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2019 By the Numbers


2019 is just about upon us. Here are some key numbers you should be aware of to keep you on the right side of tax laws.

  • IRAs
    • The  maximum contribution to an IRA (Roth or Traditional) rises to $6,000  (from $5,500). Remember they also can't exceed earned income
    • Catch-up contributions remain at $1,000
    • The ability to contribute to a Roth IRA starts to phase out at $193,000 for married taxpayers and $122,000 for Single Taxpayers
  • The maximum compensation allowed for calculating pension contributions is $280,000
  • The maximum contribution limit to defined contribution plans is $56,000 (TSP and 401(k) contributions plus match as two examples)
  • The maximum salary deferral for 401(k), 403(b), 457, and TSP increases to $19,000
    • Catch-up contributions remain at $6,000 
  • Compensation  subject to Social Security taxes increases to $132,900.  This equates  to a $279 tax increase for those who earn the limit or more
  • Standard Deduction
    • Married increases to $24,400
    • Single increases to $12,200
    • Head of Household increases to $18,350
  • Tax Brackets
    • 10%
      • Single: up to $9,700
      • Married: up to $19,400
      • Head of Household: Up to $13,850
    • 12%
      • Single: $9,701 - $39,475
      • Married: $19,401 - $78,950
      • Head of Household: $13,951 - $52,850
    • 22%
      • Single: $39,476 - $84,200
      • Married: $78,951 - $168,400
      • Head of Household: $52,851 - $84,200
    • 24%
      • Single: $84,201 - $160,275
      • Married: $168,401 - $321,450
      • Head of Household: $84,201 - $160,700
    • 32%
      • Single: $160,726 - $204,100
      • Married: $321,451 - $408,200
      • Head of Household: $160,701 - $204,100
    • 35%
      • Single: $204,101 - $510,300
      • Married: $408,201 - $612,350
      • Head of Household: $204,101 - $510,300
    • 37%
      • Single: $510,301 or more
      • Married: $612,351 plus
      • Head of Household: Greater than $510,301

If you found this article useful, you might enjoy the following blog posts:

The Tax Bomb Waiting for Retiring Senior military officers

Military Tax Benefit: Extend IRS Deadlines

Retired Military Finances 101: Taxes

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