What’s New in 2019 Taxes?

 

  • The 2019 contribution limit for traditional IRAs and Roth IRAs jumps to $6,000. Individuals who are 50 and older can contribute an additional $1,000.
  • The income ceilings on Roth IRA contributions go up. Contributions phase out at adjusted Gross Incomes of $193,000 to $203,000 for couples and $122,000 to $137,000 for individuals.
  • Deduction phaseouts for traditional IRAs start at larger amounts for 2019 from Adjusted Gross Incomes of $103,000 to $123,000 for couples and $64,000 to $74,000 for singles.
  • The partial credit for retirement plan contributions ends at higher Adjusted Gross Income levels, $64,000 for married couples, $48,000 for heads of households and $32,000 for singles.

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