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                                                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