Income Tax Brackets For Married Filing Jointly 2020
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The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of 518 400 and higher for single filers and 622 050 and higher for married couples filing jointly.
Income tax brackets for married filing jointly 2020. In 2020 the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows table 1. The standard deduction for married filing jointly rises to 24 800 for tax year 2020 up 400 from the prior year. For 2020 the maximum eitc amount available is 6 660 for married taxpayers filing jointly who have three or more qualifying children it s 538 for married. Tax brackets and rates.
35 for incomes over 408 200. Tax season for the 2019 tax year will start in january but it s not too early to do tax planning for the 2020 tax year now. The other tax brackets for married taxpayers filing jointly are. Earned income tax credit eitc.
Having these 2020 tax brackets in mind will help you estimate what your. Filing jointly has many tax benefits as the irs and many states effectively double the width of most mfj brackets when compared to the. For single taxpayers and married individuals filing separately the standard deduction. For example the 22 tax bracket for the 2020 tax year goes from 40 126 to 85 525 for single taxpayers but it starts at.
For married couples filing jointly the top rate of tax has remained the same at 37. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of 518 400 and higher for single filers and 622 050 and higher for married couples filing jointly. 22 for incomes over 78 950. Married filing jointly is the filing type used by taxpayers who are legally married including common law marriage and file a combined joint income tax return rather than two individual income tax returns.
24 for incomes over 168 400. The tax bracket ranges also differ depending on your filing status. 2020 tax brackets for taxes due april 15 2021 tax rate single head of household married filing jointly or qualifying widow married filing separately. For single taxpayers and married individuals filing separately the standard deduction rises to 12 400 in for 2020 up 200 and for heads of households the standard deduction will be 18 650 for tax year 2020 up 300.
32 for incomes over 321 450.