Tax Facts


Below you will find the latest federal tax brackets as well as additional rates and guidelines for retirement plans, social security, education, estate taxes, and more.

FEDERAL INCOME TAX RATES

SINGLE
$0 - $9,700 10%
$9,700 - $39,475 12%
$39,475 - $84,200 22%
$84,200 - $160,725 24%
$160,725 - $204,100 32%
$204,100 - $306,175 35%
Over $510,300 37%
HEAD OF HOUSEHOLD
$0 - $13,580 10%
$13,850 - $52,850 12%
$52,850-$84,200 22%
$84,200 - $160,700 24%
$160,725 - $204,000 32%
$204,100 - $510,300 35%
Over $510,300 37%
MARRIED, FILING JOINTLY
$0 - $19,400 10%
$19,400 - $78,950 12%
$78,950 - $168,400 22%
$168,400 - $321,450 24%
$321,450 - $408,200 32%
$408,200 - $612,350 35%
Over $612,350 37%
MARRIED, FILING SEPARATELY
$0 - $9,700 10%
$9,700 - $39,475 12%
$39,475 - $84,200 22%
$84,200 - $160,725 24%
$160,725 - $204,000 32%
$204,100 - $510,300 35%
Over $306,175 37%
ESTATES & TRUSTS
$0 - $2,600 10%
$2,600 - $9,300 24%
$9,300 - $12,75 35%
Over $12,750 37%
STANDARD DEDUCTION
Single $12,200
Married, Filing Jointly $24,400
Head of Household $18,350
Married, Filing Separately $12,200
Additional standard deduction for tax­payers who are age 65 or older, or who are blind: $1,300 for married; $1,650 for unmarried and not a surviving spouse.
Kiddie Tax Exemption $2,200
A "kiddie" is under age 18; or age 18 provided child's earned income does not exceed ½ of his/her support; or ages 19-23 if full-time student and earned income does not exceed½ of support. Unearned income uses trust rates.
Rates for long-term capital gains and qualified dividends
  Individuals Head of Household Married, Filing Jointly Married, Filing Separately Estates and trusts
0% $0 - $39,375 $0 - $52,750 $0 - $78,750 $0 - $39,375 $0-$2,650
15% $39,375 - $434,550 $52,750 - $461,700 $78,750 - $488,850 $39,375 - $244,425 $2,650-$12,950
20% Over $434,550 Over $461,700 Over $488,850 Over $244,425 Over $12,950
28% Collectibles        
3.8% Medicare surtax thresholds
Single or HOH $200,000
Married, Filing Jointly $250,000
Married, Filing Separately $125,000
Estates and Trusts $12,750
The tax is assessed on the lesser of the amount of income over the threshold or the amount of net investment income.
IRA
IRA contribution (under age 50) $6,000
IRA contribution (50 and older) $7,000
Single or HOH phase out $64,000 - $74,000
Married, filing jointly $103,000-$123,000
Married, filing separately $0 - $10,000
Spousal IRA $193,000 - $203,000
IRA
IRA contribution (under age 50) $6,000
IRA contribution (50 and older) $7,000
Single or HOH phase out $64,000 - $74,000
Married, filing jointly $103,000-$123,000
Married, filing separately $0 - $10,000
Spousal IRA $193,000 - $203,000
Phase-out of Roth IRA contribution eligibility
Single phase out $122,000 - $137,000
Married, filing jointly $193,000 - $203,000
Married, filing separately $0 - $10,000
SEP
SEP Contribution Up to 25% of compensation (limit $56,600)
Minimum compensation participant $600
SIMPLE
SIMPLE elective deferral (under age 50) $13,000
SIMPLE elective deferral (over age 50) $16,000
Individual 401 (k)
Employer contribution Up to 25% of compensation
Employee salary deferral (under 50) $19,000
Employee salary deferral (50 or older) $25,000
Total employer and employee $56,000 ($62,000 age 50 and older)
Other qualified plans
401 (k), 403(bf, governmental 457(b) and SARSEP elective deferral (under age 50) $19,000
401 (k), 403(b), 5 governmental 457(b) and SARSEP elective deferral (age 50 and older) $25,000
Limit on additions to defined contribution plans $56,000
Annual benefit limit on defined benefit plans $225,000
Highly compensated employee makes $125,000
Maximum compensation taken into account for qualified plans $280,000
HSA contribution individual coverage $3,500
HSA contribution family coverage $7,000

OTHER FEDERAL TAXES

Federal Gift and Estate Tax
Gift tax annual exclusion $15,000
Annual exclusion for gift to non-citizen spouse $155,000
Highest estate and gift tax rate 40%
Unified estate and gift tax credit amount $11,400,000
Generation-skipping transfer tax exclusion $11,400,000
Unused credit can pass to the surviving spouse if decedent spouse elects on Form 706.

SOCIAL SECURITY TAXES

Social Security
Maximum earnings (during working years) subject to payroll tax $132,900
Social Security Payroll Tax
Employees pay 7 .65% Self-employed pay 15.30%
Additional 0.9% high-income payroll tax for wages in excess of
Single or HOH $200,000
Married, filing jointly $250,000
Married, filing separately $125,000
Social Security Payroll Tax
Employees pay 7 .65% $132,900
Income (in retirement) causing Social Security benefits to be taxable (MAGI = Modified Adjusted Gross Income)
Single or HOH
Up to 85% taxable $34,000 MAGI
Up to 50% taxable $25,000 MAGI
Married, filing jointly
Up to 85% taxable $34,000 MAGI
Up to 50% taxable $25,000 MAGI
Max earnings (from a job) between age 62 and full (normal Social Security retirement age before Social Security benefits are reduced $1 for every $2 above $17,640. For individuals who reach FRA in 2019, $1 for every additional $3 earned: $46,920 up until first of month of birthday. Thereafter unlimited.

Long-Term Care Insurance

LTC
Maximum premium amount allowed as a medical expense (deductible to extent all medical expenses exceed 10% adjusted gross income)
Age 40 or less $420
More than age 40 but not more than 50 $790
More than age 50 but not more than 60 $1,580
More than age 60 but not more than 70 $4,220
More than 70 $5,270

Education

Student Loans
Student loan interest deduction $2,500
Phase-out: Single $70,000 - $85,000
Phase-out: Married, filing jointly $140,000 - $170,000
American Opportunity Tax Credit (Hope Scholarship Credit)
Maximum $2,500 (100% of first $2,000 + 25% of next $2,000 of eligible expenses)
Phase-out: Single $80,000 - $90,000
Phase-out: Married, filing jointly $160,000 - $180,000
Lifelong Learning Credit 20% of qualified expenses up to $10,000
Phase-out: Single or HOH $58,000 - $68,000
Phase-out: Married, filing jointly $116,000 - $136,000

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