Please Scroll to the Left or Right on your device to view all information on the rate tables.
Estimated Income Tax Brackets and Rates
| 2020 Taxable Income Brackets and Rates (Estimates) | |||
|---|---|---|---|
| Rate | Single Filers | Married Joint Filers | Heads of Households Filers |
| 10% | Up to $9,875 | Up to $19,750 | Up to $14,100 |
| 12% | $9,876 to $40,125 | $19,751 to $80,250 | $14,101 to $53,700 |
| 22% | $40,126 to $85,525 | $80,251 to $171,050 | $53,701 to $85,500 |
| 24% | $85,526 to $163,300 | $171,051 to $326,600 | $85,501 to $163,300 |
| 32% | $163,301 to $207,350 | $326,601 to $414,700 | $163,301 to $207,350 |
| 35% | $207,351 to $518,400 | $414,701 to $622,050 | $207,351 to $518,400 |
| 37% | $518,401 or more | $622,051 or more | $518,401 or more |
______________________________________________________________________________
|
Filing Requirements For Most Taxpayers
| IF your filing status is. . . | AND at the end of 2019 you were . . . | THEN file a return if your gross income was at least. . . |
|---|---|---|
| Single | under 65 | $12,200 |
| 65 or older | $13,850 | |
| Head of household | under 65 | $18,650 |
| 65 or older | $20,000 | |
| Married filing jointly | under 65 (both spouses) | $24,400 |
| 65 or older (one spouse) | $25,700 | |
| 65 or older (both spouses) | $27,000 | |
| Married filing separately | any age (if your spouse itemizes deductions) | $5 |
| Qualifying widow(er) with dependent child | under 65 | $24,400 |
| 65 or older | $25,700 |
______________________________________________________________________________
NOTE: If you claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) on your tax return, the IRS must hold your refund until at least February 15. (Click for more details)
Earned Income Tax Credit
| 2020 Earned Income Tax Credit Parameters (Estimates) | |||||
| 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 |
______________________________________________________________________________
Standard Deduction and Personal Exemption
| 2020 Standard Deduction and Personal Exemption (Estimate) | |
| Filing Status | Deduction Amount |
| Single | $12,400.00 |
| Married Filing Jointly | $24,800.00 |
| Head of Household | $18,650.00 |
| Married Filing Separately | $12,400.00 |
| Personal Exemption | Eliminated |
______________________________________________________________________________
Alternative Minimum Tax
| 2020 Alternative Minimum Tax Exemptions (Estimate) | |
| Filing Status | Exemption Amount |
| Single | $72,900.00 |
| Married Filing Jointly | $113,400.00 |
| Married Filing Separately | $56,700.00 |
| Trust & Estates | $25,400.00 |
