IRA and Tax Tables 2019 | Ed Slott and Company, LLC

IRA and Tax Tables 2019

2019 Single Life Expectancy Table

YearUnder age 50Age 50+
2019$6,000$7,000

2019 Roth IRA Eligibility

If your filing status is...And your modified AGI is...Then you can contribute...
married filing jointly or qualifying widow(er)

< $193,000

up to the limit

> $193,000 but < $203,000

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 Roth IRA Conversion Eligibility

YearEligibility
2019Anyone Can

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:


YearExempt from TaxEstate-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:


YearExempt from TaxGST 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:


YearAnnual 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 your IRA's value at the end of the prior year by the distribution period listed next to your age in the following IRS charts:



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 Expectancy Table

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.

 

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