The calendar year 2019 standard deduction will increase to $12,200 for single/married filing separately, $24,400 for married filing jointly and $18,350 for heads of household.
Itemized Deductions – The SALT deduction
The limitation for the state and local tax deduction remains capped at $5,000 for singles/married filing separately and $10,000 for married filing jointly.
Itemized Deductions – Mortgage Interest
The mortgage interest deduction remains limited to the first $750,000 of acquisition indebtedness for mortgages acquired after December 17, 2017 and before January 1, 2026. Acquisition indebtedness is defined as debt for the construction, improvement or purchase of a primary or secondary residence.
Itemized Deductions – Medical Expenses
Beginning January 1, 2019 the floor for the medical expense deduction is 10% of your adjusted gross income. This is increased from 7.5% for calendar year 2018.
Affordable Care Act Individual Mandate Repealed
The TCJA repealed, beginning January 1, 2019, the mandate that requires individuals purchase health insurance or pay a penalty.
Alternative Income Tax
The alternative income tax exemption increases in calendar year 2019 to $71,700 for singles and $111,700 for married filing jointly. The alternative minimum tax exemption for calendar year 2019 is alternative minimum taxable income of $510,300 for unmarried individuals and $1,020,600 for married filing jointly.