![]() The revenue procedure contains a table providing maximum credit amounts for other categories, income thresholds and phase-outs. The tax year 2020 maximum Earned Income Credit amount is $6,660 for qualifying taxpayers who have three or more qualifying children, up from a total of $6,557 for tax year 2019.The Alternative Minimum Tax exemption amount for tax year 2020 is $72,900 and begins to phase out at $518,400 ($113,400 for married couples filing jointly for whom the exemption begins to phase out at $1,036,800).The 2019 exemption amount was $71,700 and began to phase out at $510,300 ($111,700, for married couples filing jointly for whom the exemption began to phase out at $1,020,600).For 2020, as in 20, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.The lowest rate is 10% for incomes of single individuals with incomes of $9,875 or less ($19,750 for married couples filing jointly). 12% for incomes over $9,875 ($19,750 for married couples filing jointly). ![]() 22% for incomes over $40,125 ($80,250 for married couples filing jointly).24% for incomes over $85,525 ($171,050 for married couples filing jointly).32% for incomes over $163,300 ($326,600 for married couples filing jointly).35%, for incomes over $207,350 ($414,700 for married couples filing jointly).Marginal Rates: For tax year 2020, the top tax rate remains 37% for individual single taxpayers with incomes greater than $518,400 ($622,050 for married couples filing jointly).The personal exemption for tax year 2020 remains at 0, as it was for 2019, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act. ![]() For single taxpayers and married individuals filing separately, the standard deduction rises to $12,400 in for 2020, up $200, and for heads of households, the standard deduction will be $18,650 for tax year 2020, up $300.
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