2019 Year-End Tax Guide

THE MARCUM 2019 YEAR-END TAX GUIDE | www.marcumllp.com

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GIFT & ESTATE TAX EXEMPTION

2019

Gift Tax Exemption

$11,400,000

Estate Tax Exemption

$11,400,000

GST Tax Exemption

$11,400,000

Highest Estate & Gift Tax Rates

40%

Note: A married couple will be able to shield $22.8 million from gift/estate taxation in 2019. The annual gift exclusion amount remains the same at $15,000.

2019 DOLLAR LIMITS FOR RETIREMENT PLANS

P LAN T YPES

L IMITS

Defined Contribution Plans

$56,000

Defined Benefit Plans

$220,000

Defined Contribution Plans – 401(K), 403(B) and 457 and Thrift Plans: Under Age 50

$19,000

Age 50 and Older

$25,000

Simple Plans: Under Age 50

$13,000

Age 50 and Older

$16,000

IRA, Traditional and Roth: Under Age 50

$6,000

Age 50 and Older

$7,000

IRA AGI Phase-Out (Married)

$103,000

IRA AGI Phase-Out (Single/HOH)

$64,000

O THER T HRESHOLDS

2019 L IMITS

SEP Annual Compensation Limit

$280,000

Key Employee in a Top-Heavy Plan

$175,000

Highly Compensated Employee

$125,000

HEALTH SAVINGS ACCOUNTS

C ONTRIBUTION L IMITS 2019

2019

Single/Family

$3,500/$7,000

Age 55+ Catch-Up

$1,000

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