| Year | Under age 50 | Age 50+ |
|---|---|---|
| 2019 | $6,000 | $7,000 |
IRA and Tax Tables 2019
2019 Roth IRA Eligibility
| If your filing status is... | ||
|---|---|---|
| married filing jointly or qualifying widow(er) | < $193,000 | up to the limit |
a reduced amount | ||
> $203,000 | zero | |
| married filing separately and you lived with your spouse at any time during the year | < $10,000 | a reduced amount |
> $10,000 | zero | |
| single, head of household, or married filing separately and you did not live with your spouse at any time during the year | < $122,000 | up to the limit |
> $122,000 but < $137,000 | a reduced amount | |
> $137,000 | zero |
2019 Traditional IRA Deductions
If you are covered by a retirement plan at work, use this IRS table to determine if you can deduct your 2019 Traditional IRA contribution:
2019 SEP IRA Contribution Levels
Here's what can be contributed to a SEP IRA:
| Year | Status | Maximum Contribution |
|---|---|---|
| 2019 | W-2 Income | Up to 25% of compensation, but no more than $56,000. |
| 2019 | Self Employed | Generally up to 20%, but no more than $56,000. |
2019 Federal Tax Brackets
Marginal Tax Rate | Single | Married Filing Jointly or Qualifying Widow(er) | Married Filing Separately |
10% | $0 - $9,700 | $0 - $19,400 | $0 - $9,700 |
12% | $9,701 - $39,475 | $19,401 - $78,950 | $9,701 - $39,475 |
2019 Federal Estate Tax Levels
At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:
| Year | Exempt from Tax | Estate-Tax Rate |
|---|---|---|
| 2019 | $11,400,000 per person with portability | Top rate of 40% |
2019 Generation-Skipping Transfer (GST) Tax
Tax on assets transferred to non-spouse heirs at death:
| Year | Exempt from Tax | GST Tax Rate |
|---|---|---|
| 2019 | $11,400,000 per person (no portability) | 40% |
2019 Annual Gift Tax Exclusion
You may give the following amount to an individual, free of gift tax:
| Year | Annual Exclusion |
|---|---|
| 2019 | $15,000 |
2019 IRA Minimum Distribution Tables
When owners of a Traditional IRA reach age 70½, they are required to take annual minimum distributions. The amount changes each year. Simply divide the IRA's value at the end of the prior year by the distribution period listed next to the age in the respective IRS table below.
2019 Uniform Lifetime Table
This table is the life expectancy table to be used by all IRA owners to calculate lifetime distributions unless your beneficiary is your spouse who is more than 10 years younger than you. In that case, you would not use this table, you would use the actual joint life expectancy of you and your spouse based on the regular Joint Life Expectancy Table. The Uniform Lifetime Table is never used by IRA beneficiaries to compute required distributions on their inherited IRAs.
2019 Joint Life Expectancy Table
This table is used only for lifetime distributions and only when the spousal exception applies (when the spouse is the sole beneficiary for the entire year and is more than 10 years younger than the IRA owner). Beneficiaries never use this table.
2019 Single Life Table for Inherited IRAs
Designated beneficiaries use this Single Life Expectancy Table based on their age in the year after the IRA owner's death. That factor is reduced by one for each succeeding distribution year. Spouse beneficiaries who do not elect to roll the IRA over or treat it as their own also use the single life table, but they can look up their age each year.