Broker Check

2019 Tax Reference Amounts

Here is a list of the common items that we are asked about the amounts.

Retirement Accounts

IRA Contribution Limit (Through Age 49)$6,000
IRA Contribution Limit (Age 50 and Up)$7,000
401(k) Contribution Limit (Through Age 49)$19,000
401(k) Contribution Limit (Age 50 and Up)$25,000

The phase-out limits for deducting contributions to a Traditional IRA (based on AGI):

Filing joint and active participant in employer's retirement plan$103,000 - $123,000
Filing single or head-of-household and active participant in
employer's retirement plan
$64,000 - $74,000
Married but filing separate and active participant in employer's
retirement plan
$0 - $10,000
Not active participant in employer's retirement plan but spouse
is an active participant (filing joint)
$193,000 - $203,000

There are different phase-outs for who can contribute to a Roth IRA (based on AGI):

Filing joint$193,000 - $203,000
Filing single or head-of-household$122,000 - $137,000
Married but filing separate$0 - $10,000

Social Security

Amounts related to withholding or credits:

Income subject to OASDI (SS updated this)$132,900
Income subject to MedicareNo limit
OASDI to be paid by employee$8,306.25
Amount to earn 1 credit (self-employed)$1,360

Maximum earnings and still receive full Social Security benefits:

Under full retirement age (prior years)
Social Security benefit reduced $1 for every $2 over limit.
$17,640/yr  $1,470/mo
Year of full retirement (only months prior to reaching full
retirement age)
Social Security benefit reduced $1 for every $3 over limit.
$46,920/yr  $3,910/mo
Full retirement ageNo limit

Medicare

Standard Part B Premium (ignoring hold-harmless provision)$135.50
Maximum 2017 income for standard Part B premium (Single)$85,000
Maximum 2017 income for standard Part B premium (Joint)$170,000

Health Saving Account (HSA) Limitations

Annual contribution limits:

Self-only Coverage (Through Age 54)$3,500
Self-only Coverage (Age 55 and Up)$4,500
Family Coverage (Through Age 54)$7,000
Family Coverage (Age 55 and Up)$8,000

Minimum annual policy deductibles:

Self-only Coverage$1,350
Family Coverage$2,700

Maximum annual deductible and out-of-pocket expense:

Self-only Coverage$6,750
Family Coverage$13,500

Mileage Rates

Business use58.0¢
Portion of business deduction allocated to depreciation26.0¢
Medical and Moving20.0¢
Charitable (statutory)14.0¢

Miscellaneous Items

Maximum annual gift amount$15,000
Kiddie Tax threshold (oversimplified - no earned income)$2,200


2018 Tax Reference Amounts

2020 Tax Reference Amounts