| Phaseout threshold amount | N/A | N/A |
| Completed phaseout amount after | N/A | N/A |
"Saver's Credit"
| Elective Deferrals and IRA or ABLE Contributions by Certain Individuals | 2018 | 2019 |
|---|---|---|
| Maximum credit amount | $1,000 | $1,000 |
| Applicable percentage of 50% applies to AGI | 2018 | 2019 |
|---|---|---|
| Joint Return | $0 - $38,000 | $0 - $38,500 |
| Head of Household | $0 - $28,500 | $0 - $28,875 |
| Other | $0 - $19,000 | $0 - $19,250 |
| Applicable percentage of 20% applies to AGI | 2018 | 2019 |
|---|---|---|
| Joint Return | $38,001 - $41,000 | $38,501 - $41,500 |
| Head of Household | $28,501 - $30,750 | $28,876 - $31,125 |
| Other | $19,001 - $20,500 | $19,251 - $20,750 |
| Applicable percentage of 10% applies to AGI | 2018 | 2019 |
|---|---|---|
| Joint Return | $41,001 - $63,000 | $41,501 - $64,000 |
| Head of Household | $30,751 - $47,250 | $31,126 - $48,000 |
| Other | $20,501 - $31,500 | $20,751 - $32,000 |
| Applicable percentage of 0% applies to AGI | 2018 | 2019 |
|---|---|---|
| Joint Return | Over $63,000 | Over $64,000 |
| Head of Household | Over $47,250 | Over $48,000 |
| Other | Over $31,500 | Over $32,000 |
Standard deductions
| Amounts | 2018 | 2019 |
|---|---|---|
| Married filing jointly or surviving spouse | $24,000 | $24,400 |
| Head of household | $18,000 | $18,350 |
| Unmarried | $12,000 | $12,200 |
| Married filing separately | $12,000 | $12,200 |
| Dependent--Standard deduction cannot exceed the greater of: | $1,050 or $350 + earned income | $1,100 or $350 + earned income |
| Additional deduction for aged or blind (single or head of household) | $1,600 | $1,650 |
| Additional deduction for aged or blind (all other filing statuses) | $1,300 | $1,300 |
Standard mileage rates
| Applicable rates | 2018 | 2019 |
|---|---|---|
| Use of auto for business purposes (cents per mile) | $0.545 | $0.58 |
| Use of auto for medical purposes (cents per mile) | $0.18 | $0.20 |
| Use of auto for moving purposes (cents per mile) | $0.18 | $0.20 |
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2019 Federal Income Tax Rate Schedules
(Individuals, Trusts, and Estates)
Single taxpayers
| If taxable income is: | Your tax is: |
|---|---|
| Not over $9,700 | 10% of taxable income |
| Over $9,700 to $39,475 | $970 + 12% of the excess over $9,700 |
| Over $39,475 to $84,200 | $4,543 + 22% of the excess over $39,475 |
| Over $84,200 to $160,725 | $14,382.50 + 24% of the excess over $84,200 |
| Over $160,725 to $204,100 | $32,748.50 + 32% of the excess over $160,725 |
| Over $204,100 to $510,300 | $46,628.50 + 35% of the excess over $204,100 |
| Over $510,300 | $153,798.50 + 37% of the excess over $510,300 |
Married filing jointly and surviving spouses
| If taxable income is: | Your tax is: |
|---|---|
| Not over $19,400 | 10% of taxable income |
| Over $19,400 to $78,950 | $1,940 + 12% of the excess over $19,400 |
| Over $78,950 to $168,400 | $9,086 + 22% of the excess over $78,950 |
| Over $168,400 to $321,450 | $28,765 + 24% of the excess over $168,400 |
| Over $321,450 to $408,200 | $65,497 + 32% of the excess over $321,450 |
| Over $408,200 to $612,350 | $93,257 + 35% of the excess over $408,200 |
| Over $612,350 | $164,709.50 + 37% of the excess over $612,350 |
Married individuals filing separately
| If taxable income is: | Your tax is: |
|---|---|
| Not over $9,700 | 10% of taxable income |
| Over $9,700 to $39,475 | $970 + 12% of the excess over $9,700 |
| Over $39,475 to $84,200 | $4,543 + 22% of the excess over $39,475 |
| Over $84,200 to $160,725 | $14,382.50 + 24% of the excess over $84,200 |
| Over $160,725 to $204,100 | $32,748.50 + 32% of the excess over $160,725 |
| Over $204,100 to $306,175 | $46,628.50 + 35% of the excess over $204,100 |
| Over $306,175 | $82,354.75 + 37% of the excess over $306,175 |
Heads of household
| If taxable income is: | Your tax is: |
|---|---|
| Not over $13,850 | 10% of taxable income |
| Over $13,850 to $52,850 | $1,385 + 12% of the excess over $13,850 |
| Over $52,850 to $84,200 | $6,065 + 22% of the excess over $52,850 |
| Over $84,200 to $160,700 | $12,962 + 24% of the excess over $84,200 |
| Over $160,700 to $204,100 | $31,322 + 32% of the excess over $160,700 |
| Over $204,100 to $510,300 | $45,210 + 35% of the excess over $204,100 |
| Over $510,300 | $152,380 + 37% of the excess over $510,300 |
Trusts and estates
| If taxable income is: | Your tax is: |
|---|---|
| Not over $2,600 | 10% of taxable income |
| Over $2,600 to $9,300 | $260 + 24% of the excess over $2,600 |
| Over $9,300 to $12,750 | $1,868 + 35% of the excess over $9,300 |
| Over $12,750 | $3,075.50 + 37% of the excess over $12,750 |
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2019 Business Planning Key Numbers
Adoption Assistance Programs
| Adoption assistance | 2018 | 2019 |
|---|---|---|
| Maximum amount that can be excluded from employee's gross income | $13,810 | $14,080 |
| Phaseout threshold amount | $207,140 | $211,160 |
| Completed phaseout amount after | $247,140 | $251,160 |
Earnings subject to FICA taxes (taxable wage base)
| FICA tax | 2018 | 2019 |
|---|---|---|
| Maximum annual earnings subject to Social Security taxes | $128,400 | $132,900 |
| Social Security and Medicare combined tax rate | 15.30%1 | 15.30%1 |
| OASDI portion (Social Security) | 12.40% | 12.40% |
| Hospital Insurance portion (Medicare) | 2.90%1 | 2.90%1 |
1 An additional Medicare (HI) employee contribution rate of 0.9% (for a total employee contribution of 2.35%, and a total combined Medicare contribution rate of 3.8%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). For married individuals filing joint returns, the additional 0.9% tax applies to the couples combined wages (to the extent the combined wages exceed $250,000).
Health insurance deduction for self-employed
| Health insurance premiums | 2018 | 2019 |
|---|---|---|
| Deduction for health insurance premiums paid by self-employed persons | 100% | 100% |
Qualified transportation fringe benefits
| Qualified transportation fringe benefits | 2018 | 2019 |
|---|---|---|
| Commuter vehicles and transit pass monthly exclusion amount | $260 | $265 |
| Qualified parking monthly exclusion amount | $260 | $265 |
| Qualified bicycle commuting reimbursement fringe benefit (monthly amount) | N/A | N/A |
Section 179 expensing
| Section 179 expensing | 2018 | 2019 |
|---|---|---|
| Maximum amount that may be deducted under IRC Section 179 | $1,000,000 | $1,020,000 |
| Deduction reduced by the amount by which the cost of §179 property placed in service during the year exceeds this amount | $2,500,000 | $2,550,000 |
Small business tax credit for providing health-care coverage
| Amount of credit | 2018 | 2019 |
|---|---|---|
| Maximum credit percentage | 50% | 50% |
| Partial credit | 2018 | 2019 |
|---|---|---|
| Number of full-time equivalent employees (FTEs) fewer than: | 25 | 25 |
| Maximum average annual wages less than: | $53,200 | $54,200 |
| Full credit | 2018 | 2019 |
|---|---|---|
| Number of full-time equivalent employees (FTEs) no more than: | 10 | 10 |
| Maximum average annual wages less than or equal to: | $26,600 | $27,100 |
Special additional first-year depreciation allowance
| Bonus depreciation | 2018 | 2019 |
|---|---|---|
| "Bonus" depreciation for qualified property acquired and placed in service during specified time periods | 100% | 100% |
Standard mileage rate (per mile)
| Business use of auto | 2018 | 2019 |
|---|---|---|
| Use of auto for business purposes | $0.545 | $0.58 |
Tax on accumulated earnings and personal holding company income
| Accumulated earnings and personal holding company income | 2018 | 2019 |
|---|---|---|
| Maximum tax on these items | 20% | 20% |
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2019 Education Planning Key Numbers
Coverdell education savings accounts
| Coverdell ESAs | 2018 | 2019 |
|---|---|---|
| Annual contribution limit | $2,000 | $2,000 |
| MAGI phaseout range for Coverdell education savings accounts | 2018 | 2019 |
|---|---|---|
| Single--phaseout threshold amount | $95,000 | $95,000 |
| Single--completed phaseout amount after | $110,000 | $110,000 |
| Married filing jointly--phaseout threshold amount | $190,000 | $190,000 |
| Married filing jointly--completed phaseout threshold amount | $220,000 | $220,000 |
Deduction for qualified higher education expenses
| Higher education expenses | 2018 | 2019 |
|---|---|---|
| Maximum deduction | N/A | N/A |
| MAGI maximum for full $4,000 deduction | 2018 | 2019 |
|---|---|---|
| Single | N/A | N/A |
| Married filing jointly | N/A | N/A |
| Reduced deduction | 2018 | 2019 |
|---|---|---|
| Reduced deduction available | N/A | N/A |
| MAGI range for $2,000 deduction | 2018 | 2019 |
|---|---|---|
| Single--MAGI greater than this amount: | N/A | N/A |
| Single--MAGI does not exceed this amount: | N/A | N/A |
| Married filing jointly--MAGI greater than this amount: | N/A | N/A |
| Married filing jointly--MAGI does not exceed this amount: | N/A | N/A |
Education loans--interest deduction
| Education loan interest deduction | 2018 | 2019 |
|---|---|---|
| Maximum deduction for interest paid on qualified education loans | $2,500 | $2,500 |
| MAGI phaseout range | 2018 | 2019 |
|---|---|---|
| Single--phaseout threshold amount | $65,000 | $70,000 |
| Single--completed phaseout amount after | $80,000 | $85,000 |
| Married filing jointly--phaseout threshold amount | $135,000 | $140,000 |
| Married filing jointly--completed phaseout amount after | $165,000 | $170,000 |
Gift tax exclusion
| Gift tax | 2018 | 2019 |
|---|---|---|
| Annual gift tax exclusion--single individual | $15,000 | $15,000 |
| Annual gift tax exclusion--joint gift | $30,000 | $30,000 |
| Lump-sum gift to 529 plan--single individual | $75,000 | $75,000 |
| Lump-sum gift to 529 plan--joint gift | $150,000 | $150,000 |
Kiddie tax
| Kiddie tax | 2018 | 2019 |
|---|---|---|
| Generally, children pay federal income tax at the tax rates that apply to estates and trusts on any investment income over | $2,100 | $2,200 |
American Opportunity and Lifetime Learning Credits
| Education credits | 2018 | 2019 |
|---|---|---|
| Maximum Lifetime Learning credit | $2,000 | $2,000 |
| Maximum American Opportunity credit | $2,500 | $2,500 |
| MAGI phaseout range for Lifetime Learning credit | 2018 | 2019 |
|---|---|---|
| Single--phaseout threshold amount | $57,000 | $58,000 |
| Single--completed phaseout amount after | $67,000 | $68,000 |
| Married filing jointly--phaseout threshold amount | $114,000 | $116,000 |
| Married filing jointly--completed phaseout amount after | $134,000 | $136,000 |
| MAGI phaseout range for American Opportunity credit | 2018 | 2019 |
|---|---|---|
| Single--phaseout threshold amount | $80,000 | $80,000 |
| Single--completed phaseout amount after | $90,000 | $90,000 |
| Married filing jointly--phaseout threshold amount | $160,000 | $160,000 |
| Married filing jointly--completed phaseout amount after | $180,000 | $180,000 |
U.S. savings bonds--interest exclusion for higher education expenses
| Joint returns | 2018 | 2019 |
|---|---|---|
| Phaseout threshold for joint returns | $119,300 | $121,600 |
| Completed phaseout amount after | 149,300 | $151,600 |
| Other returns | 2018 | 2019 |
|---|---|---|
| Phaseout threshold for other returns | $79,550 | $81,100 |
| Completed phaseout amount after | $94,550 | $96,100 |
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2019 Protection Planning Key Numbers
Eligible long-term care premium deduction limits:
| LTC premium deduction limits | 2018 | 2019 |
|---|---|---|
| Age 40 or under | $420 | $420 |
| Age 41-50 | $780 | $790 |
| Age 51-60 | $1,560 | $1,580 |
| Age 61-70 | $4,160 | $4,220 |
| Over age 70 | $5,200 | $5,270 |
Per diem limit:
| LTC periodic payments | 2018 | 2019 |
|---|---|---|
| Periodic payments for qualified long-term care insurance/certain life insurance | $360 | $370 |
Archer Medical Savings Accounts
| High deductible health plan--self-only coverage | 2018 | 2019 |
|---|---|---|
| Annual deductible--minimum | $2,300 | $2,350 |
| Annual deductible--maximum | $3,450 | $3,500 |
| Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $4,550 | $4,650 |
| High deductible health plan--family coverage | 2018 | 2019 |
|---|---|---|
| Annual deductible--minimum | $4,550 | $4,650 |
| Annual deductible--maximum | $6,850 | $7,000 |
| Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $8,400 | $8,550 |
Flexible spending account (FSA) for health care
| Health care FSAs | 2018 | 2019 |
|---|---|---|
| Maximum salary reduction contribution | $2,650 | $2,700 |
Health Savings Accounts (HSAs)
| Annual contribution limit | 2018 | 2019 |
|---|---|---|
| Self-only coverage | $3,450 | $3,500 |
| Family coverage | $6,900 | $7,000 |
| High deductible health plan--self-only coverage | 2018 | 2019 |
|---|---|---|
| Annual deductible--minimum | $1,350 | $1,350 |
| Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $6,650 | $6,750 |
| High deductible health plan--family coverage | 2018 | 2019 |
|---|---|---|
| Annual deductible--minimum | $2,700 | $2,700 |
| Annual out-of-pocket expenses required to be paid (other than for premiums) can't exceed | $13,300 | $13,500 |
| Catch-up contributions | 2019 | 2020 |
|---|---|---|
| Annual catch-up contribution limit for individuals age 55 or older | $1,000 | $1,000 |
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2019 Estate Planning Key Numbers
| Key indexed figures | 2018 | 2019 |
|---|---|---|
| Annual gift exclusion: | $15,000 | $15,000 |
| Gift and estate tax applicable exclusion amount: | $11,180,000 + DSUEA1 | $11,400,000 + DSUEA1 |
| Noncitizen spouse annual gift exclusion: | $152,000 | $155,000 |
| Generation-skipping transfer (GST) tax exemption: | $11,180,0002 | $11,400,0002 |
| Special use valuation limit (qualified real property in decedent's gross estate): | $1,140,000 | $1,160,000 |
1 Basic exclusion amount plus deceased spousal unused exclusion amount (exclusion is portable for 2011 and later years)
2 The GST tax exemption is not portable
2018 and 2019 gift and estate tax rate schedule
| Taxable Estate | Tentative Tax Equals | Plus | Of Amount Over |
|---|---|---|---|
| 0 - $10,000 | $0 | 18% | $0 |
| $10,000 - $20,000 | $1,800 | 20% | $10,000 |
| $20,000 - $40,000 | $3,800 | 22% | $20,000 |
| $40,000 - $60,000 | $8,200 | 24% | $40,000 |
| $60,000 - $80,000 | $13,000 | 26% | $60,000 |
| $80,000 - $100,000 | $18,200 | 28% | $80,000 |
| $100,000 - $150,000 | $23,800 | 30% | $100,000 |
| $150,000 - $250,000 | $38,800 | 32% | $150,000 |
| $250,000 - $500,000 | $70,800 | 34% | $250,000 |
| $500,000 - $750,000 | $155,800 | 37% | $500,000 |
| $750,000 - $1,000,000 | $248,300 | 39% | $750,000 |
| $1,000,000 + | $345,800 | 40% | $1,000,000 |
| Credit shelter amount $11,180,000 in 2018 and $11,400,000 in 2019 | Unified credit amount $4,417,800 in 2018 and $4,505,800 in 2019 | ||
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2019 Government Benefits Key Numbers
Social Security
| Social Security Cost-of-living adjustment (COLA) | 2018 | 2019 |
|---|---|---|
| For Social Security and Supplemental Security Income (SSI) beneficiaries | 2.00% | 2.80% |
| Tax rate--employee | 2018 | 2019 |
|---|---|---|
| FICA tax -- Employee | 7.65% | 7.65% |
| Social Security (OASDI) portion of tax | 6.20% | 6.20% |
| Medicare (HI) portion of tax | 1.45%1 | 1.45%1 |
| Tax rate--self-employed | 2018 | 2019 |
|---|---|---|
| Self-Employed | 15.30% | 15.30% |
| Social Security (OASDI) portion of tax | 12.40% | 12.40% |
| Medicare (HI) portion of tax | 2.90%1 | 2.90%1 |
1 An additional 0.9% Medicare/hospital insurance tax (for a total employee contribution of 2.35%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). An additional 0.9% Medicare/hospital insurance tax (for a total Medicare portion of 3.8%) is assessed on self-employment income exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns).
| Maximum taxable earnings | 2018 | 2019 |
|---|---|---|
| Social Security (OASDI only) | $128,400 | $132,900 |
| Medicare (HI only) | No limit | No limit |
| Quarter of coverage | 2018 | 2019 |
|---|---|---|
| Earnings required | $1,320 | $1,360 |
| Retirement earnings test--exempt amounts--Under full retirement age--Benefits reduced by $1 for each $2 earned above: | 2018 | 2019 |
|---|---|---|
| Yearly figure | $17,040 | $17,640 |
| Monthly figure | $1,420 | $1,470 |
| Retirement earnings test--exempt amounts--Year individual reaches full retirement age--Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age): | 2018 | 2019 |
|---|---|---|
| Yearly figure | $45,360 | $46,920 |
| Monthly figure | $3,780 | $3,910 |
| Retirement earnings test--exempt amounts--Beginning the month individual attains full retirement age | 2018 | 2019 |
|---|---|---|
| No limit on earnings | No limit on earnings |
| Social Security disability thresholds | 2018 | 2019 |
|---|---|---|
| Substantial gainful activity (SGA) for the sighted (monthly figure) | $1,180 | $1,220 |
| Substantial gainful activity for the blind (monthly figure) | $1,970 | $2,040 |
| Trial work period (TWP) (monthly figure) | $850 | $880 |
| SSI federal payment standard | 2018 | 2019 |
|---|---|---|
| Individual (monthly figure) | $750 | $771 |
| Couple (monthly figure) | $1,125 | $1,157 |
| SSI resource limits | 2018 | 2019 |
|---|---|---|
| Individual | $2,000 | $2,000 |
| Couple | $3,000 | $3,000 |
| SSI student exclusion limits | 2018 | 2019 |
|---|---|---|
| Monthly limit | $1,820 | $1,870 |
| Annual limit | $7,350 | $7,550 |
| Maximum Social Security benefit | 2018 | 2019 |
|---|---|---|
| Worker retiring at full retirement age (monthly figure) | $2,788 | $2,861 |
| Formula for Monthly Primary Insurance Amount (PIA) | 2018 | 2019 |
|---|---|---|
| (90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y) | X=$895 Y=$5,397 | X=$926 Y=$5,583 |
Medicare
| Medicare monthly premium amounts--Part A (hospital insurance) premium | 2018 | 2019 |
|---|---|---|
| Individuals with 40 or more quarters of Medicare-covered employment | $0 | $0 |
| Individuals with less than 40 quarters of Medicare-covered employment who are not otherwise eligible for premium-free hospital insurance | Up to $422 | Up to $437 |
| Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file an individual income tax return with income that is: | 2018 | 2019 |
|---|---|---|
| Less than or equal to $85,000 | $1342 | $135.502 |
| $85,001 - $107,000 | $187.50 | $189.60 |
| $107,001 - $133,500 | $267.90 | $270.90 |
| $133,501 - $160,000 | $348.30 | $352.20 |
| $160,001 - $499,999 | $428.60 | $433.40 |
| $500,000 and above | $428.60 | $460.50 |
| Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file a joint income tax return with income that is: | 2018 | 2019 |
|---|---|---|
| Less than or equal to $170,000 | $1342 | $135.502 |
| $170,001 - $214,000 | $187.50 | $189.60 |
| $214,001 - $267,000 | $267.90 | $270.90 |
| $267,001 - $320,000 | $348.30 | $352.20 |
| $320,001 - $749,999 | $428.60 | $433.40 |
| $750,000 and above | $428.60 | $460.50 |
| Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who are married, but file a separate tax return from their spouse and lived with spouse at some time during the taxable year with income that is: | 2018 | 2019 |
|---|---|---|
| Less than or equal to $85,000 | $1342 | $135.502 |
| $85,001 - $414,999 | $428.60 | $433.40 |
| $415,000 and above | $428.60 | $460.50 |
2 This is the standard Part B premium amount. However, some people who get Social Security benefits will pay less than this amount.
| Original Medicare plan deductible and coinsurance amounts--Part A (hospital insurance) | 2018 | 2019 |
|---|---|---|
| Deductible per benefit period | $1,340 | $1,364 |
| Coinsurance per day for 61st to 90th day of each benefit period | $335 | $341 |
| Coinsurance per day for 91st to 150th day for each lifetime reserve day (total of 60 lifetime reserve days--nonrenewable) | $670 | $682 |
| Original Medicare plan deductible and coinsurance amounts | 2018 | 2019 |
|---|---|---|
| Skilled nursing facility coinsurance per day for 21st to 100th day of each benefit period | $168 | $170.50 |
| Original Medicare plan deductible and coinsurance amounts--Part B (medical insurance) annual deductible | 2018 | 2019 |
|---|---|---|
| Individual pays 20 percent of the Medicare-approved amount for services after deductible is met | $183 | $185 |
Medicaid
| Income threshold | 2018 | 2019 |
|---|---|---|
| Monthly income threshold for income-cap states ("300 percent cap limit") | $2,250 | $2,313 |
| Monthly maintenance needs allowance for at-home spouse | 2018 | 2019 |
|---|---|---|
| Minimum 3 | $2,030.00 | $2,057.50 |
| Maximum | $3,090.00 | $3,160.50 |
| Spousal resource allowance | 2018 | 2019 |
|---|---|---|
| Minimum | $24,720 | $25,284 |
| Maximum | $123,600 | $126,420 |
3 Amounts listed actually effective as of July of prior year; different amounts apply to Alaska and Hawaii.
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Employee/individual contribution limits
| Elective deferral limits | 2018 | 2019 |
|---|---|---|
| 401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs 1 (Includes Roth 401(k) and Roth 403(b) contributions) | Lesser of $18,500 or 100% of participant's compensation | Lesser of $19,000 or 100% of participant's compensation |
| SIMPLE 401(k) plans and SIMPLE IRA plans1 | Lesser of $12,500 or 100% of participant's compensation | Lesser of $13,000 or 100% of participant's compensation |
1 Must aggregate employee contributions to all 401(k), 403(b), SAR-SEP, and SIMPLE plans of all employers. 457(b) plan contributions are not aggregated. For SAR-SEPs, the percentage limit is 25% of compensation reduced by elective deferrals (effectively, a 20% maximum contribution).
| IRA contribution limits | 2018 | 2019 |
|---|---|---|
| Traditional IRAs | Lesser of $5,500 or 100% of earned income | Lesser of $6,000 or 100% of earned income |
| Roth IRAs | Lesser of $5,500 or 100% of earned income | Lesser of $6,000 or 100% of earned income |
| Additional "catch-up" limits (individuals age 50 or older) | 2018 | 2019 |
|---|---|---|
| 401(k) plans, 403(b) plans, 457(b) plans, and SAR-SEPs2 | $6,000 | $6,000 |
| SIMPLE 401(k) plans and SIMPLE IRA plans | $3,000 | $3,000 |
| IRAs (traditional and Roth) | $1,000 | $1,000 |
2 Special catch-up limits may also apply to 403(b) and 457(b) plan participants.
Employer contribution/benefit 3 limits
| Defined benefit plan limits | 2018 | 2019 |
|---|---|---|
| Annual contribution limit per participant | No predetermined limit. Contributions based on amount needed to fund promised benefits | No predetermined limit. Contributions based on amount needed to fund promised benefits |
| Annual benefit limit per participant | Lesser of $220,000 or 100% of average compensation for highest three consecutive years | Lesser of $225,000 or 100% of average compensation for highest three consecutive years |
| Defined contribution plan limits (qualified plans, 403(b) plans, SEP, and SIMPLE plans) | 2018 | 2019 |
|---|---|---|
| Annual addition limit per participant (employer contributions; employee pretax, after-tax, and Roth contributions; and forfeitures) (does not apply to SIMPLE IRA plans) | Lesser of $55,000 or 100% (25% for SEP) of participant's compensation | Lesser of $56,000 or 100% (25% for SEP) of participant's compensation |
| Maximum tax-deductible employer contribution (not applicable to 403(b) plans) | 25% of total compensation of employees covered under the plan (20% if self employed) plus any employee pretax and Roth contributions; 100% for SIMPLE plans | 25% of total compensation of employees covered under the plan (20% if self employed) plus any employee pretax and Roth contributions; 100% for SIMPLE plans |
3 For self-employed individuals, compensation generally means earned income. This means that, for qualified plans, deductible contributions for a self-employed individual are limited to 20% of net earnings from self-employment (net profits minus self-employment tax deduction), and special rules apply in calculating the annual additions limit.
Compensation limits/thresholds
| Retirement plan compensation limits | 2018 | 2019 |
|---|---|---|
| Maximum compensation per participant that can be used to calculate tax-deductible employer contribution (qualified plans and SEPs) | $275,000 | $280,000 |
| Compensation threshold used to determine a highly-compensated employee | $120,000 (when 2018 is the look-back year) | $125,000 (when 2019 is the look-back year) |
| Compensation threshold used to determine a key employee in a top-heavy plan | $1 for more-than-5% owners $175,000 for officers $150,000 for more-than-1% owners | $1 for more-than-5% owners $180,000 for officers $150,000 for more-than-1% owners |
| Compensation threshold used to determine a qualifying employee under a SIMPLE plan | $5,000 | $5,000 |
| Compensation threshold used to determine a qualifying employee under a SEP plan | $600 | $600 |
| Traditional deductible IRA income limits--Income phase-out range for determining deductibility of traditional IRA contributions for taxpayers covered by an employer-sponsored plan and filing as: | 2018 | 2019 |
|---|---|---|
| Single | $63,000 - $73,000 | $64,000 - $74,000 |
| Married filing jointly | $101,000 - $121,000 | $103,000 - $123,000 |
| Married filing separately | $0 - $10,000 | $0 - $10,000 |
| Traditional deductible IRA income limits--Income phase-out range for determining deductibility of traditional IRA contributions for taxpayers not covered by an employer-sponsored retirement plan but filing a: | 2018 | 2019 |
|---|---|---|
| Joint return with a spouse who is covered by an employer-sponsored retirement plan | $189,000 - $199,000 | $193,000 - $203,000 |
| Roth IRA compensation limits--Income phase-out range for determining ability to fund Roth IRA for taxpayers filing as: | 2018 | 2019 |
|---|---|---|
| Single | $120,000 - $135,000 | $122,000 - $137,000 |
| Married filing jointly | $189,000 - $199,000 | $193,000 - $203,000 |
| Married filing separately | $0 - $10,000 | $0 - $10,000 |
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Maximum tax on long-term capital gains and qualified dividends
| 0% rate applies (taxable income thresholds) | 2018 | 2019 |
|---|---|---|
| Single | Up to $38,600 | Up to $39,375 |
| Married filing jointly | Up to $77,200 | Up to $78,750 |
| Married filing separately | Up to $38,600 | Up to $39,375 |
| Head of household | Up to $51,700 | Up to $52,750 |
| 15% rate applies (taxable income thresholds) | 2018 | 2019 |
|---|---|---|
| Single | $38,601 to $425,800 | $39,376 to $434,550 |
| Married filing jointly | $77,201 to $479,000 | $78,751 to $488,850 |
| Married filing separately | $38,601 to $239,500 | $39,376 to $244,425 |
| Head of household | $51,701 to $452,400 | $52,751 to $461,700 |
| 20% rate applies (taxable income thresholds) | 2018 | 2019 |
|---|---|---|
| Single | Over $425,800 | Over $434,550 |
| Married filing jointly | Over $479,000 | Over $488,850 |
| Married filing separately | Over $239,500 | Over $244,425 |
| Head of household | Over $452,400 | Over $461,700 |
Unearned income Medicare contribution tax ("net investment income tax")
| Amount of tax | 2018 | 2019 |
|---|---|---|
| Tax percentage | 3.80% | 3.80% |
| Applies to lesser of (a) net investment income or (b) modified adjusted gross income exceeding: | 2018 | 2019 |
|---|---|---|
| Individuals | $200,000 | $200,000 |
| Married filing jointly | $250,000 | $250,000 |
| Married filing separately | $125,000 | $125,000 |
2019 Individual Income Tax Planning 2019 Federal Income Tax Rate Schedules 2019 Business Planning
2019 Education Planning 2019 Protection Planning 2019 Estate Planning 2019 Government Benefits
2019 Retirement Planning 2019 Investment Planning 2020 Key Tax Numbers Archives
This information was prepared by Broadridge Investor Communication Solutions, Inc. and has been made available for Voya Financial Advisors’ representatives for distribution to the public for educational information only. Broadridge Investor Communication Solutions, Inc. is not affiliated with nor controlled by Voya Financial Advisors. The opinions/views expressed within are that of Broadridge Investor Communication Solutions, Inc. and do not necessarily reflect those of Voya Financial Advisors or its representatives. In addition, they are not intended to provide specific advice or recommendations for any individual. Neither Voya Financial Advisors nor its representatives provide tax or legal advice. You should consult with your financial professional, attorney, accountant or tax advisor regarding your individual situation prior to making any investment decisions. |
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2019. |
