2020 IRS Tax Rates & Brackets
The 2020 tax rates that affect your tax filing for 2021, came out on Wednesday 6th Nov 2019 !Find the copy of IRS release on the 2020 tax rates and income brackets. While the seven slabs of tax rates remain unchanged, the income limits have been changed. You can consult 2019 tax brackets for filing in 2020.
Tax Brackets and Rates, 2020
Unmarried Individuals
Rate |
Taxable Income Over |
|---|---|
| 10% | $0 |
| 12% | $9875 |
| 22% | $40.125 |
| 24% | $85,525 |
| 32% | $163,300 |
| 35% | $207,350 |
| 37% | $518,400 |
Married Individuals Filing Separately
Rate |
Taxable Income Over |
|---|---|
| 10% | $0 |
| 12% | $9875 |
| 22% | $40.125 |
| 24% | $85,525 |
| 32% | $163,300 |
| 35% | $207,350 |
| 37% | $311,025 |
Married Individuals, Filing Joint Returns
Rate |
Taxable Income Over |
|---|---|
| 10% | $0 |
| 12% | $19,750 |
| 22% | $80,250 |
| 24% | $171,050 |
| 32% | $326,600 |
| 35% | $414,700 |
| 37% | $622,050 |
Heads of Households
Rate |
Taxable Income Over |
|---|---|
| 10% | $0 |
| 12% | $14,100 |
| 22% | $53,700 |
| 24% | $85,500 |
| 32% | $163,300 |
| 35% | $207,350 |
| 37% | $518,400 |
Standard Deduction 2020
Filing Status |
Deduction Amount |
| Single(married or unmarried) | $12,400 |
| Married Filing Jointly | $24,800 |
| Head of Household | $18,650 |
Alternative Minimum Tax Exemptions, 2020
Filing Status |
Deduction Amount |
|---|---|
| Unmarried Individuals | $72,900 |
| Married Filing Jointly | $113,400 |
| Married Filing Separately | $56,700 |
| Trusts & Estate | $25,700 |
Alternative Minimum Tax Exemption Phaseout Thresholds, 2020
Filing Status |
Threshold |
|---|---|
| Unmarried Individuals(other than surviving spouse) and Married Individuals Filing Separate Returns | $518,400 |
| Joint Returns or Surviving Spouses | $1,036,800 |
2020, Earned Income Tax Credit Parameters
Filing Status |
No Children |
One Child |
Two Children |
Three or More Children |
|
|---|---|---|---|---|---|
| Single or Head of Household | Income at Max Credit | $7,030 | $10,540 | $14,800 | $14,800 |
| Maximum Credit | $538 | $3,584 | $5,920 | $6,660 | |
| Phaseout Begins | $8,790 | $19,330 | $19,330 | $19,330 | |
| Phaseout Ends (Credit Equals Zero) |
$15,820 | $41,756 | $47,440 | $50,954 |
| Married Filing Jointly | Income at Max Credit | $7,030 | $10,540 | $14,800 | $14,800 |
| Maximum Credit | $538 | $3,584 | $5,920 | $6,660 | |
| Phaseout Begins | $14,680 | $25,220 | $25,220 | $25,220 | |
| Phaseout Ends (Credit Equals Zero) | $21,710 | $47,646 | $53,330 | $56,844 |
2020, Capital Gains Brackets
For Unmarried Individuals, Capital Gains upto
|
For Married Individuals Filing Joint Returns, Capital Gains Upto |
For Heads of Households, Capital Gains Upto |
For Trusts & EstatesCapital Gains Upto |
|
|---|---|---|---|---|
| 0% | $40,000 | $80,000 | $53,600 | $2,650 |
| 15% | $441,000 | $496,600 | $469,050 | $13,150 |
| 20% | exceeding
$441,000 |
exceeding $496,600 | exceeding
$496,050 |
exceeding
$13,150 |
2020, Qualified Business Income Deduction Thresholds
Filing Status |
Threshold |
|---|---|
| Unmarried Individuals & all others | $163,300 |
| Married Filing Jointly | $326,600 |
Estate Income Tax Rates
| Estate’s Income | Tax rate |
|---|---|
| Upto $2,600 | 10% |
| $2,601 to $9,450 | 24% |
| $9,451 to $12,950 | 35% |
| Over $12,950 | 37% |
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