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New Tax Brackets for 2019

The Fiscal Times Staff

The IRS released its inflation adjustments for the 2019 tax year this week, which include new brackets and limits on deductions and exemptions. A few highlights:

  • The standard deduction for single filers in 2019 will be $12,200 (up from $12,000 in 2018); $24,400 for married couples filing jointly (up from $24,000); $18,350 for heads of household (up from $18,000).
  • The Alternative Minimum Tax exemption amount will be $71,700 (up from $70,300) and begin to phase out at $510,300 (up from $500,000); for married couples filing jointly, the AMT will be $111,700 (up from $109,400) and begin to phase out at $1,020,600 (up from $1 million).
  • The maximum Earned Income Credit amount will be $6,557 for taxpayers filing jointly who have three or more qualifying children (up from $6,431).

Here’s a summary of the individual tax brackets for 2019, via CNBC


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