These are the tax brackets that you will use for filing your taxes in 2020 for the 2019 tax year. As expected, the brackets have increased a little bit since last year.

Tax Bracket Single Married Joint Filer Married File Separately HOH

10% $0 to $9,700 $0 to $19,400 $0 to $9,700 $0 to $13,850

12% $9,701 to $39,475 $19,401 to $78,950 $9,701 to $39,475 $13,851 to $52,850

22% $39,476 to $84,200 $78,951 to $168,400 $39,476 to $84,200 $52,851 to $84,200

24% $84,201 to $160,725 $168,401 to $321,450 $84,201 to $160,725 $84,201 to $160,700

32% $160,726 to $204,100 $321,451 to $408,200 $160,726 to $204,100 $160,701 to $204,100

35% $204,101 to $510,300 $408,201 to $612,350 $204,101 to $306,175 $204,101 to $510,300

37% $510,301 or more $612,351 or more $306,176 or more $510,301 or more

Never a bad idea to keep tax tables in mind when making contributions to your retirement plan, as well as, when investing in taxable accounts. If you have any questions about 2019 tax-deferred account contribution limits or the best funds/asset classes for your taxable accounts, drop me line at www.mynmfp.com/new-clients. For additional information about the topic, please click on the title above.