Tax Info - 2021

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

Qualifying Widow(er)

N/A

Head of Household

N/A

Single

N/A

Married Filing Separately

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%

LTCG Rate

15%

20%

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+