Were you on the border of itemizing or claiming the standard deduction last year and thinking you may be on the border again for 2019 ($24,400 for married filing joint and $12,200 for single filers)? A few options may be available to group deductions in one year to take advantage of itemizing in the current year:
- Charitable contributions – bunching two years’ worth of charitable contributions into 2019 could increase the benefit received in the upcoming filing
- Maximize your retirement plan contributions – the 401(k) contribution limit is $19,000 and for IRA’s increased to $6,000 for 2019
- Contribute to a 529 plan up to the limit of $15,000 per individual
For more information on maximizing your deductions, contact Julie Helms – Director of Specialty Tax Services or your Lurie trusted advisor.