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IRS RELEASES INCOME TAX BRACKETS FOR 2020 RETURNS

November 11, 2019

IRS RELEASES INCOME TAX BRACKETS FOR 2020 RETURNS

The IRS has released the updated income tax brackets for 2020 returns, modified to keep pace with inflation. See below for new rates:

In addition to the new income tax rates, the standard deduction has increased to $24,800 for those married filing jointly—a $400 increase, and to $12,400 for single taxpayers—a $200 increase.

The Alternative Minimum Tax Exemption will rise to $72,900 (up from $71,700) and will begin to phase out at $518,400 (up from $510,300). For those married filing jointly, the exemption will be $113,400 and the phase out begins at $1,036,800.

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