#2020 federal tax tables code

12% - Income more than $9,700 but not more than $39,475.Here are those tax brackets for people who are filing as single, according to IRS Rev. However, one of the five tax changes for 2020 is a slight rise in the income amounts due to inflation. The 2020 tax brackets are the same as last year. Since 2018, there have been seven different tax rates for individual tax filers. For example, a married couple filing joint tax returns would not have to pay taxes on the first $24,400 of their taxable income. Heads of households - $18,350 (up $350 from tax year 2018)Īs a refresher, the standard deduction is the amount of income subject to federal taxes.

Single or married filing separately - $12,200 (up $200 from tax year 2018).Married, filing jointly - $24,400 (up $400 from tax year 2018).Here are the changes, according to the IRS: Just about everyone wins here because the standard deduction for tax year 2019 went up in every applicable category. Perhaps the biggest of the five tax changes for 2020 is the standard deduction you can take when filing. Tax Changes for 2020: Standard Deductions Here’s a look at five tax changes for 2020 (tax year 2019) that impact you: 1. Sometimes those changes are big and sometimes they are minute.įor the 2019 tax year - your return is due in April 2020 - there are tax changes ranging from bracket amounts to standard deductions to health savings account contributions.Īnd it’s important to know what the changes are and how they may impact you and your family.

#2020 federal tax tables code

tax code sees some kind of change that impacts all taxpayers. It’s hard to believe the time to start thinking about filing taxes is already almost upon us.Įvery year the U.S. There are some tax changes for 2020 that all tax filers should be interested in.