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    Numbers You Need to Know: 2019 and 2020

    From Citi Personal Wealth Management

    In the sections below, you'll find key numbers to consider as you ponder crucial goals like saving enough for retirement and college expenses, amounts to give to charities, and planning for changes in your estate. Keep in mind that, while averages are interesting, your individual situation may differ. Indeed, as you think about goals, such as how to save for your children's college costs and how to limit this year's tax bill, please consult a Citi Personal Wealth Management Financial Advisor, who can coordinate financial planning strategies with your tax advisor.


    • Raising a child through age 17: $284,570
    • Public university for four years: $87,800
    • Private college for four years: $199,480
    • Home: $270,900
    • Medical costs in retirement: $285,000
    • Annual nursing-home costs: $102,200

    Sources: Inflation–adjusted cost of raising a child by middle–income family from the Department of Agriculture's Expenditures on Children by Families 2015 report (released January 2017). College costs are calculated by the College Board based on 2019–20 academic year. National median existing–home price is from the National Association of Realtors (Oct. 2019). Amount needed to cover retirement medical costs (excluding nursing–home expenses) for 65–year–old couple retiring in 2019 (source: Fidelity Investments). Nursing home cost is the national median rate for a single year in a private room and comes from Genworth's 2019 study.

    • Families who have:
      • stock investments: 51.9%
      • retirement accounts: 52.1%
      • their own home: 63.7%
      • a residence that isn't their main home: 13.8%
      • a car or other vehicle: 85.2%
      • mortgages and other home–secured debt: 41.9%
      • some form of debt: 77.1%
      • a credit–card balance: 43.9%

    Sources: Percentage of families holding different assets and liabilities from Federal Reserve's 2016 Survey of Consumer Finances.

    Taxes
    2019 2020
    Earnings subject to Social Security payroll tax: $132,900 $137,700
    37% maximum federal income–tax rate and 20%
     maximum long–term capital–gains rate if income above:
    $612,351 if married filing jointly
     $510,301 if single
    $622,050 if married filing jointly
     $518,400 if single
    3.8% Medicare surtax applies to net investment income if
     total income above:
    $250,000 if married filing jointly
     $200,000 if single
    $250,000 if married filing jointly
      $200,000 if single
    Standard deduction:1 $24,400 if married filing jointly
     $12,200 if single
    $24,800 if married filing jointly
     $12,400 if single
    Personal exemption: None None
    Gift tax exclusion: $15,000 $15,000
    Estate tax exclusion: $11.4 million $11.58 million

    1 No curtailing of itemized deductions if single or married.

    Sources: IRS and Social Security Administrations.

    Retirement
    2019 2020
    Traditional and Roth IRA
     contribution limit:1
    $6,000
     ($7,000 if age 50 or older)
    $6,000
     ($7,000 if age 50 or older)
    If covered by retirement plan at
     work, traditional IRA
     deduction phases out at:
    $103,000 to $123,000 if married filing jointly
     $64,000 to $74,000 if single
    $104,000 to $124,000 if married filing jointly
     $65,000 to $75,000 if single
    If spouse covered by retirement
     plan, but you aren't, your IRA
     deduction phases out at:
    $193,000 to $203,000 in joint income $196,000 to $206,000 in joint income
    Eligibility to fund a Roth IRA
     phases out at these incomes:
    $193,000 to $203,000 if married filing jointly
     $122,000 to $137,000 if single
    $196,000 to $206,000 if married filing jointly
     $124,000 to $139,000 if single
    401(k) contribution limit: $19,000
     ($25,000 if age 50 or older)
    $19,500
     ($26,000 if age 50 or older)
    SIMPLE IRA contribution limit: $13,000
     ($16,000 if age 50 or older)
    $13,500
     ($16,500 if age 50 or older)
    SEP IRA contribution limit:2 25% of annual compensation,
     up to $56,000
    25% of annual compensation,
     up to $57,000

    1 There are no income eligibility limits for contributing to a Traditional IRA. But if you or your spouse are covered by a workplace retirement plan, income limits apply for deducting annual contributions. With a Roth IRA, various income eligibility limits apply. Please see the IRS website for current information: irs.gov/retirement-plans/traditional-and-roth-iras

    1 The employer makes contributions to a SEP IRA for employees. Limits in the table are for the employer.

    Source: IRS

    College
    2019 2020
    UGMA/UTMA account: Up to $15,000
     without worrying about gift tax
    Up to $15,000
     without worrying about gift tax
    Kiddie tax on unearned income: First $1,100 covered by child's exemption. First $1,100 covered by child's exemption.
    529 college savings plans: Can contribute $75,0001
    and count it as your gift for next five years ($150,000 per married couple)
    Can contribute $75,0001
    and count it as your gift for next five years ($150,000 per married couple)
    Coverdell education
     savings account:
    $2,000 maximum contribution. $2,000 maximum contribution.
    Eligibility to contribute phases out at these incomes: $190,000 to $220,000 if married filing jointly
     $95,000 to $110,000 if single
    $190,000 to $220,000 if married filing jointly
     $95,000 to $110,000 if single
    Hope Scholarship/
     American Opportunity Credit:
    $2,500 maximum per student. $2,500 maximum per student.
    Phases out at these incomes: Phaseout begins at $160,000 if married filing jointly
     Phaseout begins at $80,000 if single
    Phaseout begins at $160,000 if married filing jointly
     Phaseout begins at $80,000 if single
    Lifetime Learning Credit: $2,000 maximum. $2,000 maximum.
    Phases out at these incomes: Phaseout begins at $116,000 if married filing jointly
     Phaseout begins at $58,000 if single
    Phaseout begins at $118,000 if married filing jointly
     Phaseout begins at $59,000 if single
    Education loan interest deduction: $2,500 maximum. $2,500 maximum.
    Phases out at these incomes: $140,000 to $170,000 if married filing jointly
     $70,000 to $80,000 if single
    $140,000 to $170,000 if married filing jointly
     $70,000 to $85,000 if single

    1Five times gift–tax exclusion.

    Source: IRS.

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