Phone: 704-846-7767
What Tax Bracket Are You In?
Single
Standard Deduction: $12,400
VS
Married
Standard Deduction: $24,800
401(k)/403b
IRA
Pensions
Brokerage Accounts
Bank Accounts
Real Estate
Roth Plans
FSA
HSA
529
Cash Value LI
Contributions Made with Pre-Tax Dollars
Contributions Made with After-Tax Dollars
Contributions Made with Pre- or After-Tax Dollars
Pre-Tax
Post-Tax
Tax-Advantage
Tax Efficient Planning
37%
35%
32%
24%
22%
12%
10%
$0 to $9,875
$9,876 to $40,125
$40,126 to $85,525
$85,526 to $163,300
$163,301 to $207,350
$207,351 to $518,400
$518,401 or more
$0 to $19,750
$19,751 to $80,250
$80,251 to $171,050
$171,051 to $326,600
$326,601 to $414,700
$414,701 to $622,050
$622,051 or more
Bonus Tip
NEW WAYS TO USE 529 COLLEGE-SAVINGS PLANS
THIS SCHOOL YEAR
For many years, 529 education-savings plans have been a tax-advantaged vehicle for parents and grandparents to accumulate funds for a child's college costs. A new law, enacted at the end of last year, has made these plans even more advantageous. Specifically, the accounts now have expanded uses for student-loan repayments as well as for apprenticeships. This continues the expansion of 529s, which had already been changed in 2017 to allow up to $10,000 annually of 529 money to be used not just for college, but for private-school K-12 tuition.
