Your browser does not support JavaScript
 

Blog & News

2019 Annual Limit Changes
Posted By:  Rob Lemmons CFP®, CPA, AIF®, CEPA
Thursday, January 24, 2019

2019 Annual Limit Changes

Proactive tax planning throughout the year is the key to reducing taxes and maximizing your after-tax dollars for wealth accumulation. This is accomplished by applying changing tax laws to your specific situation. Each year the IRS provides updates to a number of key limits that impact tax deductions, contributions, and other deferrals throughout the year. Below are some of the more notable changes to the law.

Retirement Plans

Elective deferrals to 401(k), 403(b), 457 and SARSEP’s $19,000 annual limit with a $6,000 age 50+ catchup. Defined Contribution limit $56,000.

IRA and Roth IRA contribution limits are increased to $6,000 with a $1,000 age 50+ catchup

IRA deduction phaseout for active participants in a retirement plan

Single $64,000 - $74,000 Adjusted Gross Income (AGI)
Married filing jointly $103,000 - $123,000 AGI
Non-active participant married to active participant $193,000 - $203,000 AGI


Roth IRA phaseout

Single $122,000 - $137,000
Married filing jointly $193,000 - $203,000


Non–deductible IRA contributions – There is no income limit


Simple IRA $13,000 maximum contribution with an age 50+ catchup of $3,000


College Savings

Ohio allows a $4,000 deduction per beneficiary to a 529 college savings plan and the earnings will never be taxed so long as they are used for college expenses.


Estate and Gift Tax

Annual family gift tax exclusion $15,000
Estate and gift tax exclusion $11,400,000


Health Savings Account Contribution Maximum

Single $3,500
Family $7,000
Catch-up age 55 and older $1,000


Standard Deduction

Single $12,200
Married filing jointly $24,400
Blind and elderly additional deduction single $1,650 and married $1,300


Required Minimum Distributions

Individuals age 70½ or older may have as much as $100,000 a year transferred tax free from their individual retirement accounts (IRAs) to qualified charitable organizations.


For more information about the tax planning strategies we utilize, please visit us at www.twpeam.com or contact directly Rob Lemmons, CFP®, CPA, AIF at 513-984-6696.




 
 
Subscribe To Our Blog

Blog Categories

  • Business Owners
  • Charitable Planning
  • Client Experience
  • College Planning
  • Estate Planning
  • Executive Compensation
  • Firm Updates
  • In the News
  • Investments & Market Updates
    • 07/05/2019 - Quarter 2, 2019 Market Review
    • 04/12/2019 - Quarter 1, 2019 Market Review
    • 03/12/2019 - Dimensional Fund Advisors – A
    • 01/24/2019 - 2019 Annual Limit Changes
    • 01/08/2019 - Quarter 4, 2018 Market Review
    • 12/12/2018 - Why Should You Diversify?
    • 10/29/2018 - Perspective on Recent Market V
    • 10/08/2018 - Quarter 3, 2018 Market Review
    • 08/08/2018 - E+R=O, your reactions determin
    • 07/06/2018 - Quarter 2, 2018 Market Review
    • 05/31/2018 - Bitcoin vs Gold
    • 04/09/2018 - Quarter 1, 2018 Market Review
    • 03/26/2018 - Another Tariff, Another Downtu
    • 02/07/2018 - Professor Jeremy Siegel @ Xavi
    • 01/05/2018 - Quarter 4, 2017 Market Review
    • 10/05/2017 - Quarter 3, 2017 Market Review
    • 07/14/2017 - What is Value Style investing,
    • 07/10/2017 - Quarter 2, 2017 Market Review
    • 05/24/2017 - Is Anyone Managing Your 401(k)
    • 04/05/2017 - Quarter 1, 2017 Market Review
    • 03/01/2017 - Are New Stock Market Highs a C
    • 01/05/2017 - Quarter 4, 2016 Market Review
  • Net Worth
  • Retirement Planning
  • Security & Privacy
  • Taxes
 

INVESTMENT
MANAGEMENT

Your investment philosophy should be grounded in academic research and financial science. Our team will build you an investment portfolio that aims to give you the highest probability of achieving your goals with the least amount of risk.

Learn More
 

RETIREMENT AND
TAX PLANNING

Figuring out how to recreate your paycheck or developing a spending policy should not be an overwhelming exercise. Our team has the expertise to help with retirement portfolio, tax strategies, distribution planning, social security maximization strategies and more.

Learn More
 

HOLISTIC/COMPREHENSIVE
PLANNING

We’ll have discovery conversations, gather and organize your data, then craft comprehensive plans to achieve your life and financial goals. As our ongoing commitment, we consistently monitor and tweak your plan to ensure you’re on track and surprises are minimized.

Learn More

WE'VE BEEN LISTENING
FOR OVER 25 YEARS

Life brings many transitions. Find the right advisor to fit your needs on a fee-only basis, and take the first step in the journey. Total Wealth Planning's team of Certified Financial Planners® guides Cincinnati families and associates through transition.


Total Wealth Planning Associations
WE ARE PROUDLY ASSOCIATED WITH

CONTACT INFO


 

WHAT'S NEW AT TWP


       
CORPORATE EXECUTIVES

WEALTH-BUILDING FAMILIES

RETIREES

BUSINESS OWNERS
ECONOMIC OUTLOOK

BLOG & NEWS

VIDEO LIBRARY

   
4665 Cornell Rd. Suite 160, Cincinnati, OH 45241 4665 Cornell Rd. Suite 160, Cincinnati, OH 45241
513-984-6696 513-984-6696
info@twpteam.com info@twpteam.com
Don't let your small business distract you from your own finances
Thursday, August 22, 2019


SEE MORE >

Follow us on Google+
Blog & News
Follow us on Twitter
Find us on Facebook
DISCLOSURES | COPYRIGHT © 2019. TOTAL WEALTH PLANNING. ALL RIGHTS RESERVED.
GET STARTED
READY TO
GET STARTED?