Tax Rates

2020 Federal
Individual Income Tax Rates
Single Individuals:
Taxable Income  
Over But Not Under Tax
$0 $9,875 10%
$9,876 $40,125 12%
$40,126 $84,525 22%
$85,256 $163,300 24%
$163,301 $207,350 32%
$207,351 $518,400 35%
$518,401 And Over 37%
Joint Returns and Surviving Spouses:
Taxable Income  
Over But Not Under Tax
$0 $19,750 10%
$19,751 $80,250 12%
$80,251 $171,050 22%
$171,051 $326,600 24%
$326,601 $414,700 32%
$414,701 $622,050 35%
$622,051 And Over 37%
Heads of Households:
Taxable Income  
Over But Not Under Tax
$0 $14,100 10%
$14,101 $53,700 12%
$53,701 $85,500 22%
$85,501 $163,300 24%
$160,301 $207,350 32%
$207,351 $518,400 35%
$518,401 And Over 37%
Married Filing Separately:
Taxable Income  
Over But Not Under Tax
$0 $9,875 10%
$9,876 $40,125 12%
$40,126 $85,525 22%
$85,526 $163,300 24%
$163,301 $207,350 32%
$207,351 $311,350 35%
$311,351 And Over 37%


2020 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
401(k), 403(b), most 457, Salary Reduction SEP $19,500 $26,000
SIMPLE $13,500 $16,000
IRA (Traditional/Roth) $6,000 $7,000
Phase Outs Phase Out Range
Traditional IRA Deduction Phase Outs: Modified Adjustment Income
Married Filing Joint $104,000 $124,000
Married Filing Joint - One Spouse is Covered at Work $196,000 $206,000
Single Or Head of Household $65,000 $75,000
Married or Filing Separately   $10,000
Roth IRA Contribution Phase Outs: Modified Adjustment Income
Married Filing Joint $196,000 $206,000
Single $124,000 $139,000
Employer-sponsored plans may have additional contribution limits. Not all employer plans allow the higher contributions amount for those aged 50 and older.

The IRA limitation caps a person's combined contributions to traditional and Roth IRAs for the year.


More 2020 Retirement Plan Contribution Limits
Plan Type Under Age 50 Over Age 50
IRA (Traditional & Roth) $6,000 $7,000


2020 Alternate Minimum Tax (AMT) Exemptions
Unmarried Individuals $72,900
Married Filing Jointly $113,400
Married Filing Separatley $56,700
Trusts and Estates $25,400


2020 Standard Deduction and Itemized Deduction Phaseout
Standard Deduction
Single $12,400
Married Filing Jointly $24,800
Head of Household $12,400
Married Filing Separately $18,650
 
Additional Amount for Aged or Blind
Single $1,650
Married Filing Jointly $1,300
   
Standard Deduction for Dependent
Minimum $1,100
Or Earned income plus $350
 


2020 Long-term Capital Gains
Single
Income Long-term Capital Gains Rate
$0 - $40,000 0%
$40,000 - $441,450 15%
$441,451 or more 20%
Married filing jointly
Income Long-term Capital Gains Rate
$0 - $80,000 0%
$80,001 - $496,600 15%
$496,601 or more 20%
Head of household
Income Long-term Capital Gains Rate
$0 - $53,600 0%
$53,601 - $469,050 15%
$469,050 or more 20%
Married filing separately
Income Long-term Capital Gains Rate
$0 - $40,000 0%
$40,401 - $248,300 15%
$248,301 or more 20%


Tax Quicklinks