- The IRS took inflation into account when it released new tax brackets, which will apply to income earned in 2019.
- Tax Day 2019, when taxes are due for income earned in 2018, is Monday, April 15.
- The federal income-tax ranges have shifted slightly, and the standard deduction will be $US12,200 for single filers and $US24,400 for married filers.
The standard deduction will be $US12,200 for single filers and $US24,400 for married filers, up $US200 and $US400, respectively.
Here’s how the brackets have changed for the new year compared with 2018:
For single filers:
For married filers:
For head-of-household filers:
Other tax changes for 2019 include increased limits for retirement contributions:
- $US19,000 limit for 401(k), 403(b), and most 457 plans. (If you’re 50 or older, you can put away an additional $US6,000.)
- $US6,000 limit for IRAs. (If you’re 50 or older, you can put away an additional $US1,000.)
And higher exemptions for gifts and estate taxes:
- $US11.4 million limit for lifetime gift and estate-tax exemption.
- $US15,000 limit for annual gift and estate-tax exemption (same as 2018).
- Read more:
- Tax Day is April 15. Here’s what you can expect when filing under the new tax law.
- The IRS can’t pay out tax refunds during the partial government shutdown, and it’s the biggest problem for people who need it the most
- The IRS can’t pay out tax refunds during the partial government shutdown, but experts say you should still file ASAP
- Here’s when you can expect your employer to send the form you need to file your taxes for 2018
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