Tax Rates
2020 Tax Rates
| Over | Not Over | % |
|---|---|---|
| $0 | $9,950 | 10% |
| 9,950 | 40,525 | 12% |
| 40,525 | 86,375 | 22% |
| 86,375 | 164,925 | 24% |
| 164,925 | 209,425 | 32% |
| 209,425 | 523,600 | 35% |
| 523,600+ | ——— | 37% |
Married Taxable Income 2020
| Over | Not Over | % |
|---|---|---|
| $0 | $19,900 | 10% |
| 19,900 | 81,050 | 12% |
| 81,050 | 172,750 | 22% |
| 172,750 | 329,850 | 24% |
| 329,850 | 418,850 | 32% |
| 418,850 | 628,300 | 35% |
| 628,300+ | ——— | 37% |
2020 Tax Facts
| Exemption | The personal exemption is repealed. |
| Standard Deduction – Single | $12,200 single |
| Standard Deduction – Married | $24,400 married |
| Long Term Capital Gains Rate | 20% max |
| Qualified Dividend Rate | 20% max |
| Estate Tax Exclusion | >$11.4 million per person (inflation adjustment) |
| Annual Gift Exclusion | $15,000 |