\u003c/p> \u003cp>The changes don't stop with the updated tax brackets, though. The standard deduction is now higher, climbing to $12,400 for singles and $24,800 for married people filing jointly in 2020. Personal exemptions were also eliminated. \u003c/p> \u003cp>If you qualify for a Health Savings Account, you can add a little more. The individual limit has been raised from $3,500 to $3,550 and the family plan max has jumped $100 to $7,100. (Remember, those balances can be rolled over from one year to the next and can accrue interest tax free.) \u003c/p> \u003cp>Contribution limits for 401(k) and 403(b) (along with some 457 plans) jumped from $19,000 in 2019 to $19,500. And people who are over 50 can now contribute up to $6,500. \u003c/p> \u003cp>And the lifetime gift and estate tax exemption has climbed to $11.58 million per individual, a $118,000 increase from 2019. That shields your loved ones from federal estate and gift taxes when you die.\u003c/p> \u003ch3>More must-read stories from \u003cem>Fortune\u003c/em>:\u003c/h3> \u003cp>—\u003ca href=\"https://fortune.com/2019/10/31/secret-recession-signs-next-downturn-2019-2020/\">“Secret” recession signs may provide clues\u003c/a> to when the next downturn is coming\u003cbr>—The HENRYs—\u003ca href=\"https://fortune.com/2019/10/24/henrys-high-earning-not-rich-millennials/\">high earners, not rich yet\u003c/a>—may finally be having their moment\u003cbr>—A recession may not be likely, but a \u003ca href=\"https://fortune.com/2019/10/04/what-is-a-semi-recession-2019-2020/\">“semi-recession”\u003c/a> is. Here’s what that means.\u003cbr>—\u003ca href=\"https://fortune.com/2019/10/31/bill-gates-went-back-to-his-high-school-and-talked-about-the-secrets-to-success-heres-what-he-said/\">Bill Gates talked to high schoolers about the secrets to success.\u003c/a> Here’s what he said\u003cbr>—\u003ca href=\"https://fortune.com/2019/10/29/machine-learning-nasdaq-spoofing-stock-trading-fraud/\">A.I. vs. the wolves of Wall Street\u003c/a>\u003cbr>\u003ca href=\"https://fortune.com/2019/10/29/machine-learning-nasdaq-spoofing-stock-trading-fraud/\">\u003cbr>\u003c/a>\u003cem>Don't miss the daily \u003c/em>\u003ca href=\"https://cloud.newsletters.fortune.com/fortune/nloptin?nl=TERM_SHEET&source=LinkStack\">\u003cem>Term Sheet\u003c/em>\u003c/a>\u003cem>, Fortune's newsletter on deals and dealmakers.\u003c/em>\u003c/p> "},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]},{"name":"recirculation","config":{"heading":"You May Like"},"children":[{"name":"content-list-item","config":{"title":"President Trump Has Signed the GOP Tax Bill. 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","crops":[],"height":3678,"imageSize":"recirculation","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2017/10/rts1h9g6.jpg?quality=60&resize=60,33","postId":2239131,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[223,123]},"descriptor":223}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2017/10/rts1h9g6.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2017/10/rts1h9g6.jpg?resize=446,246 446w,https://content.fortune.com/wp-content/uploads/2017/10/rts1h9g6.jpg?resize=223,123 223w","url":"https://content.fortune.com/wp-content/uploads/2017/10/rts1h9g6.jpg","useBasicImg":false,"usingDataFallback":false,"width":5984,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"223px"},"children":[]}]},{"name":"content-list-item","config":{"title":"Trump’s Tax Bill Has Cost Homeowners a Trillion Dollars","permalink":"https://fortune.com/2019/10/10/how-trump-tax-bill-affects-homeowners-middle-class/","hasVideo":false,"themeName":"recirculation","isNativoTout":false,"eyebrowLabel":"Real Estate","eyebrowLink":"https://fortune.com/section/real-estate/","id":2712287,"excerpt":"His plan slashed deductions for real estate taxes. 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