Key Tax Numbers 2020

(red indicates not updated yet from 2019, green indicates updated with projected amounts but not finalized)


Federal Tax Brackets

 

Status Income Min Income Max  Base Amount  Plus of Income over
Single  $                -    $           9,875  $                 -   10.0%  $                 -  
 $           9,875  $         40,125  $          987.50 12.0%  $            9,875
 $         40,125  $         85,525  $       4,617.50 22.0%  $           40,125
 $         85,525  $       163,300  $     14,605.50 24.0%  $           85,525
 $       163,300  $       207,350  $     33,271.50 32.0%  $         163,300
 $       207,350  $       518,400  $     47,367.50 35.0%  $         207,350
 $       518,400  NA   $    156,235.00 37.0%  $         518,400
Head of Household  $                -    $         14,100  $                 -   10.0%  $                 -  
 $         14,100  $         53,700  $       1,410.00 12.0%  $           14,100
 $         53,700  $         85,500  $       6,162.00 22.0%  $           53,700
 $         85,500  $       163,300  $     13,158.00 24.0%  $           85,500
 $       163,300  $       207,350  $     31,830.00 32.0%  $         163,300
 $       207,350  $       518,400  $     45,926.00 35.0%  $         207,350
 $       518,400   NA    $    154,793.50 37.0%  $         518,400
Married Filing Jointly  $                -    $         19,750  $                 -   10.0%  $                 -  
 $         19,750  $         80,250  $       1,975.00 12.0%  $           19,750
 $         80,250  $       171,050  $       9,235.00 22.0%  $           80,250
 $       171,050  $       326,600  $     29,211.00 24.0%  $         171,050
 $       326,600  $       414,700  $     66,543.00 32.0%  $         326,600
 $       414,700  $       622,050  $     94,735.00 35.0%  $         414,700
 $       622,050   NA    $    167,307.50 37.0%  $         622,050

 

Federal Dividend & Long-Term Capital Gain Rules

 

Long-Term Capital Gains Tax Rate Single Married Filing Jointly Head of Household
0.0%  $         40,000  $         80,000  $          53,600
15.0%  $       441,450  $       496,600  $        469,050
20.0%  N/A   N/A   N/A 

 

Contribution Limits & Credits

 

Type Amount Catchup (over 50) Comment
401k, 403b, eligible 457 salary deferrals  $                 19,500  $                  6,500  
Total Defined Contrib Limit  $                 57,000  $                  6,500  
Defined Contrib Income Limit  $               285,000    
SIMPLE 401k, SIMPLE IRA salary deferrals  $                 13,500  $                  3,000  
Defined Benefit Limit  $               230,000    
IRA (Combination of Deductible, Roth, & Non-Deductible)  $                   6,000  $                  1,000 Deductibiliy, and ability to contribute to a Roth IRA is phased out by AGI (see Phaseouts)
Child Tax Credit  $                   2,000   Per Child under age 17.  Phased out by AGI (see Phaseouts)
Child or Dependent Care Credit - one child  $                   3,000    
Child or Dependent Care Credit - more than one child  $                   6,000    
Adoption Credit  $                 14,300   Phased out by AGI (see Phaseouts)
Lifetime Learning Credit Maximum  $                   2,000   Phased out by AGI (see Phaseouts)
American Opportunity Credit Maximum  $                   2,500   Amended by AARTA (2009)Phased out by AGI (see Phaseouts)

 

Phase-Outs

 

Type Status Phaseout Begins Phaseout Ends Comment
Roth IRA Contribution Limits Single  $           124,000  $           139,000  
Married Filing Jointly  $           196,000  $           206,000
Traditional IRA - Qualified Plan Participant - Deductibility Limits Single  $             65,000  $             75,000  
Married Filing Jointly  $           104,000  $           124,000
Deductible IRA - Spouse Qualified Plan Participant Married Filing Jointly  $           196,000  $           206,000  
AMT Exemption Single / HoH  $           518,400  $           810,000 Phased out $1 for every $4 of AMTI over threshold.
Married Filing Jointly  $        1,036,800  $        1,490,400
Child Tax Credit Single / HoH  $           200,000  $           240,000 Based on MAGI, not AGI (not indexed for inflation)
Married Filing Jointly  $           400,000  $           440,000
Savings Bond Interest Exemption (for edu) Single  $             82,350  $             97,350  
Married Filing Jointly  $           123,550  $           153,550
Student Loan Interest Deduction Single  $             70,000  $             85,000  
Married Filing Jointly  $           140,000  $           170,000
Saver's Credit Single  $             32,500  N/A   
Head of Household  $             48,750  N/A 
Married Filing Jointly  $             65,000  N/A 
Qualified Businss Income Single  $           163,300  $           213,300  
Married Filing Jointly  $           326,600  $           426,600  
American Opportunity Credit Single  $             80,000  $             90,000 Amended by AARTA (2009)
Married Filing Jointly  $           160,000  $           180,000
Adoption Credit All  $           214,520  $           254,520  
Lifetime Learning Credit Single  $             59,000  $             69,000  
Married Filing Jointly  $           118,000  $           138,000

 

Misc

 

Item Status Amount Comment
Personal & Dependent Exemption All  $                 -   Eliminated by TCJA
AMT Exemption Single or HoH  $           72,900 Now permanent and indexed for inflation (ATRA 2013). 
Married Filing Jointly  $         113,400
Standard Deduction Single  $           12,400  
Head of Household  $           18,650
Married Filing Jointly  $           24,800
Add'l SD if Age >=65 or blind Single  $            1,300  
Married Filing Jointly  $            1,650
Social Security Wage Base All  $         137,700  
Kiddie Tax Income Limit All  $            1,100  
Nanny Tax Threshold All  $            2,200  
Qualified Transportation Fringe All  $               270 Monthly transportation in a commuter highway vehicle and any transit pass
Student Loan Interest Deduction Maximum All  $            2,500 Phased out by AGI (see Phaseouts)
Annual Gift Tax Exclusion All  $           15,000  
Lifetime Gift / Estate Tax Exemption All  $    11,580,000  
Foreign Earned Income Exclusion All  $         107,600  
Highly Compensated Employee All  $         130,000  
Key Employee All  $         185,000  
Health FSA Max All  $            2,750  
PBGC Max Monthly Pension (age 65) All  $            5,608 Age 65 Stright Life Annuity Amount
Section 179 Max Deduction All  $      1,040,000 Expensing of business property rather than depreciating it over time.  Phased out $ for $ if property totals >$2.55M. 
HDHP Min Deductible Single  $            1,400  
Married Filing Jointly  $            1,800
HSA Contribution Limit Single  $            3,550 Add'l $1k catch-up contribution allowed for those over age 54
Married Filing Jointly  $            7,100
Mileage Rate Business  $            0.580  
Med & Move  $            0.200
Charity  $            0.140

 

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