2019 Tax Information

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2019 Tax Information

Form 1040-SR U.S. Tax Return for Seniors

New for 2019, seniors (aged 65 and older) will have their own tax return option thanks to the Bipartisan Budget Act of 2018. The new form is a simplified version of the much larger, more complex Form 1040. It has a larger font size and better color contrast making it easier to read. The form allows seniors to claim the standard deduction or itemize their deductions on Schedule A. There are also no income limits or restrictions on types of income reported like on the prior Form 1040EZ, so more seniors will qualify to file the 1040-SR. A draft version of Form 1040-SR can be viewed on the IRS website.

New Supplemental Schedules Redesigned

For 2018 tax returns, taxpayers had six (6) new supplemental schedules that would build on the Form 1040. For 2019 tax returns, those schedules have been redesigned and merged into three (3) schedules that will hopefully streamline the filing process. The three (3) new schedules combine some of the prior year schedules into larger forms. Drafts of these redesigned schedules can be viewed on the IRS website. [Schedule 1, Schedule 2, and Schedule 3].

New Supplemental Schedules Redesigned

IRA Contribution Limits

IRA contribution limits have also increased to $6,000 with a $1,000 catch-up amount for taxpayers over age 50.

401k Contribution Limits

401K contributions limits have been increased to $19,000 with an additional $6,000 for taxpayers over age 50 making catch-up contributions. Taking advantage of these high limits will decrease your taxable income.

Income Tax Brackets & Tax Rates

For 2019 tax returns, there are still seven (7) tax rates. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Below are tables depicting how the brackets look by filing status:

Individual Taxpayers
If Taxable Income Is Between:	The Tax Due Is:
0 – $9,700	10% of taxable income
$9,701 – $39,475	$970 + 12% of the amount over $9,700
$39,476 – $84,200	$4,543 + 22% of the amount over $39,475
$84,201 – $160,725	$14,382.50 + 24% of the amount over $84,200
$160,726 – $204,100	$32,748.50 + 32% of the amount over $160,725
$204,101 – $510,300	$46,628.50 + 35% of the amount over $204,100
$510,301 +	$153,798.50 + 37% of the amount over $510,300

Married Individuals Filing Joint Returns and Surviving Spouses
If Taxable Income Is Between:	The Tax Due Is:
0 – $19,400	10% of taxable income
$19,401 – $78,950	$1,940 + 12% of the amount over $19,400
$78,951 – $168,400	$9,086 + 22% of the amount over $78,950
$168,401 – $321,450	$28,765 + 24% of the amount over $168,400
$321,451 – $408,200	$65,497 + 32% of the amount over $321,450
$408,201 – $612,350	$93,257 + 35% of the amount over $408,200
$612,351 +	$164,709.50 + 37% of the amount over $612,350

Heads of Household
If Taxable Income Is Between:	The Tax Due Is:
0 – $13,850	10% of taxable income
$13,851 – $52,850	$1,385 + 12% of the amount over $13,850
$52,851 – $84,200	$6,065 + 22% of the amount over $52,850
$84,201 – $160,700	$12,962 + 24% of the amount over $84,200
$160,701 – $204,100	$31,322 + 32% of the amount over $160,700
$204,101 – $510,300	$45,210 + 35% of the amount over $204,100
$510,301 +	$152,380 + 37% of the amount over $510,300

Married Filing Separately
If Taxable Income Is Between:	The Tax Due Is:
0 – $9,700	10% of taxable income
$9,701 – $39,475	$970 + 12% of the amount over $9,700
$39,476 – $84,200	$4,543 + 22% of the amount over $39,475
$84,201 – $160,725	$14,382.50 + 24% of the amount over $84,200
$160,726 – $204,100	$32,748.50 + 32% of the amount over $160,725
$204,101 – $306,175	$46,628.50 + 35% of the amount over $204,100
$306,176 +	$82,354.75 + 37% of the amount over $306,175