Marginal Ordinary Income Tax Rates
Single
| Rate | Over | To |
|---|---|---|
| 10% | 0 | 9,875 |
| 12% | 9,875 | 40,125 |
| 22% | 40,125 | 85,525 |
| 24% | 85,525 | 163,300 |
| 32% | 163,300 | 207,350 |
| 35% | 207,350 | 518,400 |
| 37% | 518,400 |
Head of Household
| Rate | Over | To |
|---|---|---|
| 10% | 0 | 14,100 |
| 12% | 14,100 | 53,700 |
| 22% | 53,700 | 85,500 |
| 24% | 85,500 | 163,300 |
| 32% | 163,300 | 207,350 |
| 35% | 207,350 | 518,400 |
| 37% | 518,400 |
Married Filing Jointly & Qualifying Widow(er)
| Rate | Over | To |
|---|---|---|
| 10% | 0 | 19,750 |
| 12% | 19,750 | 80,250 |
| 22% | 80,250 | 171,050 |
| 24% | 171,050 | 326,600 |
| 32% | 326,600 | 414,700 |
| 35% | 414,700 | 622,050 |
| 37% | 622,050 |
Married Filing Separately
| Rate | Over | To |
|---|---|---|
| 10% | 0 | 9,875 |
| 12% | 9,875 | 40,125 |
| 22% | 40,125 | 85,525 |
| 24% | 85,525 | 163,300 |
| 32% | 163,300 | 207,350 |
| 35% | 207,350 | 311,025 |
| 37% | 311,025 |
Standard Deduction
Filing Status
Amount
Single
$12,400
Head of Household
$18,650
Married Filing Joint/Qualifying Widow(er)
$24,800
Marrifed Filing Separate
$12,400
Additional Standard Deduction if Blind or Age 65+
Amount
Single
$1,650
Head of Household
$1,650
Married Filing Joint/Qualifying Widow(er)
$1,300
Marrifed Filing Separate
$1,300
Standard Deduction For Dependents
Amount
Regular Amount
$1,100
Maximum amount earned plus $350 up to allowed standard deduction based upon filing status
Personal Exemptions
For 2019-2025, the personal exemption has been suspended; personal exemption is $0.
Phaseout of Personal Exemptions for 2020
Filing Status
Phaseout Begins
Phaseout Ends
Married Filing Joint
N/A
N/A
Qualifying Widow(er)
N/A
N/A
Head of Household
N/A
N/A
Single
N/A
N/A
Married Filing Separately
N/A
N/A
Child Tax Credit
The child tax credit is $2,000 per qualifying child. The refundable portions (additional child tax credit)
is $1,400. The credit begins to phase-out at modified adjusted income of $400,000 for married filing joint (
$200,000 for all others).
Capital Gains - Long Term and Short Term
Type of Asset
Short-Term Tax Rate
Long-Term Tax Rate
Net Investment Income Tax (NIIT)
Collectibles
Ordinary Tax Rates
28%
Potential 3.8%
Depreciation Recapture
Ordinary Tax Rates
25%
Potential 3.8%
Qualified Small Bus Stock
Ordinary Tax Rates
28% after exclusion
Potential 3.8%
Other Capital Assets
Ordinary Tax Rates
(See table below)
Potential 3.8%
LTCG Rate
0%
15%
20%
Single
$0-$40,000
$40,001-$441,450
$441,451+
MFJ
$0-$80,000
$80,001-$496,600
$496,601+
H of H
$0-$53,600
$53,601-$469,050
$469,051+
MFS
$0-$40,000
$40,001-$248,300
$248,301+