Federal Income Tax Tables

2019

Elimination of Individual Mandate (penalty paid for not having health insurance)

 

NOTABLE ITEMIZED DEDUCTIONS
Deductible
Mortgage interest up to $750,000 of indebtedness on 1 or 2 residences for mortgages taken out after 12/15/2017
Points on home mortgages
Business interest
Investment interest up to net investment income
Either state or local income taxes or state and local sales taxes plus state and local real property taxes and personal property taxes. Combined deduction for state property and income taxes is limited to $10,000
Medical and dental expenses to the extent that such expenses exceed 10% of Adjusted Gross Income
Non-Deductible Interest Expenses
Credit card
Auto loans
Home equity loans
Prepaid interest other than points on home mortgage
Most other consumer loan interest

 

INCOME TAX BRACKETS
Rate Single Married Filing Jointly Married Filing Separately Head of Household Trusts & Estates
10% $0-$9,700 $0-$19,400 $0-$9,700 $0-$13,850 $0-$2,600
12% $9,700-$39,475 $19,400-$78,950 $9,700-$39,475 $13,850-$52,850 –
21% – – – – –
22% $39,475-$84,200 $78,950-$168,400 $39,475-$84,200 $52,850-$84,200 –
24% $84,200-$160,725 $168,400-$321,450 $84,200-$160,725 $84,200-$160,700 $2,600-$9,300
32% $160,725-$204,100 $321,450-$408,200 $160,725-$204,100 $160,700-$204,100 –
35% $204,100-$510,300 $408,200-$612,350 $204,100-$306,175 $204,100-$510,300 $9,300-$12,750
37% $510,300+ $612,350+ $306,175+ $510,300+ $12,750+

 

PERSONAL EXEMPTION
No longer allowed, beginning in 2018

 

STANDARD DEDUCTIONS
Single Married Filing Jointly Married Filing Separately Head of Household
$12,200 $24,400 $12,200 $18,350

 

MODIFIED ADJUSTED GROSS INCOME TAX BASE THRESHOLDS FOR TAXATION OF SOCIAL SECURITY BENEFITS
% Taxed Single Married Filing Jointly Married Filing Separately Head of Household
50% $25,000-$34,000 $32,000-$44,000 Depends on whether spouses live together during the tax year $25,000-$34,000
85% $34,000+ $44,000+ Depends on whether spouses live together during the tax year $34,000+

 

QUALIFIED LTC PREMIUM DEDUCTIBILITY
Age <40 41-50 51-60 61-70 >70
Amount $420 $790 $1,580 $4,220 $5,270

 

2018

NOTABLE ITEMIZED DEDUCTIONS
Deductible
Mortgage interest up to $750,000 of indebtedness on 1 or 2 residences for mortgages taken out after 12/15/2017
Points on home mortgages
Business interest
Investment interest up to net investment income
Either state or local income taxes or state and local sales taxes plus state and local real property taxes and personal property taxes. Combined deduction for state property and income taxes is limited to $10,000
Medical and dental expenses to the extent that such expenses exceed 7.5% of Adjusted Gross Income
Non-Deductible Interest Expenses
Credit card
Auto loans
Home equity loans
Prepaid interest other than points on home mortgage
Most other consumer loan interest

 

INCOME TAX BRACKETS
Rate Single Married Filing Jointly Married Filing Separately Head of Household Trusts & Estates
10% $0-$9,525 $0-$19,050 $0-$9,525 $0-$13,600 $0-$2,550
12% $9,525-$38,700 $19,050-$77,400 $9,525-$38,700 $13,600-$51,800 –
21% – – – – –
22% $38,700-$82,500 $77,400-$165,000 $38,700-$82,500 $51,800-$82,500 –
24% $82,500-$157,500 $165,000-$315,000 $82,500-$157,500 $82,500-$157,500 $2,550-$9,150
32% $157,500-$200,000 $315,000-$400,000 $157,500-$200,000 $157,500-$200,000 –
35% $200,000-$500,000 $400,000-$600,000 $200,000-$300,000 $200,000-$500,000 $9,150-$12,500
37% $500,000+ $600,000+ $300,000+ $500,000+ $12,500+

 

PERSONAL EXEMPTION
No longer allowed, beginning in 2018

 

STANDARD DEDUCTIONS
Single Married Filing Jointly Married Filing Separately Head of Household
$12,000 $24,000 $12,000 $18,000

 

MODIFIED ADJUSTED GROSS INCOME TAX BASE THRESHOLDS FOR TAXATION OF SOCIAL SECURITY BENEFITS
% Taxed Single Married Filing Jointly Married Filing Separately Head of Household
50% $25,000-$34,000 $32,000-$44,000 Depends on whether spouses live together during the tax year $25,000-$34,000
85% $34,000+ $44,000+ Depends on whether spouses live together during the tax year $34,000+

 

QUALIFIED LTC PREMIUM DEDUCTIBILITY
Age <40 41-50 51-60 61-70 >70
Amount $420 $780 $1,560 $4,160 $5,200

 

The information presented here is not intended to be a comprehensive analysis. Cherry Bekaert Benefits Consulting is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax and related regulation.