![]() If a taxpayer hits this threshold, then their capital gains rate increases to 20 percent.īelow are the 2020 details on the major itemized deductions many taxpayers take on Schedule A of their returns. Taxpayers will pay a maximum 15 percent rate unless their taxable income exceeds the 37 percent threshold (see the personal tax brackets and rates above for your individual situation). Like the above, the AMT exemption amounts are increased based on adjustments for inflation, with the 2020 exemption amounts as follows.Ĭapital gains rates remain unchanged for 2020 however, the brackets for the rates are changing. Note that again as in 2019, there are no personal exemption amounts for 2020. Trusts and Estates have four brackets in 2020, each with different rates.Īmounts for standard deductions see a slight increase from 2019 to 2020, based on indexing for inflation. There are separate tables each for individuals, married filing jointly couples and surviving spouses, heads of household and married filing separate all with seven tax brackets for 2020. These amounts apply to 2020 taxes that will be filed in 2021.īelow are the new 2020 tables for personal income tax rates. Note, the amounts below do not impact tax filing in 2020 for the tax year 2019. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions, and retirement contribution limits. ![]()
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