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Key Facts for 2019

  • Annual Gift Exclusion: $15,000
  • Estate, gift and generation-skipping tax exemption - $11,400,000
  • IRA and Roth IRA Contribution Limits: $6,000 plus another $1,000 for individuals over 50
  • Simple IRA Contributions: $13,000 plus another $3,000 for individuals over 50
  • 401(k) Contribution Limits: $19,000 plus another $6,000 for individuals over 50
  • SEP IRA Contribution Limits: 25% of compensation or maximum of $56,000
  • Top Federal Tax Rate: 37% on income over $510,300 for single taxpayers and $612,350 for married taxpayers
  • Top Federal Tax Rate: 37% on income over $12,750 for Estates & Trusts
  • Long-Term Federal Capital Gains Rate: 20% on maximum taxable income over $434,550 for single taxpayers and maximum taxable income of $488,850 for married taxpayers
  • Long-Term Federal Capital Gains Rate: 15% on maximum taxable income of $39,375-$434,550 for single taxpayers and maximum taxable income of $78,750-$488,850 for married taxpayers
  • Additional 3.8% Medicare Tax on investment Income, dividends and capital gains for single taxpayers with AGI greater than $200,000 and married taxpayers with AGI greater than $250,000
  • Standard Deduction: $12,200 for single taxpayers and $24,400 for married taxpayers
  • State and Local Tax Deductions: Individuals can deduct no more than $10,000 which includes a combination of property taxes and either a sales tax or state income tax
  • Mortgage Interest: The mortgage interest deduction is capped at loans of $750,000 for loans started 1/1/2018
  • Home Equity Loans: Loans for other than home purchase, build or renovation are no longer deductible
  • Annual Benefit Limit under Defined Benefit Plans: $225,000
  • Health Savings Account: $3,500 contribution limit for single taxpayers, $7,000 contribution limit for family, $1,000 Catch-up for taxpayers over 55