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.