You may notice that your tax preparer is asking you a lot of additional questions this year. Why is that?
Click on our Newsletters tab and select Tax Insight for the January issue to see why.
Social Security
Cost of Living Increase
2.8%
FICA Wage Limit:
$132,900
Earnings Limit if drawing before age 66
$ 17,640
2019 IRA
Traditional & Roth IRA Limit
$ 6,000
Over age 49 catch up
$ 1,000
2019 SEP
Maximum Contribution
$ 56,000
Over age 49 catch up
$ 0
2019 SIMPLE
Maximum deferral
$ 13,000
Over age 49 catch up
$ 3,000
2019 401-K/403-B/457
Maximum deferral
$ 19,000
Over age 49 catch up
$ 6,000
Maximum contribution all sources
$ 56,000 (plus catch up)
2019 Defined Benefit Plan Limit
$225,000
MISSOURI
In March 2018, the Missouri Department of Revenue made adjustments to the employer withholding tables following changes made to the federal tables.
The Department has continued to monitor the changes and has identified the need to make a subsequent adjustment to the withholding tables and calculations.
The Department has adjusted the withholding tables, the Missouri Employer's Tax Guide, Form 4282 and the withholding calculator instructions, which are all located on our website at: dor.mo.gov/business/withhold/.
Employees should be encouraged to review their federal and state withholdings to ensure the appropriate amount is withheld and complete a new MO-W4 if changes are needed. They may also submit estimated tax payments with the 2018 Declaration of Estimated Tax for Individuals, Form MO-1040ES.
The Director of Revenue's press release on this matter may be found at: dor.mo.gov/news/archive/year/2018/.
By Rachel L. Sheedy, Editor | Updated for 2018
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