Marginal Ordinary Income Tax Rates
Single
| Rate |
Over |
To |
| 10% |
0 |
9,950 |
| 12% |
9,950 |
40,525 |
| 22% |
40,525 |
86,375 |
| 24% |
86,375 |
164,925 |
| 32% |
164,925 |
209,425 |
| 35% |
209,425 |
523,600 |
| 37% |
523,600 |
|
Head of Household
| Rate |
Over |
To |
| 10% |
0 |
14,200 |
| 12% |
14,200 |
54,200 |
| 22% |
54,200 |
86,350 |
| 24% |
86,350 |
164,900 |
| 32% |
164,900 |
209,400 |
| 35% |
209,400 |
523,600 |
| 37% |
523,600 |
|
Married Filing Jointly & Qualifying Widow(er)
| Rate |
Over |
To |
| 10% |
0 |
19,900 |
| 12% |
19,900 |
81,050 |
| 22% |
81,050 |
172,750 |
| 24% |
172,750 |
329,850 |
| 32% |
329,850 |
418,850 |
| 35% |
418,850 |
628,300 |
| 37% |
628,300 |
|
Married Filing Separately
| Rate |
Over |
To |
| 10% |
0 |
9,950 |
| 12% |
9,950 |
40,525 |
| 22% |
40,525 |
86,375 |
| 24% |
86,375 |
164,925 |
| 32% |
164,925 |
209,425 |
| 35% |
209,425 |
314,150 |
| 37% |
314,150 |
|
Standard Deduction
Filing Status
Amount
Single
$12,550
Head of Household
$18,800
Married Filing Joint/Qualifying Widow(er)
$25,100
Married Filing Separate
$12,550
Additional Standard Deduction if Blind or Age 65+
Amount
Single
$1,700
Head of Household
$1,700
Married Filing Joint/Qualifying Widow(er)
$1,350
Married Filing Separate
$1,350
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
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 $3,600 per child 5 or younger, $3,000 for each child 6-17 and is refundable for 2021. The credit begins is subject to two phase-out calculations. The first phaseout can reduce the $1,600 increased amount for children 5 or under ($1,000 for children 6-17). The second phaseout can reduce the remaining credit below $2,000 per child.
The first phaseout reduction applies to the $1,600 (or $1,000) and is $50 for each $1,000 (or fraction thereof) by which your modified AGI exceeds your filing status threshold: MFJ-$150,000, HOH-$112,500 or Single/MFS-$75,000
The second phaseout reduction applies to the $2,000 and is $50 for each $1,000 (of fraction thereof) by which you modified AGI exceeds your filing status threshold: MFJ-$400,000 or All Others-$200,000.
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%
Single
$0-$40,400
$40,401-$445,850
$445,851+
MFJ
$0-$80,800
$80,801-$501,600
$501,601+
H of H
$0-$54,100
$54,101-$473,750
$473,751+
MFS
$0-$40,400
$40,401-$250,800
$250,801+
