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 Medicare | No 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 age | No 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 use | 58.0¢ |
Portion of business deduction allocated to depreciation | 26.0¢ |
Medical and Moving | 20.0¢ |
Charitable (statutory) | 14.0¢ |
Miscellaneous Items
Maximum annual gift amount | $15,000 |
Kiddie Tax threshold (oversimplified - no earned income) | $2,200 |