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Find out how much tax you pay for 2019 year: new numbers from the Internal Revenue Service

The Internal Revenue Service (IRS) has updated income forks for calculating income tax for 2019.

Фото: Depositphotos

Since January 1, changes in tax legislation will come into force, according to which personal income tax rates have been reduced, and the standard deduction has been doubled, writes NBC.

In connection with these changes, the IRS brought new income forks to calculate income tax for 2019 year, adjusting them for inflation.

Income tax rates in 2019, depending on the income of the taxpayer:

If your annual income is:

  • with an individual filing of the declaration - from 0 to $ 9700;
  • when filing a declaration with a spouse or spouse - from 0 to $ 19;
  • when filing a declaration in the status of the head of the family - from 0 to $ 13 850;

then you have to pay income tax at the rate of 10%

If your annual income is:

  • with an individual filing of the declaration - from $ 9 701 to $ 39 475;
  • when filing a declaration with a spouse or spouse - from $ 19 401 to $ 78 950;
  • when filing a declaration in the status of the head of the family - from $ 13 851 to $ 52 850;

then you have to pay income tax at the rate of 12%

If your annual income is:

  • with an individual filing of the declaration - from $ 39 476 to $ 84 200;
  • when filing a declaration with a spouse or spouse - from $ 78 951 to $ 168 400;
  • when filing a declaration in the status of the head of the family - from $ 52 851 to $ 84 200;

then you have to pay income tax at the rate of 22%

If your annual income is:

  • with an individual filing of the declaration - from $ 84 201 to $ 160 725;
  • when filing a declaration with a spouse or spouse - from $ 168 401 to $ 321 450;
  • when filing a declaration in the status of the head of the family - from $ 84 201 to $ 160 700;

then you have to pay income tax at the rate of 24%

If your annual income is:

  • with an individual filing of the declaration - from $ 160 726 to $ 204 100;
  • when filing a declaration with a spouse or spouse - from $ 321 451 to $ 408 200;
  • when filing a declaration in the status of the head of the family - from $ 160 701 to $ 204 100;

then you have to pay income tax at the rate of 32%

If your annual income is:

  • with an individual filing of the declaration - from $ 204 101 to $ 510 300;
  • when filing a declaration with a spouse or spouse - from $ 408 201 to $ 612 350;
  • when filing a declaration in the status of the head of the family - from $ 204 101 to $ 510 300;

then you have to pay income tax at the rate of 35%

If your annual income is:

  • with an individual filing of a declaration - $ 510 301 and more;
  • when filing a declaration with a spouse or spouse - $ 612 and more;
  • when filing a declaration in the status of the head of the family - $ 510 301 and more;

then you have to pay income tax at the rate of 37%

Standard deduction

The standard deduction on 2019 year increased to 12 200 dollars when individually filing a declaration (compared to 12 000 dollars in 2018 year). When you file your declaration with your spouse or spouse, the standard deduction in 2019 will be 24 400 dollars, increasing from 24 000 dollars in 2018.

When filing in the status of the head of the family, the deduction increased from 18 thousand dollars in 2018 year to 18 350 dollars in 2019 year.

Pension contributions

If you invest in a retirement plan, you can put aside a little more in 2019.

The IRS has increased the non-taxable contribution limit for 401 (k), 403 (b) plans, as well as most 457 plans to 19 000 dollars (from 18 500 dollars in 2019 year). Investors aged 50 and older may additionally invest 6 000 dollars into their retirement account without paying taxes on this amount.

If you have an IRA, you can set aside 6000 dollars in the 2019 year (2018 was 5 500 dollars).

Medical insurance fines

In 2019, the IRS will waive fines imposed on people who do not have qualified medical insurance. These penalties were up to 695 dollars per adult and 347 dollars per child under the age of 18.

Keep in mind that if you did not have insurance coverage in the 2018 year, you are likely to be fined when you file your tax return in April 2019, since the cancellation of the fines will take effect in the 2019 year.

Taxes, real estate and gifts

According to previous tax laws, every resident of the United States had the right to give gifts throughout his life without paying taxes in the amount of 5,49 million dollars, or this amount could be deducted from real estate taxes

But the new rules that come into force in the 2019 year will increase this amount to 11,4 million.

The maximum annual amount of the cost of gifts without the need to pay taxes has not changed and will be 15 000 dollars per person. The annual gift tax deduction does not affect the total amount of the deduction for a lifetime.

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