IRS releases updated income tax brackets for 2020

[Graybeard]

https://www.foxbusiness.com/money/income-tax-brackets-for-2020

By Brittany De LeaFOXBusiness

The IRS on Wednesday released the updated tax brackets for the 2020 filing season, which have been modified to keep pace with inflation.

The 2020 filing season refers to taxes that need to be filed in April 2021.


Here’s a look at the new rates:

Single filers

10 percent for incomes up to $9,875
12 percent for incomes over $9,875
22 percent for incomes over $40,125
24 percent for incomes over $85,525
32 percent for incomes over $163,300
35 percent for incomes over $207,350
37 percent for incomes over $518,400

Married couples filing jointly

10 percent for incomes up to $19,750
12 percent for incomes over $19,750
22 percent for incomes over $80,250
24 percent for incomes over $171,050
32 percent for incomes over $326,600
35 percent for incomes over $414,700
37 percent for incomes over $622,050

For the 2019 rates, click here.

Married individuals filing separately

10 percent for incomes up to $9,875
12 percent for incomes over $9,875
22 percent for incomes over $40,125
24 percent for incomes over $85,525
32 percent for incomes over $163,300
35 percent for incomes over $207,350
37 percent for incomes over $311,025


Additionally, the standard deduction will increase to $24,800 in tax year 2020, a $400 increase, for married taxpayers filing jointly. For single taxpayers, it will rise by $200 to $12,400.

The maximum amount for the Earned Income Tax Credit will rise to $6,660.

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

[Lloyd Smale]

that earned income bs really irks me. It gives bumbs who don't work a tax return even though there only income was welfare. They even give them free firewood up here.  My son in law (the good one) was bitching the other day. He is a diesel mechanic and works straight afternoons. During the day he cuts and splits and sells firewood and has a contract with the state to supply welfare bumbs with wood. He told me last week he dropped off 2 cords of wood at my other son in laws (the bumb) and he said when he dropped it off the ass wouldn't even come out of the house and help him unload it. Hes 39 years old and never worked a day in his life that was taxed and his parents were on welfare all there lives too.

[Graybeard]

Yup folks who don't pay in a single dime in taxes can get thousands of dollars via that earned income credit thing.