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2020 Federal Tax Rates, Brackets, & Standard Deductions

IRS Tax Tables & Deduction Amounts for Tax Year 2020

This article gives you the tax rates and related numbers that you will need to prepare your 2020 income tax return. In general, 2020 personal income tax returns are due by April 15, 2021.

If you are looking for 2019 tax rates, you can find them HERE.

2020 Individual Income Tax Brackets

The federal tax brackets are broken down into seven (7) taxable income groups, based on your filing status. The tax rates for 2020 are: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

It’s important to remember that moving up into a higher tax bracket does not mean that all of your income will be taxed at the higher rate. Only the money you earn within a particular bracket is subject to the corresponding tax rate.

Here are the tax rate brackets for each filing status:

Single

Taxable Income Tax Rate
$0 to $9,875 10%
$9,876 – $40,125 $987.50 + 12% of the amount over $9,875
$40,126 – $85,525 $4,617.50 + 22% of the amount over $40,125
$85,526 – $163,300 $14,605.50 + 24% of the amount over $85,525
$163,301 – $207,350 $33,271.50 + 32% of the amount over $163,300
$207,351 – $518,400 $47,367.50 + 35% of the amount over $207,350
$518,400 or more $156,235 + 37% of the amount over $518,400

Married Filing Jointly or Qualifying Widow(er)

Taxable Income Tax Rate
$0 – $19,750 10%
$19,751 – $80,250 $1,975 + 12% of the amount over $19,750
$80,251 – $171,050 $9,235 + 22% of the amount over $80,250
$171,051 – $326,600 $29,211 + 24% of the amount over $171,050
$326,601 – $414,700 $66,543 + 32% of the amount over $326,600
$414,701 – $622,050 $94,735 + 35% of the amount over $414,700
$622,051 or more $167,307.50 + 37% of the amount over $622,050

Married Filing Separately

Taxable Income Tax Rate
$0 – $9,875 10%
$9,876 – $40,125 $987.50 + 12% of the amount over $9,875
$40,126 – $85,525 $4,617.50 + 22% of the amount over $40,125
$85,526 – $163,300 $14,605.50 + 24% of the amount over $85,525
$163,301 – $207,350 $33,271.50 + 32% of the amount of $163,300
$207,351 – $311,025 $83,653.75 + 37% of the amount over $311,025
$311,026 or more $83,653.75 + 37% of the amount over $311,025

Head of Household

Taxable Income Tax Rate
$0 – $14,100 10%
$14,101 – $53,700 $1,410 + 12% of the amount over $14,100
$53,701 – $85,500 $6,162 + 22% of the amount over $53,700
$85,501 – $163,300 $13,158 + 24% of the amount over $85,500
$163,301 – $207,350 $31,830 + 32% of the amount over $163,300
$207,351 – $518,400 $45,926 + 35% of the amount over $207,350
$518,401 or more $154,793.50 + 37% of the amount over $518,400

NOTE: There are no personal exemption amounts for 2020.

2020 Standard Deduction Amounts

There are two main types of tax deductions: the standard deduction and itemized deductions. The IRS allows you to claim one type of tax deduction, but not both.

Tax deductions lower your taxable income. They are subtracted from your Adjusted Gross Income (AGI).

Here are the 2020 standard deductions amounts for each filing status:

Filing Status Standard Deduction
Single $12,400
Married Filing Jointly or Qualifying Widow(er) $24,800
Married Filing Separately $12,400
Head of Household $18,650

There is an additional standard deduction of $1,300 for taxpayers who are over age 65 or blind. The amount of the additional standard deduction increases to $1,650 for taxpayers who are unmarried.


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