These Are the 2019 Tax Brackets
The IRS has announced tax rates and income levels for 2019, and aside from small adjustments to income ranges for inflation, they look the same as last year.
Remember that these are parentheses for the 2019 tax year, which means they will affect the taxes you file in 2020.
The seven square brackets and cap rates have not changed since 2018, when the Tax Cuts and Employment Act took effect. The income ranges have changed, however, as noted above, are slightly different.
The standard deduction, which has been doubled under tax laws, will also increase by $ 200 for individuals and $ 400 for co-registered couples to $ 12,200 and $ 24,400, respectively.
And if you want to know a few more important financial metrics for 2019, here are your 401 (k), IRA and SEP IRA contribution limits. Your 401 (k) contributions will reduce your taxable income: multiply your annual contributions by your marginal tax rate and you get the amount of money you save on taxes (for example, if you put $ 5,000 in your 401 (k) and you you’re in the 24 percent tax bracket, you’ll save $ 1200 in taxes).
To see how the tax credits and deductions for 2019 have been adjusted, check out this article .