Tax-Financial Planning Update 11.11.19

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Everything is constantly changing in the world of tax.


  • Standard Deduction = $12,400 for single taxpayers.
  • Standard Deduction = $24,800 for Married Couples.
  • Estate Tax Unitary Exclusion = $11,580.
  • Social Security Benefits increased 1.6%.
  • Additional Standard Deduction for single filers who are blind or over age 65 = $1,650
  • Employee Deferred 401k Contribution = $19,500.
  • Employee Deferred 401k Catch-up Contribution = $6,500
  • IRA Contribution = $6,000 (unchanged from 2019).
  • IRA Catch-Up Contribution (age 50 or older) = $1,000 (unchanged from 2019).
  • Combined Employee & Employer 401k Contribution = $57,000.
  • Health Savings Account Contribution Amount for Individuals = $3,550.
  • Health Savings Account Contribution Amount for Families = $7,100.
  • Flexible Spending Arrangement Contribution = $2,750.
  • Annual Gift Tax Exclusion = $15,000 (unchanged from 2019).

Tax Tip

As a general rule, you are not allowed to receive distributions from a qualified retirement plan until you reach age 59 1/2. If you do, you will be subject to a 10% penalty.

There is an exception, however – If you age 55 or older and get laid off, fired or quit your job, you can begin collecting 401k plan distributions without incurring the 10% penalty. Called the Age 55 Rule.

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, holds a master’s degree in taxation and is President of Cerefice and Company, a CPA firm in New Jersey.
Phone Number: 732-382-3800 Ext. 103.
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