2019 Tax Changes
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