Standard Deductions for 2019 Tax Year

Married filing joint

$24,400

Add $1,300 for age 65 or older or blind, or each

Single

$12,200

Add $1,650 for age 65 or older or blind, or each

Married filing separate

$12,200

Add $1,300 for age 65 or older or blind, or each

Head of Household

$18,350

Add $1,650 for age 65 or older or blind, or each

Qualifying Widower

$24,400

Add $1,300 for age 65 or older or blind, or each

Dependent

$1,100

Add $1,650 for age 65 or older or blind, or each

Other Credits, Limits, and Deductions for 2019 Tax Year

 Earned Income Credit (Maximum)

No Children$529
1 Child$3,526
2 Children$5,828
>2 Children$6,557
Investment Income Limit$3,600

 IRA Contribution Limits

< age 50…….$6,000

≥ age 50…….$7,000

Elective Deferral Limits

Simple IRA Plan

< age 50…….$13,000

≥ age 50…….$16,000

401(k), 403(b), and 457 Plans

< age 50…….$19,000

≥ age 50…….$25,000

Profit-Sharing Plan/SEP

Contribution limit……$56,000
Compensation limit…$280,000 (for computing employer contributions)

Kiddie Tax Threshold – $ 2,200
Gift Tax Annual Exclusion – $15,000
Estate and Gift Tax Exclusion – $11,400,000
Personal Exemption – None

Standard Mileage Rates

Business……$0.58
Medical……..$0.20
Moving………$0.20
Charitable….$0.14

Health Savings Accounts (HSAs) 

Self-only coverage

Contribution (deduction) limit.. $3,500

Plan minimum deductable……… $1,350

Plan out-of-pocket limit…………..$6,750

Additional contribution amount if age 55 or older…$1,000

Family coverage

Contribution (deduction) limit.. $7,000

Plan minimum deductable……… $2,700

Plan out-of-pocket limit…………..$13,500

Additional contribution amount if age 55 or older…$1,000

2019  Quick Tax Method

Choose your filing status:

Married Filing Joint
$0$19,400x10%minus$0=tax
$19,401$78,950x12%minus$388=tax
$78,951$168,400x22%minus$8,283=tax
$168,401$321,450x24%minus$11,651=tax
$321,451$408,200x32%minus$37,367=tax
$408,201$612,350x35%minus$49,613=tax
$612,351and overx37%minus$61,860=tax

Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income.

Caution: IRS Tax Tables must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up.

Single
$0$9,700x10%minus$0.00=tax
$9,70139,475x12%minus$194.00=tax
39,47684,200x22%minus$4141.50=tax
84,201160,725x24%minus$5,825.50=tax
160,726204,100x32%minus$18,683.50=tax
204,101510,300x35%minus$24,806.50=tax
510,301and overx37%minus$35,012.50=tax

Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income.

Caution: IRS Tax Tables must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up.

Head of Household
$0$13,850x10%minus$0=tax
$13,851$52,850x12%minus$277=tax
$52,851$84,200x22%minus$5,562=tax
$84,201$160,700x24%minus$7,246=tax
$160,701$204,100x32%minus$20,102=tax
$204,101$510,300x35%minus$26,225=tax
$510,301and overx37%minus$36,431=tax

Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income.

Caution: IRS Tax Tables must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up.

Qualifying Widower
$0$19,400x10%minus$0=tax
$19,401$78,950x12%minus$388=tax
$78,951$168,400x22%minus$8,283=tax
$168,401$321,450x24%minus$11,651=tax
$321,451$408,200x32%minus$37,367=tax
$408,201$612,350x35%minus$49,613=tax
$612,351and overx37%minus$61,860=tax

Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income.

Caution: IRS Tax Tables must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up.

 

Married filing separate
$0$9,700x10%minus$0.00=tax
$9,701$39,475x12%minus$194.00=tax
$39,476$84,200x22%minus$4141.50=tax
$84,201$160,725x24%minus$5,825.50=tax
$160,726$204,100x32%minus$18,683.50=tax
$204,101$306,175x35%minus$24,806.50=tax
$30,176and overx37%minus$30,930.00=tax

Note: Assumes taxable income is all ordinary income. High-income taxpayers may also be subject to the 3.8% tax on net investment income and/or the 0.9% additional Medicare tax on earned income.

Caution: IRS Tax Tables must be used for taxable income under $100,000. To calculate the exact tax using the Quick Tax Method for taxable income under $100,000, round taxable income to the nearest $25 or $75 increment before using the formula. Round $50 or $100 increments up.

Profit-Sharing Plan / SEP

 

Contribution limit$ 56,000
Compensation Limit  for computing employer contributions$ 25,000

Health Savings Accounts (HSAs)

 

Self-only coverage  Contribution (deduction) limit$  3,500
Plan minimum deductible$  1,350
Plan out-of-pocket limit$  6,750

 

Family coverage  Contribution (deduction) limit$  7,000
Plan minimum deductible$  2,700
Plan out-of-pocket limit$ 13,500

IRA Contribution Limits

 

< Age 50  $6,000
≥ Age 50  $7,000

Elective Deferral Limit

Simple IRA Plan

< Age 50 $ 13,000
≥ Age 50 $ 16,000

 

401(k), 403(k), and 457 Plans

< Age 50 $ 19,000
≥ Age 50 $ 25,000