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PO Box 2214       Oregon City OR 97045       503-656-0699 

 

By the Numbers:  For Federal Tax Returns

2018 and 2019 Standard Deduction
and Personal Exemption Amounts

 


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Comments on this website are informational in nature and are not intended to
be interpreted as specific tax advice.   The comments cannot be used to avoid taxes under the Internal Revenue Code or the regulations of other tax authorities. Furthermore, this website is not intended, and should not be interpreted, to support the promotion or marketing of any tax avoidance schemes.

 

Date last modified: 12/21/18

Single:  $12,000
             
 $12,200

Head of Household:  $18,000
                                       $18,350

Married Filing Joint:  $24,000
                                        $24,400

Qualifying Widow(er):  $24,000
                                           $24,400

Married Filing Separate:  $12,000
                                              $12,200

(your marital status on December 31 generally determines your filing status)

Additional standard deduction amounts allowed
 age 65 or older, and/or blind -- per person, per event:

Single, Head of Household:  $1,600
Married Filing Joint/Single, Qualifying Widow/er:  $1,300

Personal Exemption:   $0 -- Eliminated

 

2018 and 2019 Standard Mileage Rates

54.5 cents per mile
58.0
cents per mile
Unreimbursed Business miles
18.0 cents per mile
20.0
cents per mile
Medical miles, Job-related moves
14.0/14.0 cents per mile Charitable miles

 

2019 Maximum Retirement Contributions

 

Type of Account Under 50 50 and Over
401(k); 403(b), 457 $19,000 $25,000
Traditional IRA; Roth IRA
(income limitations)
$6,000 $7,000
SIMPLE $13,000 $16,000
SEP
$600 minimum compensation
$270,000 maximum compensation
25%/$56,000 same

 

2019 Education Credits and Deductions
Income limitations may apply.

Hope/Opportunity Credit
(first Four Years Undergraduate Tuition & Qualified Expenses
100% of first $2,000 per student
  25% of next $2,000 per student
Lifetime Learning Credit 20% of first $10,000 all Tuition combined
Student Loan Interest $2,500 maximum deduction
Coverdell Educational Savings Account $2,000 maximum contribution per beneficiary
529 Plans Contribution limits set by plan; may qualify for a state tax incentive.

 

2019 Gift Amount and Estate Tax

Annual Gift Maximum, per recipient $15,000
Federal Estate Tax Exemption $11.4 million exemption; unlimited marital deduction;
inherited assets get basis step-up