Type of Account |
2018 |
2019 |
| Traditional or Roth IRA | $5,500 | $6,000 |
| Roth IRA – Phased out range and maximum income limit for singles and heads of household | $117,000 to $132,000 | $116,000 to $131,000 |
| Roth IRA – Phased out range and maximum income limit for married couples filing jointly | $184,000 to $194,000 | $183,000 to $193,000 |
| Traditional IRA & Covered By Workplace Retirement Plan – Phased out deductions for singles and heads of households |
$61,000 to $71,000 | $61,000 to $71,000 |
| Traditional IRA & Covered By Workplace Retirement Plan – Phased out deductions for married couples filing jointly |
$98,000 to $118,000 | $98,000 to $118,000 |
| Traditional IRA – Phased out deductions for singles and heads of households | $184,000 to $194,000 | $183,000 to $193,000 |
| Traditional IRA – Phased out deductions for married couples filing jointly | $98,000 to $118,000 | $98,000 to $118,000 |
| Roth or Traditional IRA: Catch-Up Contributions over 50 | $1,000 | $1,000 |
| SEP IRA (Self-Employed), Solo 401(k): or 25% of salary, whichever is smaller. | $53,000 | $53,000 |
| Solo 401(k): Catch-Up Contributions over 50 | $1,000 | $1,000 |
| SEP IRA (Self-Employed), Solo 401(k) – Maximum Compensation Limit | $265,000 | $265,000 |
| SEP IRA Employee Eligibility: The maximum amount of income that an employer can require for employee SEP IRA plan eligibility remains unchanged at $600. | ||
| SIMPLE IRA Employee Eligibility: The maximum amount of income that an employer can require for employee SIMPLE IRA plan eligibility remains unchanged at $5,000 | ||
| Defined Benefit Plans | $210,000 | $210,000 |
| SIMPLE IRA (Savings Incentive Match PLan) | $12,500 | $12,500 |
| SIMPLE IRA: Catch-Up Contributions over 50 | $3,000 | $3,000 |
| 401(k), 403(b), 457, TSP | $18,000 | $18,000 |
| 401(k), 403(b), 457, TSP: Catch-Up Contributions over 50 | $6,000 | $6,000 |
| Highly Compensated Employee Determination | $120,000 | $120,000 |
| Saver’s Credit (Retirement Savings Contribution Credit) for low and moderate income workers – Married filing jointly | $61,000 | $61,000 |
| Saver’s Credit (Retirement Savings Contribution Credit) for low and moderate income workers – Heads of Household | $45,750 | $45,000 |
| Saver’s Credit (Retirement Savings Contribution Credit) for low and moderate income workers – Singles and married filing separately | $30,500 | $30,000 |
| 2016 Tax Rates: Single Filing Individual Return (other than surviving spouses and unmarried heads of households) |
|
| If Taxable Income Is: | The Tax Rate Is: |
| Not over $9,275 | 10% of taxable income |
| Over $9,275 but not over $37,650 | $927.50 plus 15% of the excess over $9,275 |
| Over $37,650 but not over $91,150 | $5,183.75 plus 25% of the excess over $37,650 |
| Over $91,150 but not over $190,150 | $18,558.75 plus 28% of the excess over $91,150 |
| Over $190,150 but not over $413,350 | $46,278.75 plus 33% of the excess over $190,150 |
| Over $413,350 but not over $415,050 | $119,934.75 plus 35% of the excess over $413,35 |
| Over $415,050 | $120,529.75 plus 39.6% of the excess over $415,050 |
| 2016 Tax Rates: Married Filing Individual Return | |
| If Taxable Income Is: | The Tax Rate Is: |
| Not over $18,550 | 10% of taxable income |
| Over $18,550 but not over $75,300 | $1,855 plus 15% of the excess over $18,550 |
| Over $75,300 but not over $151,900 | $10,367.50 plus 25% of the excess over $75,300 |
| Over $151,900 but not over $231,450 | $29,517.50 plus 28% of the excess over $151,900 |
| Over $190,150 but not over $413,350 | $51,791.50 plus 33% of the excess over $231,450 |
| Over $413,500 but not over $466,950 | $111,818.50 plus 35% of the excess over $413,350 |
| Over $466,950 | $130,578.50 plus 39.6% of the excess over $466,950 |
| 2016 Tax Rates: Standard Deduction | |
| Unmarried individuals (other than surviving spouses and heads of households): $6,300 | |
| Married couples filing joint returns and surviving spouses: $12,600 | |
| Heads of households: $9,300 | |
| Married Individuals filing separate returns: $6,300 |
| 2016 Tax Rates: Itemized Deduction Limit | |
| Unmarried individuals (other than surviving spouses and heads of households): $259,400 | |
| Married couples filing joint returns and surviving spouses: $311,300 | |
| Heads of households: $285,350 | |
| Married Individuals filing separate returns: $155,650 |
| 2016 Tax Rates: Personal Exemption – The personal exemption for tax year 2016 is $4,050. The adjusted gross incomes phase-out range begins and ends as follows: | |
| Unmarried individuals (other than surviving spouses and heads of households): $259,400 to $381,900 | |
| Married couples filing joint returns and surviving spouses: $311,300 to $433,800 | |
| Heads of households: $285,350 to $407,850 | |
| Married Individuals filing separate returns: $155,650 to $216,900 |
| 2016 Tax Rates: Alternative Minimum Tax (exemption amounts are) | |
| Unmarried individuals: $53,900 | |
| Married couples filing joint returns and surviving spouses: $83,800 | |
| Married individuals filing separate returns: $41,900 | |
| The excess taxable income above which the 28% tax rate applies is: | |
| Married individuals filing separate returns: $93,150 | |
| Joint returns and unmarried individuals (other than surviving spouses): $186,300 |
| 2016 Tax Rates: Earned Income Credit | |
| For the 2016 earned income credit, Revenue Procedure 2015-53 has a table providing maximum income limits and credit amounts, along with phase-out thresholds, by filing categories and numbers of qualifying children.
For example, the maximum earned income credit amount is $6,269 for taxpayers filing jointly who have 3 or more qualifying children, phasing out completely when adjusted gross income (or, if greater, earned income) reaches $53,505. |
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