Helpful Information
2020 Federal Income Tax Brackets
(for taxes due in April 2021)
Tax rate | Single | Married, filing jointly | Married, filing separately | Head of Household |
10% | $0 to $9,875 | $0 to $19,750 | $0 to $9,875 | $0 to $14,100 |
12% | $9,876 to $40,125 | $19,751 to $80,250 | $9,876 to $40,125 | $14,101 to $53,700 |
22% | $40,126 to $85,525 | $80,251 to $171,050 | $40,126 to $85,525 | $53,701 to $85,500 |
24% | $85,526 to $163,300 | $171,051 to $326,600 | $85,526 to $163,300 | $85,501 to $163,300 |
32% | $163,301 to $207,350 | $326,601 to $414,700 | $163,301 to $207,350 | $163,301 to $207,350 |
35% | $207,351 to $518,400 | $414,701 to $622,050 | $207,351 to $311,025 | $207,351 to $518,400 |
37% | $518,401 or more | $622,051 or more | $311,026 or more | $518,401 or more |
Filing Status | Standard Deduction in 2020 |
Single | $12,400 |
Married Filing Jointly | $24,800 |
Married Filing Separately | $12,400 |
Head of Household | $18,650 |
For 2020, your total contributions to your Traditional and Roth IRAs cannot be more than:
- $6,000 ($7,000 if you are age 50 or older), or
- your taxable compensation for the year if your compensation was less than this dollar limit