2019 TAX CHANGES

Below are some of the changes for the 2020 filing season for 2019 Tax returns:

• Form 1040-SR U.S. Tax Return for Seniors
• New Supplemental Schedules Redesigned
• Increased Standard Deduction
• Insurance Penalty
• Qualified Business Income Deduction Form(s) 8995/8995-A
• Schedule A Medical Expense Threshold Increased to 10% vs 7.5%
• Income Tax Brackets & Tax Rates
• Alimony Deduction Eliminated
• 401k Contribution Limits
• IRA Contribution Limits
• AMT Exemptions Increased
• HSA Contribution Limits

You can read more about these changes at OLTTaxes.com