This week the IRS released inflation adjustments for the 2019 tax year.
The standard deduction for married filing jointly taxpayers is increasing $400 to $24,400. It will be $12,200 ($200 increase) and $18,350 ($350 increase) for single and head of household taxpayers, respectively.
The standard deduction for married filing jointly taxpayers is increasing $400 to $24,400. It will be $12,200 ($200 increase) and $18,350 ($350 increase) for single and head of household taxpayers, respectively.
For 2019 the penalty for not maintaining essential health coverage is $0, down from $695 in 2018.
Tax brackets have also increased: (note the increase amount is based off the high end of the threshold)
Tax brackets have also increased: (note the increase amount is based off the high end of the threshold)
For additional changes as a result of the inflation adjustments, see the IRS News Release or view all details included in Revenue Procedure 2018-57www.irs.gov/pub/irs-drop/rp-18-57.pdf.
