IRS Issues 2019 Annual Inflation Adjustments

On November 15, the IRS issued annual inflation adjustments that cover over 60 items.  The standard deduction for married taxpayers filing jointly will be $24,400.

The top income tax rate is 37 percent for individual single taxpayers with incomes greater than $510,300 ($612,350 for married couples filing jointly). The other rates are: 35 percent, for incomes over $204,100 ($408,200 for married couples filing jointly); 32 percent for incomes over $160,725 ($321,450 for married couples filing jointly); 24 percent for incomes over $84,200 ($168,400 for married couples filing jointly); 22 percent for incomes over $39,475 ($78,950 for married couples filing jointly); 12 percent for incomes over $9,700 ($19,400 for married couples filing jointly). The lowest rate is 10 percent for incomes of single individuals with incomes of $9,700 or less ($19,400 for married couples filing jointly).

The annual exclusion for gifts will be $15,000.

The combined estate and gift lifetime exemption will be $11,400,000 per person.  

Source Links:
Rev. Proc. 2018-57


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