Thread: HERE ARE THE NEW INCOME TAX BRACKETS FOR 2019

Here are the new income tax brackets for 2019

Prepare your calculators. The Internal Revenue Service has updated its tax brackets for 2019.

This year marks the first under the new Tax Cuts and Jobs Act, an overhaul of the tax code that resulted in lower individual income tax rates, a doubled standard deduction and the elimination of personal exemptions.

For the new year, the IRS has bumped up the individual income tax brackets, adjusting them for inflation.



© IRS Tax brackets for 2019

See below for your new bracket:



The standard deduction has also increased for 2019, rising to $12,200 for single filers (up from $12,000 in 2018. Married joint filerswill be eligible for a $24,400 standard deduction, an increase from $24,000 in 2018.

Meanwhile, heads of household — that is, filers who are single parents — are getting a $350 boost to their standard deduction. It will be $18,350 in 2019.

Personal exemptions, which were eliminated from 2018 through 2025 as part of the Tax Cuts and Jobs Act, will remain at zero.

Retirement contributions

If you're putting money away in a retirement plan, you can save a little bit more in 2019.

The IRS boosted the employee contribution limit for 401(k), 403(b) and most 457 plans to $19,000, reflecting an increase from $18,500. Savers age 50 and older can put away an additional $6,000.

If you have an IRA, you can put away $6,000 in annual contributions in 2019. That's up from $5,500.

Catch-up contributions for savers age 50 and older remain at $1,000.

http://www.msn.com/en-us/money/taxes/here-are-the-new-income-tax-brackets-for-2019/ar-BBPMjs9?li=BBnb7Kz

It's not the Fairtax, but it's a lot better than it was. Thanks for posting Beezer!